All Forum Posts by: John Wisdom

Insurers are pulling out of Florida left and right (including USAA for rentals) and I'm having a hard time finding a policy. Anyone have any ideas on insurers for Florida?

It was not a short term rental before. It was a primary residence. It only needs cosmetic updates.

It is technically habitable now. It just needs cosmetic updates like wall and cabinet painting and floor cleaning. 

From everything I have read, I’m not able to deduct my rehab expenses until the rental property is put in service, or advertised as available for rent. Should I just start marketing it now on the rental websites with minimal pictures so that it can start the clock on availability and allow me to deduct my rehab expenses? 

Sorry to revive such an old thread, but how has this strategy worked for everyone so far? Have you been able to use any of the mortgage interest as a deduction on rental income for taxes?

We used a home equity loan from our primary residence to purchase our rental property. It was great because there were no closing costs, the interest rate was much lower and the down payment requirement was much more flexible. The only problem now is that I am unable to deduct the mortgage interest from the rental income since the loan was not used to buy, repair or improve our primary residence. Is there any way around this? Is it possible to convert the home equity loan into a conventional loan using the investment property as the collateral?

Thanks so much fo rthe invite! I'm not in Miami right or I woul dlove to come! Do you have them often?

By the way, are there any advamtages for veterans when getting started with investment properties?

Soo expensive! That and Coral Gables are the areas I would love to live in eventually. I do like the advantages of a condo in that the building handles all external costs and maintenance. The advantages of houses seem to be that you would rent to small families that seem to be more stable renters.

Basically wherever I can get the best deal. I would love to have a condo in the Brickell/Downtown/Edgewater area, but they can be expensive with high HOA fees. In general, which is easier to rent: a 1BR with a little more space or a 2BR with less space? House vs. condo?