All Forum Posts by: Jon Fletcher

Does anyone have experience with crypto or bitcoin mortgages / lending? It seems that the space is growing rapidly and it's something that I'm considering. The benefit is that, in some cases, you use your cryptocurrencies as collateral, so you don't have to sell them and pay capital gains tax. Some mortgage providers that I've found include Milo, BlockFi and Alchemix.fi. What are everyone's thoughts? 

A lot more lenders are now considering crypto as assets. Things have changed rapidly since the onset of COVID. 

@Michael Plaks that is great input. I should have added that my W2 job is real estate development, construction and operations. However, based on the above considerations, it may or may not be worth the tax benefits. 

Does anyone have experience with asking their employer about switching from a W2 employee to a consultant so that you can take advantage of the Real Estate Professional status? If the employer pays your LLC S-Corp instead of you as an employee, does this open you up to tons of tax savings opportunities? I'm interested in hearing from anyone who has done this, or any of the CPA's out there.

@Don Konipol I believe @Annie Balagot is referring to something other than the Real Estate Professional status you outlined above. Outside of Real Estate Professional Status, is there a separate tax incentive for Short Term Rentals? 

@Dolev Zaharony another bank will want your business and will be willing to work with you and your situation. Just explain everything upfront. Try smaller local banks and credit unions as they are typically more flexible. 

@Annie Balagot I believe the only way your material participation in Short-Term Rentals ("STR") can reduce your W2 tax liability is if you spend MORE HOURS working on your STR's than you do on your active W2 job. I'm hoping I'm wrong here... CPA's please jump in!

@Dane C. I'm waiting for a CPA to respond and confirm, but I believe there is a flaw in your plan. The only way your material participation in Short-Term Rentals ("STR") can reduce your W2 tax liability is if you spend MORE HOURS working on your STR's than you do on your physician job. I'm hoping I'm wrong here... CPA's please jump in!

New York!

@Lucia Rushton I'm working through the process but it's time consuming, expensive and complicated. It seems that to join an MLS you have to become a Realtor, which has education requirements beyond the state education requirements. There are also upfront and ongoing fees. Then the MLS has even further education requirements and upfront and ongoing fees. It seems excessive. I'm using my broker license on a part-time basis only.