All Forum Posts by: Johnny Napier

@Ashish Acharya.

Thank you!

I would like to invite some advice about this situation.   

We renovated our rental of 10 years in October/November 2022.  We have a closing date in March 2023.  Also, our income tax bracket for capital gains in 2022 is 15%.   I have recently retired and we will be in the 0% tax bracket for capital gains in 2023.  What year do we have to claim the renovation expenses?  The year the expenses were incurred or the year we sell the house?  It would be better for us to be able to deduct the expenses in 2022.  

Also, since we are selling the house, can we fully expense all the repair / reno expenses and not treat it as a 27 year depreciation?

Thanks in advance for your guidance.  

Jay Napier

Hayes, VA

@Jacob Souers The best tenants I've had, had bad credit scores that other landlords didn't take the time to speak with. Dig into the story and verify then make a decision. Credit scores don't always give the full picture.

@Mike Dymski I agree with you. I like Ecuador but family is here. I also agree with waiting a bit. Weighing the housing shortage and rising rates, prices will moderate as fewer folks will qualify. The price you pay today is what you're stuck with and we investors all know that profit or equity is made when you buy. You can refinance to a lower rate down the road but you can't decrease the price you paid.

@Liz Ridgway

Hi Liz.

The Hampton Roads area is a fertile rental home farm. You can still find cash flowing opportunities but there are fewer than there used to be. Let me know what questions you may have.

Kind regards,

J. Napier

@Beau B. Bray Hey Beau. I live in Hayes and have a few rentals.

@Matthew Thomas I work in Mechanicsville and live in Gloucester. I do BRRRR but no multifamily, just SFHs. If you want to chat, perhaps we can meet for lunch one day.

@Melanie Heiges Have you found anything to buy? Kind regards, J Napier from Gloucester.

@Daniel Pepin Have you bought anything? Kind regards, J Napier from Gloucester.

@Michael Junior In this world, if you don't ask, you don't get. When you see an opportunity, and fear begins to creep into your thoughts, tell yourself that you don't have the property now so if they do the worst thing they can do and throw you out, you've lost nothing but an opportunity to possibly help someone else in need of your assistance. Be courageous and kind. You can say almost anything to a total stranger as long as you have a smile on your face and love in your heart. Try it a few times. It will grow on you. Pretend you have girl scout cookies to sell. Good luck. Kind regards, J Napier