All Forum Posts by: Peter Schuyler

 Thanks Greg,

The CSU website has some pretty clear guidelines, we are going out this Spring to see if my daughter will qualify if she maintains her part time job at Starbuck and transfer to Fort Collins Starbucks. She will be required to live in the dorms year one, but she is already going to register her voter card and drivers license in Colorado. She intends to be a resident, and not come back to Texas, so having a part time job, and us buying a property that she can live in year 2-4 that generates a small amount of cash flow seems like the path of least residence. We are still looking into her being a PM for my LLC, which will also generate income for the rental I buy out there. She can claim Starbuck and her PM role as W2 income and be a state resident regardless of rent receipts she she will be in the dorm.

The more I learn the more I will post.

Thanks

Pete

 Ok, there were so other items that I was not paid for, caulk, some carpet padding, so for things I was not reimbursed for can I add to my list of deductions?

 I paid for the materials myself and this amount was reduced from the rent amount.  Example I bought a $70 light fixture, did the repair myself and got $70 reduced on next months rent.

If I help my landlord with simple maintenance, caulking, fixing can light fixtures, replacing an exhaust fan, can I deduct on my taxes the material costs and or labor since I performed this work for a rental property I do not own?

Pete

I appreciate all the advice, tax wisdom, people debating options, some stating I was cheating the system, I looked at all the feedback around gap years, etc.  All of this advice is spot on.

I think to Keep it Simple Stupid like most would agree, I will encourage my daughter to go to CSU, enjoy and study hard during her tenure.  Teach her the ways real estate can promote passive income as a secure mechanism to help her pay down her out of state tuition costs that will be looming after she graduates.  

She is smart cookie, if she wants to become a Colorado resident I'm for it as long as she gets a basic education and follows through on her commitment.  Yes she could go in state, community college, do a gap year in CO, or not at all, but she graduated early, got a job to save up some money and has demonstrated great indepence from us.  I think as parents that is what we all want.

As far as taking in large debt for a degree, some would tell me she is foolish, some pat us on the back, either way its her choice, but if I can help her gain a income producing asset in state where she can live and keep long term as a vehicle to pay down this debt, it seems like a good idea if I can afford the high costs of the Front Range Real Estate.

Thanks again to all, maybe @Brandon Turner could do a Blog Post or podcast on this very active thread  some day.

Pete

22 families applied to the Duplex in Gunter in June this year, had to turn away 20 applicants, not all were qualified.  Gunter sits between Frisco and Sherman for commuting, so it draws from two business areas now.  I took a chance on the town, we will see what happens during this summer if any of the tenants decide to upgrade to a bigger house.

I just bought a Duplex in Gunter Texas, there are a few left, check out Redfin or Realtor.com if your intertested.  I got a reasonable deal on this unit.  Collin County is growing fast.

Can USDA mortgages be used on Duplexes or Investment properties?  I have a Duplex in Gunter, which is rural.

Pete

 Im adding that to my list of options, like real estate in general, the options seem endless, thanks for the feedback.