All Forum Posts by: Derrick Alfonso Tafur

So I've made to decision to convert my liability into an asset.  I have read all the great info in regards to "renting your home"   That being said, I saw nothing in the blogs regarding how to deal with this transition for tax purposes.   For example, my county has an Owner Occupancy tax credit of 2.5% that I will lose once converted into a rental property.  How do I go about informing them of this change?    Thanks in advance.  

           Derrick

Hello from Ohio,

     I'm finally at the point where my wife and I are ready to build a new house.   I've been tossing around the idea of using my current house as a first rental property and have already had multiple inquiries to rent.  

The monthly rent would be enough to cover the mortgage and carry some cash flow to boot but if there is just one month that the house is vacant due to turnover, I lose 4 months of said cash flow.  I have enough back up funds if this did occur but I'm wondering how other investors got over that risk factor.     Maybe it's just me being too cautious..  

Any feedback would be greatly appreciated.

Derrick from Ohio

Hello all...  New member here from ohio.  Happy to be referred to this awesome resource.   I have a question regarding whether there are any benefits to becoming a real estate agent.  I intend to rehab properties and retain as long term investments.  Any feedback is greatly appreciated.        Derrick from Ohio