All Forum Posts by: Kevin Lanphear

If I buy these things BEFORE I CLOSE ON MY FIRST RENTAL PROPERTY, can I still report it as tax deductions for 2021 (max amount I believe I am able to deduct is $5k in first year, start up business expenses, or whatever)?

I need to buy an office computer which will be used for the business, a refrigerator for the rental property, and maybe a few other things to make the property look nice.

Hey all, anyone come up with the better fee cost companies for a Roth IRA rollover to a Roth SDIRA for real estate rental properties and using that to cash flow a revenue income stream?

@Beau Watson

Hey! Yeah for sure, we can definitely do that. PM me your contact info and let’s connect!

@Tom Degroodt Thank you!

@Wayne Brooks exactly, yeah after my 3rd door ill be exhausted with my own cash.... I can do a cash out refinance from #1 or #2 (but thatll be in a year or so at least).... until then, ill just have to do private lending or find a partner?

After I close on my first rental property in late Jan 2021 and fill it with a tenant/lease agreement, I will have about $70k cash left to play with to buy more properties. However, I want to do all my homework and seek all the options out there to not hit a roadblock down the road for financing upcoming investment properties.

Do I continue using my normal (20% downpayment requirement) Fannie/Freddie backed conventional mortgage loans with the banks first and then when I cant qualify for more conventional bank loans, do I need to start seeking private hard money lenders?

Remember, I do have $70k cash available to use and I dont want to hit a wall where I can no longer buy more properties.

@Bill Hampton awesome thank you and that’s exactly what I was thinking. Sucks I have to wait to upgrade to BP Pro after January lol

Hello CPAs I was hoping you can quickly answer this for me so I can pull the trigger on a few things or if I need to wait until January...

So I I am under contract for a new construction investment property single-family home that closes late January 2021 and I already paid earnest money last month.

My next step is to buy a fridge for the property for the renters and also a BiggerPockets Pro membership so i can start using the extra features of the platform.

However, do i wait to do these purchases until 2021 to use as a tax deduction since my home won’t be closing until Jan 2021?

Or will it still work if I am under contract for the property and buy those 2 things now and put them as tax deductions for 2020?

@Mike Williams thank you! Yeah great thinking. I am probably going to use Mynd Property Management for this property and see how they perform.

Hey everyone, so I wanted to hear your advice or opinion on this:

- buying my first new construction SFH rental property (closing late January) using a $1M home insurance policy with SF. Only costs me about $60/mo.

- conventional loan financing using my name

I figured to keep doing this same method until I reach about 3-4 doors, then it may make sense to remove the $1M policy home insurance policy per home and just do an umbrella policy?

For the LLC part, do I just setup an LLC per property after my 4th or 5th door?

I’m trying to look ahead and I know I’ll be cashed out personally after maybe 3-4 doors, so I need to look for private/hard lenders or build a track record with my LLCs to get business loan?