All Forum Posts by: Jeremiah Lewis

Thanks for the response! Sorry I may have worded the equity thing poorly, what I meant by that was I’m after the equity in terms of getting it rented out and letting someone else pay for it giving me that equity. So that brings up a good point that I had considered and this shows my lack of knowledge so I want to ask some questions. My reason for going 15 year was with our current rental market (Wasilla, AK) it appears I should be able to rent the house for the amount of the mortgage ($1,800) and by doing a 15, every month the principle will get shaved off about a $1,000 from the get go giving me access to more equity quicker and I just assumed get the house paid off sooner and hopefully have that whole $1,800 or whatever it might be as cash flow and also be sitting on a $250,000 (right now) home I can sell whenever I want or keep for cash flow. On another note I thought maybe let it rent for 5 years or so and then sell it and use all the equity as my down payment on a 4-Unit property. 

Hey all, first post!

Anyway, hopefully I posted in the right section. So I currently own a single family home and just purchased an additional 10 acres I'm going to build another house on, I just refinanced the S/F home from a 30 to 15 and dropped 1% off the interest rate (2.625). Now that I have that squared away, I am after the equity, so my Rental question. As far as I understand, the depreciation I can claim on taxes on that house as long as it is listed for rent is the value/27.5 years, BUT, it has to be listed and active, is it legal for me to list it as available while I'm still in it as far as something like "For rent, available Feb 1" which technically it would be and that's fine if someone wants it they can have it. Kind of a stupid question and I'm sure of it I know the answer I don't see what the issue with doing that would be but you guys/gals are the experts at this and any helpful advice would be appreciated, I'm here to learn. Thanks!