All Forum Posts by: Georges A.

Latest update:  It turned out that it was not her. The way I proved it (1) her name was spelled differently (comparing id to the name on the housing site - her name is a VERY common name).  Also, she provided with her rental history for the last 5 years proving that she was not the person involved with the incident. All references cleared up (credit score, landlords, employers, etc. )

I know I could have moved on to the next applicant but I like giving ppl the benefit of the doubt and in her case, I think I did the right choice. 

@Marcia Maynard you're absolutely right. The housing check was done only on the name.

@Brandon Hall

 thank you for your response. Well I offered it for rent last year so it is not a startup cost and these are ongoing renovations that I am doing  - so assuming that it wont be part of the 27.5 yrs depreciation.  So I cannot amortize ongoing expenses if I am making a loss on the property?

I apologize in advance if this is a silly question.  I have renovated my property this year and for 2015 I am already at a loss. I have a few more projects that I intend to do. Can I amortize these expenses over the next few years from a tax perspective? or should I wait and do these projects in the following years? I don't have an entity, it is my own triplex that is owner occupied.

Thanks

Thanks guys . great responses.... I thought all meal expenses are 50% only and you're right @Gita Faust   my accountant did not ask.

Thank you

I'll check it out . thank you @Aaron Montague

@Barbara G.

 agreed but the question is : is what I am doing okay for deducting these expenses? As an agent who's just networking, can I deduct them? Overall general networking vs. specific business meetings

@Upen Patel

Thank you for your response. My convos with bankers got me to conclude that I will be taking a big risk with FHA (although I DO want to live in it). The reason is that I already have 2 properties and it will be hard convincing FHA that I truly want it to live in it.

I will investigate the piggy back loan option more.

This is a very basic question so I apologize in advance:

I racked up a LOT of meal / entertainment receipts for being an agent / Property manager.  Am I trying to use them to evade taxes and deduct my day to day meal expenses ? Not really. I do believe that networking is the way to go and I go to A LOT of networking events where I meet locals, discuss RE (and other stuff) , and get insights on local market conditions. I invited my neighbor for lunch the other day and he told me about a property for sale that I ended up making an offer on it.  

Reading a tax book, it seems that I need to document each and every receipt and mention who I met with ,etc , etc. It's a lifestyle for me. Should I deduct these expenses or should I just suck it up?

Again, I am really not trying to be sneaky here, but I do believe that you have to go out there, network, buy people a few drinks and get the inside news from the locals to get the REAL deals that you won't find on the MLS.

I bought my first triplex owner occupied in Boston, MA and I currently live in it (I used Mass Housing). I bought my second triplex via partnership (investment property)in the same year. After the last winter, I realized that owning a house in Boston without a parking garage is a BIG MISTAKE. I live in a Not so nice neighborhood PLUS the snow that we get is just draining and I feel that I need a house with a garage. How hard is it to get a house (duplex or SF) that is owner occupied without having to put 20-25% down (as the bank may consider it as an investment property). I know FHA is probably my only option but would they even consider it? I am hearing different answers from different lenders but all I hear is that it's a long shot. Any advice?

Hey guys,

the background check that I ran on one applicant that I have returned with 2 housing claims in one year. As I confronted the applicant with these claims, she was surprised and claimed that it must be someone else with the same name because she's never been to these 2 towns. She provided me with the list of addresses that she lived in , in the past 4 years with the landlord numbers to call. Is there anyway to verify that it is not her?  I am thinking about asking her to get a letter from the housing court proving that these claims are not against her but someone else with a different name. Is that possible?