All Forum Posts by: Ian Salinas

@Eamonn McElroy

Thank you!

How can I take advantage of tax deductions for my depreciation on my rental properties.

@Ashish Acharya

Thank you!

He did tell me that it’s not entirely lost. But I thought I’d be able to gain from the depreciation in 2020. Yes I have a spouse and she works also. What do you mean by she can be an RE pro and take a loss?

I just aquifer my 2nd rental in January. So I’m trying to plan early because I’m hoping to have a minimum of 3 properties by the end the year.

This year is the first year I am filling taxes with my rental property. My tax preparer told me that I cannot really benefit from my rental write offs due to my W2 job. He advised that I should maybe look into putting my property into an LLC or maybe S-Corp. One issue is I have a loan on the property. I spoke to my lender and they advised that I can do a quick claim deed. I've been trying to do some research on what steps I need to take and possible ramifications on putting a property with a loan into an LLC. My questions are.

1. Is it a good idea to put a property with a loan into an LLC and is it even possible?

2. Can I take advantage of tax write offs from my property when my property is an LLC but the loan is still in my personal name?

@Sonia N.

Sounds good send me a PM

@Brett Durfee

Palmdale isn’t that far. Rents are good out there also. I have my first deal there being rented out for $2025.

I understand the feeling that you want to get in the game already because I feel that way to get my second deal. What I would say is if those numbers meet your criteria go for it.

I’m local in SCV if your ever want to link up.

@Joe Steele

I’ll be up for that PM me.

@Joe Steele

Hey Joe, Huntsville is actually the market I’m currently looking in. How long have you been investing in that market.

Hey Brett, 

if I understand your numbers correctly 

355,000 Purchase price

25% down = $88,750

Rehab cost = $30,000

Total cash invested = $118,750

Cash flow = $197 (2394 annually)

That's about a 2% cash on cash return. I'm not sure what your strategy or your criteria is but that's just something for you to thing about. 

I’m looking into investing in the Springfield MO market. Anyone can tell me about that market? The good, the bad and the ugly.

Thank you in advance!

@Jin Kim

Any specific location? I’m not a Real Estate agent but I know quite a few. I can ask around.