All Forum Posts by: Matthew Kauk

@Kelly O'Keefe Thanks for the help. I'll follow up with my CPA. I agree that it seems the basics are there.

I have an Airbnb that I bought in August of 2023.

Starting in January of 2024. I began to track my hours and where those hours went.

My understanding is that I can use the STR loophole to reduce my wife's taxable income. If I reach 100 hours and more then anyone else for the property.

1. Is there anything else I need to do to be able to take that reduction for my wife?

2. If I add another property do I need to track this property separately or can I track them cumulatively?

Thanks all.

I have an AirBNB in Savannah GA that I bought in August of 2023 it coming on a full year now and I'm looking to refinance.

At what point should I move the STR into an llc?

Should I do this before I refinance my home or after I refinance?

Is there a length of time that lenders like to see before they lend to an llc?

I've also filed my personal 2023 tax returns and have those available with the STR income included.

Looking to use the short term rental loophole.

If I use the short term rental loophole for my STR, I material participate and do a cost seg study.

Can I take the value of the building in the first year as depreciation and write it off against my wife's income? ( Not sure if that's the correct terminology.)

Whatever loss I take in the first year against my wife's income, does doing this change my rental income from being passive to non passive income as well?

And would this mean that my short term rental income becomes ordinary income?

Thanks for the help in advance.

First this community is amazing!

My question is if I'm not a real estate professional, but own an STR that fits inside the STR loophole. How do I track my material hours on my investment property in order to take depreciated losses against my W2 income.

What is the best way to track my hours to make sure I get to 100 hours and more then anyone other person involved in the STR? At the end of the day do I show up with my CPA and say here's the hours I worked?

Or can we assume an estimate if this is my only "job".

Finally, if I had a cleaning company and they have 10 people who clean. Can I request 10 different people for 10 different cleanings so no one person works more then me?

I'm just getting started in the world of real estate investing. The properties around my area are out of my price range.

So i'm looking for something that is long distance.

I want to make sure that my real estate agent is legit and is not scamming me.

I took her license number and looked it up on the state website and it came up as active. Is there any way this could be faked?

The reason I'm worried is that I haven't heard of the real estate entity that she works for and it's hard to find any details of her work online.

I'm looking for ways to vet that she's the real deal as well as how you vet your real estate agents.

Appreciate the help.

I used AirDNA to get the gross rental number this showed a 6.3 k if I rent this out as an STR.

I used the BP rental tool to get to show a 6.3k in income vs 5.6K in expenses. This includes, utilities, cap ex, property management etc.

Yes it sounds like subject to is the way to go.

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353k left on the mortgage. Thanks Shane, that's the route I was thinking of going.

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Originally listed at 675k, not doable for me, but since they've been on market over 150 days they are willing to go down to 583k.

This would be an STR I have a primary already.

I'm not currently a REP.

I'm no sure on the solar panels. I know she has 48K outstanding.

Next steps are to talk with her and find out what her objectives are.

Hi, I have a deal that I'm looking at, where the seller is considering seller financing as the house has been on the market more then 150 days.

They currently have a 230,000 mortgage, 48k that needs to be paid for the solar panels, and brokers would be paid around 30k.

How do I structure the deal?

I would like to keep as much cash in my pocket for rehab and repairs. So paying a lump sum would be difficult.

Do I end up covering her mortgage payments and then paying 7% on the full price of the house?

Never done seller financing and would appreciate the help. Thanks in advance.

Looking for one ticket as well. Looks like I'll have to get in line here.