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All Forum Posts by: Jack Smith

Jack Smith has started 8 posts and replied 15 times.

Post: Is Dallas overvalued at the moment?

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Been thinking of investing in turnkey properties in Dallas.

What are your thoughts, have the appreciation boat already left? It looks like prices soared around 40-45% in the past five years. Anyone have experience investing there and if have thoughts as to whether it's too risky to invest there at the moment?

Post: Turnkey and question about expense tax deductions

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Howdy y'all. I heard it was possible to claim expense deduction during taxes on real estate expenses such as repairs, maintenance, and more. Was wondering if these awesome expense tax deductions also apply if I own a property through a turnkey company and they do all those repairs and stuff. Anyone know?

Post: Tax Question related to out of state investing

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Thanks Taylor. Depreciation is awesome :)

Post: Tax Question related to out of state investing

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Great Taylor! Thanks so much!

So say I live in New York City and own property in Tennessee, I'm taxed at the Tennessee's lower income tax rate, not the New York income tax rate for the rental income right?

Thanks again!

Post: Tax Question related to out of state investing

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Hey guys,

I asked two different CPAs this question and got two completely different responses so I figured I'd turn to you smart folks at BiggerPockets lol.

If I invest in an out of state property but live in another State, am I taxed at the out-of-state's tax rate on that income or by the tax rate of the State where I live?

Reason I ask is because I live in NYC which has insanely high income tax rates. Thanks!

Post: Buy Turnkey VS Buy and Hold & finding my own property manager

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Thanks all, so it sounds like the general consensus is to go with turn key. :)

I have no experience with hiring contractors so I think that might be the best way to go, being a beginner and all. Thanks again!

Post: Buy Turnkey VS Buy and Hold & finding my own property manager

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Thanks all! This clears up a lot of things.

Another question is how to determine what a property is actually worth? My understanding is turnkey properties prices are sometimes inflated. I've heard Zestimate on zillow is not accurate.

Thoughts?

Thanks!

Post: Buy Turnkey VS Buy and Hold & finding my own property manager

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Hi,

I'm looking to invest in Memphis and was wondering what are the pros and cons of buying a property with a Turnkey Company VS just picking any property on the MLS and buy it at retail and hiring my own property management company.

My understanding is turnkey companies sell the properties at retail anyway, sometimes higher than the retail price.

What are your thoughts?

Thanks for any input!

Post: Property checklist when buying out of state

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Hi all!

As you can tell I'm a super beginner investor but I'm very excited about buying my first out of state investment property. 

I'm creating a checklist of what to look for when selecting a property. 

For example: Perhaps looking on trulia to see if the property is located in a low crime rate area. 

Another item on the list might be to make sure the property cash flows positive once deducting the rent from vacancy, property management fees, and stuff like that. 

Anyone have any suggestions on what else to look for?

Thanks in advance!

Post: Does out of state real estate investing complicate taxes?

Jack SmithPosted
  • Real Estate Investor
  • New York City, NY
  • Posts 15
  • Votes 4

Great thanks for the list. I guess having complicated taxes is just a small trade off for growing wealth eh. Thanks for the tips!