All Forum Posts by: Jeff K.

I will be renting out my current home and purchasing a new home for my primary residence. I currently use turbo tax for my taxes every year and I wanted to get some advice on whether to hire a CPA to handle my taxes or to continue with turbo tax as I will only have one property. If a CPA would be beneficial/cost effective, does anyone have recommendations for a investor friendly CPA in the Raleigh NC market?

@T. Alan Ceshker

With interest rates being so low, is this a good time for that strategy?

@Christian Rojmar

How does the CoC formula work when it's a home I'm currently living in. The 120k equity I have in the house is not cash I put in it's 75% appreciation. Does that adjust the formula?

@Christian Rojmar

Thank you for this info Christian!

There is a HOA fee of $175 a year. Rent can be any ware from 1800-1950. There is a little small house in my same neighborhood that is rented for 1800 for a 5 year agreement, Which she lowered the rent because of the convenience (I'm friends with the owner).

The house is in Cary NC, right outside Raleigh, so appreciation in this area going through the roof. Plus they are planning to build a soccer stadium in this area.

I am extremely handy, remodeled all the bathrooms and kitchen (including plumbing and electrical), also built the 700 sqft screen porch myself. So I can handle most, if not all, of the maintenance.

I have been saving money to invest in a rental property around this area and the numbers don’t make sense. Moving and keeping this house will be the best option for right now. I know the numbers are tight and I could take some of the money I have saved up to refi into a better interest rate and add more equity. Which would be safer but lower return.

I can always sell the property if it become to much or convert to a short term rental when the soccer stadium is completed.

@Nathan G.

@Nathan G.

I guess I’m not follow 100% of your math. The mortgage (P + I) is 1000, if I rent for 1900 that really close to 50% (47%). Vacancy will be low due to the long rental agreements in my area and I will be doing the maintenance and property management myself. All the big ticket items are newer and the renter will be paying utilities. What am I missing?

@Charles Holder

@Nathan G.

@Theresa Harris

So, to give full context to my situation. The house will sell now for 370k, I owe 250k. Mortgage plus insurance and taxes is 1400 and renter will pay for all utilities. Rent goes for 1800-1900 with lots of corporate leases I’m my area, so more than likely I’ll secure a 2-5 year rental agreement. HVAC is around 5 years old, roof is 5 years old, hot water heater is 1 year old. All bathrooms and kitchen have been fully remodeled.