All Forum Posts by: Logan Allec

@Liz Murphy Location doesn't matter so much these days.  However, given that there are state-specific laws and nuances that tend to change somewhat frequently, the optimal situation would be to find a real estate knowledgeable accountant (and preferably an investor him- or herself) based in your home state of Massachusetts.

@Peter Cung Also, just because the market was "too" competitive for me (in the context of me with my 96.5% leverage goal), this doesn't mean it is for you.  If you are willing to put more cash into the deal, you may have better luck in the competitive markets.  Personally, I wanted to leverage as much as possible to sink more cash into other deals.  My personal philosophy was to borrow as much as possible while I was young and interest rates were low, but of course that may not be your strategy.

@Arthur Voskanyan If you have rental income (Schedule E), it's added to your W-2 income to "put you in whatever bracket."

However, some Airbnb hosts are required to report their income on Schedule C, in which case it's subject to the additional self-employment tax in addition to being added to your W-2 income for regular tax purposes.

Consult with your tax advisor.

@Adam Goldberg Not sure what her skill set is, but these days there are plenty of work-from-home opportunities that stay-at-home moms are doing well at.  Blogging is one of them.  We launched a blog last year on the side, and it's been an excellent source of passive income for us.

But that's not the only thing.  As others have mentioned, e-commerce / Amazon reselling is a great side hustle.

@Peter Cung I used to live in Tustin and spent the better part of a year looking for a 3- or 4-unit to "house hack" in the Orange County vicinity, but the market was extremely competitive (and this was a few years back).

Eventually had to move out to Santa Clarita to buy one (4 unit with 3.5% down FHA loan). I lived in it for a year to fulfill the loan requirements.

Can't really speak to San Diego.

@Kushal Chakrabarty, I have not worked with Black Belt but have a friend who bought though them a few years back.  Please let me know if you'd like an introduction.

@YiBing T., if it's your wholly-owned LLC, and you haven't elected for it to be taxed as a corporation, you keep on reporting the property on your own tax return, exactly as before you quitclaimed it to your LLC. You keep on reporting your depreciation (and other expenses) just the same as if it wasn't in an LLC. This is because wholly-owned LLCs, unless they elect otherwise, are disregarded for federal income tax purposes.

If you're talking about a multi-member LLC, that's a different, more complicated story.

Welcome, @Edilbert Cruz, from a fellow Riverside native!

@James Orr very informative but what the hell is full nomad

@Nathan Goodlove I'm not sure if it's necessary to use an attorney as a registered agent, but it's probably a good idea to consult with one before you attempt to do something inherently legal such as asset protection.