All Forum Posts by: Luke Siecinski

 Hi @Jeff Nash - thanks for your reply.

Given all the info you provided I believe I'm able to deduct the education, but correct me if I'm wrong. The course was about $7,500 and was purchased in October 2022 (I started renting my property in February 2022). I purchased the education while I was actively pursuing a profit from my rental. I do not see on which line on Schedule E to deduct this education expense. I also do not see on Schedule E where to deduct as Startup Expense if I opt to do it that way. Where would these expenses be filled out?

Thanks!

Hello!

In 2022 I purchased a real estate course and am wondering if it's possible to write it off on my tax return. I have just one investment property that I rented out Feb-Dec of 2022. Other than that I am a full time W2 employee. If it is possible to write off, which tax form would it be on? If you need any more info or context from me let me know!

Thank you,

Luke Siecinski

Hey there,

Getting ready to lease my first property Feb 1st! I'm trying to determine the best way to go about handling taxes. Should I do it myself or hire someone/subscribe to a service? I think I'd prefer to leave it in the hands of professionals if I can afford it, especially since I'm not positive how best to go about deductions or anything like that. Needless to say, complete newbie here. Would love to hear what you guys are doing to handle your taxes and what advice you may have for me!

Thanks,
Luke

Hey there,

I'm getting ready to list my very first rental property next month. As of now I don't think I'm going to hire a property manager since it's just one property so I've been looking into software to streamline the whole process of managing a property. As of now my top two choices seem to be RentRedi or TenantCloud. Anyone have a preference out of these two, or prefer a different software that is better in your opinion?

Thanks!

Hello,

I'm interested in investing in STRs in the Gulf Shores market. My price range is from about 280k-325k. My sweet spot seems to be right at 300k or so. For that price, generally there are only relatively smaller beach condos (2 Bed 1 Bath maybe 2 Bath) a lot of which aren't necessarily beach front but are right across the street, all of which I'm perfectly okay with as long as I know the potential is there for good enough cashflow to get started investing. Anyone in this market that can speak to this or that has experience investing in these types of condos? According to AirDNA the potential is there. I've also tried to comp out other similar properties on Airbnb to get maybe a more realistic comparison of occupancy/nightly rate, but since it's the down season it's very difficult to tell how a property will do. Nightly rates are low and occupancy is down, and I can't see other properties summer rates/occupancy yet. Any help would be appreciated. Thanks!

Wow thanks all! I think we're gonna go for it. In addition to the $40k available in the HELOC, by the end of the year we should have about $15k-$20k in personal reserves to help support incase revenue is not as expected.

@Luke Carl I joined one of the Short Term Shops Getting Started group calls a few months back and finally have the funds available to get started. I had a conversation way back then with the real estate agent on your team in Gulf Shores but need to get in contact with him again. There seems to be a lot of properties on the market since it's the slow season, so not sure if now is a good time to actually pull the trigger since it may not be until March or so when tourism picks back up. 

Hello,

I'm trying to invest in some STRs in the Gulf Shores market. Pretty much my only option (unless I want to seek outside investors) to be able to afford a down payment is to use the equity in my home. I've been working with a couple lenders and I could get about a $40k line of credit which would be enough to cover the initial down payment/closing costs investment of getting a property. BUT I would pretty much have to use the entire line, and if not all of it definitely most of it. 

All that to say, is it unwise to use the entire line of credit to invest in the STR? Can anyone help me with calculating what type of monthly payments I would potentially be up against? Not sure how to determine that. I was given an interest rate of about 3.5% but obviously that's variable, but just a general idea is what I'm looking for. I've done market research and the properties I'm looking at could generate about $50K annually. I'm willing to make the monthly payments on the HELOC if they're not crazy. Just want some perspective because without being able to immediately refinance the property to pay off the HELOC, I'm not sure if it's a wise move. Anyone else use a HELOC for STRs?

Hi @Allen McGlashing, I just sent you a DM with my contact info. I'd love to get more info!

Thanks! Just messaged you.

@Ryan Hamaker I'm intrigued. Would love to hear how you managed to accomplish this and how things are structured out. How would I go about pursuing that route?