All Forum Posts by: Joe H.

Thanks for the replies everyone. You were all very helpful.

Hey everyone. I am staging to buy a Subject to property in the Columbus area and want to talk to a knowledgeable accountant about the subject as there are multiple parties involved. The numbers as far as the flip are great, but I want to make sure I am setting myself and the other parties up for the most beneficial tax situation for the subject flip. Does anyone have any Accountant/ CPA recommendations for the Columbus area?

Hey Billy,

Your plan is sound, that is a good way to start in the real estate business without as much risk as some other avenues. Two things to consider: you will want to change your homeowner's policy to cover your house as a rental (will likely be a little bit more than you are currently paying, but not outrageous) and before you go putting your house up for rent or putting an offer on another house, make sure you talk to your financier about the numbers, they will likely want you to have a couple month’s worth of mortgage payments in reserve for your current house too in case it doesn't rent as easily as you think. All in all though, it is a good plan and should be manageable. Best of luck.