All Forum Posts by: Laurel G.

Thanks Wes,

That was exactly the information I was looking for.  Thanks for giving me some direction!

Thanks for the input.  A loan officer actually told me that since the crack down on the  industry there is a strong possibilty that there would be someone checking up on the property to see if was being used as intended.  Evidently you can change your mind but only after a year.  

I have looked over the HOA covenants and there is relatively few guidelines mentioned. I'm thinking of 1-3 month rentals to keep neighbors happy.

Does anyone know of a good CPA in the Scottsdale area that could give me the pros and cons of structuring it as investment?

We recently purchased a luxury home in a gated community in Scottsdale.  We are not planning on permanantly occupying  the property until retirement in a couple of years, but do want to use it occassionally when time allows. 

I am wondering if renting would be a good idea and also if there would be significant  tax benefits to structuring it this way for the initial few years.  Our financing would require us to state if the property is "investment" or "second home". 

The home comes fully furnished. Rentals would be high in the winter months- approx 25k/mo  and lower in the summer 8-9k/mo.  ( around 1% rule if rentals were as projected).  We have numerous rental properties,  but since  it is a high end home, and eventually our own home  we have reservations.

We have to make some decisions on this quickly to define financing and capture the rest of the peak rental season so quick feedback is appreciated. 

My daughter has just matched in a residency program as well.  She would love to buy a 2 bedroom and rent the 2nd bedroom.  Is the UTC area a good place to look?  Pacific Beach?

I invest in properties in Des Moines, Iowa.  Cash flow is easy to come by.  Its a little  more intimidating In the San Diego area compared to what we are used to.  Many have told us the market is over valued at the moment, but we still want to jump in.