All Forum Posts by: Joe Homs

@Adriana Cuevas you can find them here:  

BiggerPockets: The Real Estate Investing Social Network

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@Nargiza Okilova welcome to BP.  2 more to go.

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@Sunny Kohli Hi.

@Michael Hernandez sure.

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@Dalen Schnayer do you have an area of real estate that you are interested in?

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@Greg W. you are good right now.  You must have lived in the property 2 of the last five years.  They don't need to be the current 2.  Look up section 121.

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@Account Closed NO!  If you can get $3100 or more then rent it out to someone else that is better qualified.  Do NOT fall in love with your tenants.  Treat it as a business.

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@Karthik Jayaraman I am not a CPA, but I write off all the interest payments on all my rental properties? Do you need the tax write off? That is why you should keep it. With the depreciation you can write off on your taxes alone, plus all the expenses and interest payments. Are you using your 1040 schedule E to report the investment property income and expenses? You should still be able to write it off there, if not form an LLC and kick off a K-1 to your 1040.

@Karthik Jayaraman I vote to keep it.  If you are NOT in a negative cash flow situation I would definitely keep it for the rest of your life.  Let your tenants pay off the mortgage for you.  Why are you not wring off the interest payments?  

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@Peaches Veatch welcome to BP in the OC.  You can find what you are looking for here and other local meetups:

OC Real Estate Investor Networking - Propstream (biggerpockets.com)

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