All Forum Posts by: Josh Wallace

@Aubrey P. I am not sure on the longevity. I am guessing that it will be that way until another POTUS decides to shake things up. Thanks for the links, I will check them out.

I just read this article and would like to get the opinion from those that currently have investment properties. How do you all see the new tax plan affecting your taxation?

https://www.bloomberg.com/news/articles/2017-12-13...

Does anyone else have facts or other articles they like to share?

@Brandon Hall Thank you, Sir. Perhaps it's time to shop the market for a CPA that is better suited for REI.

@Brandon Hall What if it is going to be my primary home as well (i.e., house hacking a duplex)?

@Brandon Hall @Tyler Smiarowski If I want to purchase a property that exceeds $500K, does that mean I would not be able to deduct the interest on the mortgage if financing exceeds $500K? I had a quick call with my CPA about what I can or cannot deduct if I purchased a duplex for $600K using 100% under a 30 year fixed VA loan. He said that if the new tax bill goes through that I would essentially miss out on all deductions. I am wondering if that is accurate or perhaps he is out of touch with real estate taxes. His advice seems to go against just about everything that I have heard from real estate investors. I am confused on who is correct...

I am looking at purchasing a property in the Los Angeles area that happens to be rent controlled. The property will be purchased vacant where I would live in one unit and do some value add updates and have my choice of tenant for the other unit where I can charge market rent from the beginning.

Does anyone have advice or pointers from owning a rent controlled property? 

@Will F. yes, those are some of my fears as well. I will have to do my research and interviews to find a good turnkey company. Like they say, if this were easy, everyone would do it. I am excited for the adventure but want to do it as smart as possible.

@Eugene Rogachevsky that is what I was starting to think as well. I think building my portfolio and setting myself up to be ready to buy once the market adjusts will be my best bet.

Thanks, guys. I am thinking that it might be better to start the "snowball" elsewhere. Once it picks up enough momentum and I have the leverage of a few properties, I can trade up to something here in CA that I would be able to live in and rent the other units. Or perhaps continue to purchase better cash flowing assets out of state and just let that income cover the mortgage on a SFR here or simply be another renter and let others carry the taxes and other expenses.

Does anyone have any success stories of purchasing a cash flowing 2-4 unit property in Los Angeles? More specifically, in the South Bay. I know that this area is more traditionally a buy for appreciation market or so I have read and have been told. I am able to use the VA home loan benefit and I work close to LAX so I want to find a 2-4 unit where I would be close enough to bike to work and under $800K.

I'm not writing this looking for a deal but rather seeing if anyone has done this before. Not necessarily this same exact plan but has anyone on here been able to buy a 2-4 unit in this area (south of I-105 and west of I-405)? My thinking here is to have the other units cover the majority if not all of the mortgage to where I can live well below the market rent in the area. During the years of living there myself, I want to save up money and build equity to where I can start purchasing properties out of state that have better CAP rates and cash flow margins. Am I crazy to think I can purchase a cash flowing 2-4 unit in this region (being mindful of taxes and other costs that are relatively high in this region) or would it be best to use what savings I have now to purchase a turn key out of state that is already cash flowing while I continue to rent? As a renter I am facing market rents and potential annual increases to rent.