All Forum Posts by: Account Closed

@Edgar Ehrsam the biggest reason in my mind to go is to provide opportunity. College DOES NOT make you rich (does the opposite initially haha) but the way employers and society are structured it places value on those who go and therefore opens opportunities. Look are the current demand and your interest and choice based on that. My recommendation regarding real estate investing is start as early as possible. Time is the most valuable commodity.

@Frank Procopio do you speak directly or have an agreement with the office that provides the social assistance or do you only deal with the tenant?

Thank you

@Andrea Weule so you require that the potential tenant provide their contact at the housing office to allow you to confirm those details?

Thank you

@John Underwood thanks so much for your reply. This is what I was thinking too, if they screen well on all other areas I didn’t see any issues.

I have some inquiries from people on social assistance who indicate they can afford the rent. If after verifying their income they can afford it, is it a good idea to consider them?

Thanks in advance!

Thanks to everyone for your great suggestions!

For the HELOC option would you suggest using your own cash to pay them off quicker or just let the rental income pay it down gradually?

Hi everyone,

I’m looking for advice on how fund downpayment/ closing costs for rental properties to maximize the amount of units I can buy per year.

Should I save the cash, use personal credit of line, home equity ( I own one property), etc.

I’m also wondering if the tax benefits from borrowing funds to invest outweighs the benefits of using your own cash.

Thanks in advance! I love reading all the great stores on Bigger Pockets.

Jordan

I am looking for advise on how to best utilize CCA in my rental properties.

As I understand it CCA can be used to lower your taxable income, but it is recaptured when the property sells.

Is it worth claiming this deduction and if so what have others done to maximize the tax benefit?

Thanks!

Thanks everyone for your very helpful comments. My thinking was that I would get ~ 30% back on a tax return as Chris Habets said plus the entire amount of interest from the LoC would be used to reduce the taxable income on the positive cash flow. These two benefits combine is why I was questioning paying off the LoC or not. Cheers!

Ok thanks Chris! So is there any benefit using a LoC in a real estate transaction or should I just use the cash for closing costs?