All Forum Posts by: Becky Haag

@Bruce Woodruff. Possibly switch out one of the queen beds for a king size. A lot of people love king size beds. I will usually move on to another listing if it doesn’t have a king. Good luck!!

@Joe Villeneuve. Wow. Thanks for that. We decided against it.

Thank you all for your help. I appreciate it.

Purchase price $185,000.  Would offer $195K with no inspection.  Using business line of credit @4.25%. Pay for a few years with line of credit then get a business loan for the remainder.  $50K down from savings for down payment.  

SFH, Brick, Cape Cod. 3 bedrooms/1.5 Bathrooms. Oil Heat. 1/2 acre level property. 2 car brick garage.

Property tax $3400. Rent $1600 plus oil and electricity.  Cash flow $360 month.

Needs new carpet, paint and refrigerator.  

Would you buy this?

Great!! Thanks everyone. That clears up the confusion. This is so awesome to post on here and get your questions answered by peeps who have gone before you!!

If I'm understanding correctly, you can only deduct expenses for the days that your short term rental is rented. For example: If you rent out your property for 250 days of the year, (which would be about 70%) then you have to prorate certain expense deductions. If your electric was $100/month then you can only deduct $70 of that electric expense for that month? Is this correct? Also, is that the same calculation if you are deducting HOA fees? Thanks for the help!!

@Basit Siddiqi. Thank you for the info. Much appreciated!!

@Matthew Crivelli

Thank you!! Did you ever hear of getting a conventional loan and then do a quit claim deed to transfer it to the business?

Looking for a CPA near Reading, PA who specializes in Real Estate. Thanks.

We have an S Corp and want to get a conventional loan to buy a property to use as a short term rental. After you get the conventional loan can you transfer the funds into your business or is that not allowed? Is it better to get a business loan? Need advice….thank you!!