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All Forum Posts by: Renee Huffaker

Renee Huffaker has started 1 posts and replied 14 times.

Post: Tulsa Real Estate - selling multi-unit portfolio

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

@Cynthia Rodriguez I am interested!  Please send more info.  Thank you!

Post: Pay off your mortgage using a HELOC

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

I think your point is well taken, but needs to be extended further to investors who may use a home equity loan to fund investment property. In such case, the interest does NOT appear to be deductible because it would not meet the definition of qualified residence of the taxpayer or a second home.

According to the bill text available at http://docs.house.gov, qualified residence interest is allowed as an itemized deduction.  Qualified residence interest means interest paid during the taxable year on either acquisition indebtedness or home equity indebtedness incurred to acquire, construct, or substantially improve a "qualified residence of the taxpayer".  A qualified residence means the taxpayer's principal residence and one other residence (second home) of the taxpayer selected to be a qualified residence.

The reform bill also includes limitations around the amount of home equity indebtedness both by itself and relative to acquisition indebtedness.

I would emphasize my original comment, consult a trusted tax advisor before using home equity loans as an investment funding strategy in tax years 2018 and beyond.

I imagine this new bill will be keeping our tax people fully engaged for a while!  :)

Post: Pay off your mortgage using a HELOC

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

Be aware of changes in the new Tax Reform bill.  As currently proposed, interest on HELOCs will no longer be deductible.  Interest on mortgages for first and second homes will be deductible up to certain limits.  But not HELOCs.  Consult a trusted tax advisor for more information.  

Post: Long-time investor from Tulsa, OK

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

Great info @Nate Garrett.  Thanks for sharing!!

Post: Important contacts for landlords

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

Here's our list of important contacts:

HVAC - Units only break down when you need them most.  We agree with @Jonathan G. about keeping filters changed regularly.  Don't assume your tenant will do that for you even if you leave a supply of filters onsite. 

Plumber - We do almost all plumbing work ourselves.  But we often buy houses that have been sitting empty for some time and have plumbing lines that have become blocked with tree roots and debris.  Plumbers have equipment that is much more heavy-duty than what we own ourselves and are experts in rooting out plumbing lines and ensuring drains flow freely.

Electrician - While we do quite a bit of electrical work ourselves, it is important to have an electrician available for more complex work, such as upgrading an electrical box or replacing wiring.

Carpet Sales and Installation - Every property we have ever owned has received new carpet at some point during our ownership.  Find a carpet dealer and installer you trust. We use an agent who provides in-home service.  It is super convenient and provides significant savings over traditional carpet stores.

Sheet Rock Crew - Most DIY'ers can do sheet rock work pretty easily.  Patching holes or retexturing a room should be well within your own capabilities. But often we need several rooms or even an entire house done. A good sheet rock crew can save you weeks of time and complete your project much more efficiently.

Tree Trimmer - Minor pruning is a piece of cake.  But for big jobs, we almost always use a professional tree trimmer. In our experience, tree trimming costs vary wildly among contractors. Get several bids before settling into a relationship.

Post: Long-time investor from Tulsa, OK

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

Thanks @Nate Garrett.  We are fairly diverse.  We have properties in Bixby and Jenks, but we also have properties in some areas we like in north Tulsa. 

Post: Eager Newbie from Oklahoma City

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

Welcome @Arielle Frye!  We got started in real estate investing when we lived in OKC.  Lots of great opportunities.  Glad you are here.

Post: Tulsa Meetup

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

I am going to try to make it! 

Post: Newbie in Claremore, OK

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

Welcome @Sam Hogue!  Glad you are here! 

Post: Long-time investor from Tulsa, OK

Renee HuffakerPosted
  • Investor
  • Bixby, OK
  • Posts 14
  • Votes 8

@Leslie Fisher Would love to connect.  Feel free to send me a private message sometime and let's get together!