All Forum Posts by: Matt Powell

Hi Natalie - thanks for the clarification. Personally, I'm exploring my first investment purchase, and had not planned to establish a business just to purchase this one property. So my answer was out of the context of a business.

Would you agree that someone without a business - using a HELOC to purchase an investment property, titled directly to the person - would not be able to deduct the interest?

The latest answer to this question is a year old, and a new law is in effect.

If I'm understanding it correctly, the Tax Cuts and Jobs Act of 2017, enacted 12/22/17, states that interest paid on any home equity loan, home equity line of credit (HELOC), or second mortgage can be deducted only if it is "used to buy, build or substantially improve the taxpayer's home that secures the loan."

https://www.irs.gov/newsroom/interest-on-home-equi...

To me, that makes it clear that interest cannot be deducted when using a HELOC or home equity loan to purchase an investment property, as that is not the home that secures (is the collateral for) the loan.

Perhaps one of the tax experts here could chime in with the latest ground truth. Thanks!

@Martha Bueno Thanks for the response. I agree that a smaller brokerage is probably the right way to go, but I have no idea how to filter the multitude of brokerages out there down to the right one, short of posting here and looking for "For Sale" signs with brokerages, then calling the numbers. Any advice on the search process, since it sounds like you found a good one?

@Malcolm Lawson Thanks very much. I did speak with a couple KW offices when I first began the salesperson course about a year ago. I found the same thing you mentioned - lots of training opportunities, but lots of fees as well. I was also told that there weren't necessarily volume requirements, but that I'd set up goals with my broker and meet regularly to discuss progress against them. To me, it just sounded more active than I'm looking to be right now.

Haven't read any of the GK books. Assume he's the Keller of Keller Williams fame? I'll take a look. Appreciate your advice. If you happen to hear of any smaller, low-pressure, low-volume brokerages, please feel free to shoot me a message or post here. I'd appreciate it.

@Account Closed I'd love some suggestions. Feel free to post here or send me a message with some names. Thanks very much.

Hi all,

I recently passed my MD salesperson licensing exam and am now licensed. Next step is to hang it with a brokerage.

In the immediate term, I'd like to use my license to purchase a personal residence - my wife and I have been looking for several months (briefly represented, but not currently), and this would assist that process.

I do not plan to use the license for investing purposes in the near term, but would like to make that a longer term criterion. For that reason, the brokerage should be investor-friendly, but personal residence shopping (and saving) are our primary goals right now.

With that in mind, I'm looking for a brokerage with no volume expectations and as few fees as possible. Bluntly put, I'd like to let my license essentially hang idle, except for a primary residence purchase in the near future.

Does anyone belong to a brokerage or know of one that fits this description that they would recommend? I'd appreciate any referrals.

Thanks!

You're buying at a good time in Catonsville. It's a pretty stable market and fall/winter sales usually go for about $10k lower than your typical Spring sales. We just sold our home in the Dunmore neighborhood of Catonsville, just inside the beltway. 

You're soliciting a private service (buying a house) outside of any agent involvement, and closing the sale outside of any agent involvement. Provided all transactions are private transactions, I don't see how this would be any different (in principle) than buying a lamp from someone...

Good question. General consensus is that Ryan Homes construction is shoddy, focusing mainly on townhomes. NVHomes is an offshoot of Ryan and focuses on higher end SFHs, but I haven't heard one way or the other about their quality.

Anyway, this is a good question, and I'd also be interested in knowing if there's a one-stop-shop for those types of ratings.

Yep. Not sure about NJ, but MD has specific rules governing what qualifies as a RE Assistant, and what tasks they're allowed to perform. MLS access is one of the allowed things, though. More specifics upon request.

@Che Ross Sent you a PM