All Forum Posts by: Jordan Hamilton

Great points there! Is the real estate an apartment building or single family?

Cool, what's the typical rate on these types of loans compared to an investment loan?

@Raymond J. Rodrigues 

Thank you for your detailed response, sir! I really appreciate you taking the time to answer my question.

I agree that qualifying for my next property could definitely be an issue. That's exactly what I want to avoid. Currently, I have an LLC that operates as a management company, which collects all the income from my two short-term rental properties. However, on my tax returns, I dont break down the income by property or specify how much each one generates, just that my LLC earns revenue from management.

Regarding a cost segregation study, how does it appear on a tax return? Does it clearly indicate that a specific address is a short-term rental, making it visible to my next mortgage lender?

Given what I've said, what's the most creative / cleanest scenario here as a mortgage lender when I go to get my next home?

Hi everybody!

I purchased my primary residence in Tennessee in March 2024. However, due to my wife's pregnancy, we decided it would be best to move back to Miami to be closer to family in June 2024.

Recently, I conducted a cost segregation study on the property shortly after converting to a STR (converted June 1 2024), and I want to ensure I file my taxes correctly and legally given this change in circumstances. My understanding is that typically, a homeowner must live in the property for at least a year before converting it to a rental. However, exceptions may be made for extenuating circumstances like mine.

Additionally, I have a great relationship with my lender and secured favorable terms on my current loan. When I approach them for financing on my next property, I want to avoid raising any red flags due to my relocation and the status of my Tennessee home via how I file taxes in 2024 (i.e STR instead of my primary as it was originally intended).

Would it make sense to abort filing the cost seg for this Property in 2024 and list it as my primary to avoid issues on my next purchase? The idea is to not "wake sleeping dogs" and while at the same time not having issue on my next purchase.

Could you provide guidance on how to navigate this situation from both a tax and mortgage perspective so I won't have issues getting my next property? Please let me know if you need any additional details.

Thank you so much!

Jordan

Appreciate all the replies!

@Mohamed Youssef yes! Looking for assistance how to actual structure my taxes. For example using and LLC to take revenues from properties Etc. Also with cost seg how it now affects the way I actually file on those two properties. I don't understand this topic very well so looking for a connection to a good real estate focused CPA to help with my filing.

In terms of material participation for cost seg I'm good there and meet the requirements.

Hi everyone!

Looking to connect with an experienced tax professional regarding filings for my 2 STR properties (Gatlinburg & Hollywood FL) which were both recently cost segregated. Essentially I am looking for a clean way to organize everything as right now its very messy with how my current accountant is working things as he doesn't specialize in real estate. Thanks so much from Miami FL! Any other questions about my situation let me know.

Prices sky high since this post. If you bought anything you would be golden right now.

@John Teachout just response yet. Your right.

@Timothy Lewis it's a legal duplex with an extra unit that's technically illegal. Yes I'm aware of the hurdles of FHA.