All Forum Posts by: Jared Mcgrew

Thanks Dave, we both bought it as primary residence and a fixer upper in 2008. We both lived there since we bought it, I moved out 2013 and haven’t lived there since then

Thanks for the reply. Moved out 2013. Have not claimed it on my taxes since 2013. Yes were both on the mortgage note and plan to 50/50 when we sell. 

My brother and I purchased a fixer upper in 2008, and we both lived there for several years before I moved out and purchased a different home. My brother has continued to occupy the house and make the mortgage payments on his own. He is now getting ready to sell and purchase a new residence, but I am wondering how I will be impacted if we split the profits of the sale 50/50.  Is there a way to protect my earnings or direct them (tax-free) into a new investment property? I wouldn't think I could 1031 the proceeds of my portion. Is that right? 

Thank you for your insight, Ashish. This is our first rental property and with our CPA being unavailable, I still have many questions about depreciation. I will look into the points you detailed.

Natalie, I agree. We’re shopping for new CPAs now. Our current CPA has been MIA and hasn’t responded via phone or email. Not good!

We are hoping to close on two single family residences that will be purchased from the same owner. We have offered one lump sum to the owner, but need advice on how we should split the loan amounts. Details: -We will be living in one of the homes and the other is currently tenant occupied and will remain a rental property. -the homes are roughly the same square footage. The rental is a 2/2 and the one we will be moving into will be a 2/1. -I anticipate both houses will appraise for roughly the same amount -we are located in Texas and can benefit from a homestead exemption for property taxes on the house we are living in. Questions: -are there tax benefits that would enable us to save (write off/shelter) more $ if the rental property has a higher mortgage / value. -we intend to purchase more properties. Would we be better off setting the rental property up to show a lower purchase price (and therefore significantly higher cash flow) for future loans / showing a good track record? Or would this end up just being a wash against our primary residence? Any thoughts or concerns we haven’t considered?

We are hoping to purchase a single family rental very soon. The current tenant is an employee of the landlord and has been paying less than half of market rent for the property. There is no lease in place. The tenant has taken excellent care of the property (his wife has also planted flowers and put extensive time into decorations and making it look great). Should we: (A) Bring the rent up to market rent and risk losing a good tenant (B) Bring rent up to what we think he could afford and what would still allow us some cash flow but not much (C) something we haven’t considered

Thank you!

I'm buying two houses, one to live in and one as a rental property. Do I put the rental property in a LLC or do I keep it under my personal name? Thanks