All Forum Posts by: Kristen Descant

@Scott Crowley Hi Scott thanks so much for the information! I did my own taxes last year and that is absolutely not an option this year lol. I do need to find a CPA. Any advice on finding a great one is appreciated. I've been wondering things such as, should this CPA be located in the state where my rentals are or in the state I live in? Or maybe it doesn't even matter where they are located. 

This year I replaced two HVAC systems. I know this is tax deductible, but I'm wondering if I would claim the entire deduction on my 2022 taxes or is this something I spread out over a few years?

New investor, two single family homes so far. Found a commercial building a few months ago and put it under contract. Seemed like a great deal at the time. It has a three year lease with an electricity company that has been there for 15 years and it will cash flow $350/month. It has taken them months to complete appraisal and we are finally moving forward. Over the last few months I've realized I have no exit strategy for this property because it is in a small town and if the tenant moves at the end of the lease I will have a hard time renting or selling. I've already spent about 2K on appraisal, inspection and attorney. I'll be putting 21K down payment and all other closing cost are paid by seller. Also, I've decided to pursue STR's from this point forward. I am strongly considering backing out, but I feel that at this point I have a moral obligation to move forward with the deal. If I do not move forward with this, I can begin searching for my first STR.

I would like to scale as quickly as possible. I have no preference over putting it into one property or multiple. Whichever will help me to scale faster. Definitely looking for cash flow unless I'm able to quickly refinance for capital instead.

Hello everyone, I've found myself in a very fortunate position. My primary home has increased in value drastically in the last year and half that I've owned it. I am in the early stages of a cash out refi and I'm expecting to have between 100K - 130K cash. I bought two sfr in 2021, so I have a little experience, but at this point I am a little overwhelmed. This is an opportunity I really don't want to mess up because I know whatever I choose now will greatly influence what comes after. Any advice is very appreciated. I keep finding myself looking at lower class properties, but quickly begin to consider all of the cons. I would love to BRRRR, but I can't even decide on a market.

Hello everyone, I have my first rental under contract. I have to prepay a year of hazard insurance at closing. I am a little confused about what is done with that money. Will it stay in escrow or will it be used to pay my hazard insurance until it’s gone?