All Forum Posts by: Michael Dahl

If my wife and I file taxes jointly and make over $150,000, can we deduct the depreciation value of our rentals?

Is there a limit for how much we can write off (deduct) with our rentals?

We currently own 2 duplexes (we are house hacking one of them). 

Thanks for the help!

Thank you Brandon.  This was very valuable information! Thanks for taking time to explain it to me!!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbia Heights.

Purchase price: $425,000
Cash invested: $71,200

2 unit, 3,000 sqft, househack, needs alittle bit of work but almost a turnkey property

What made you interested in investing in this type of deal?

I knew I could live in the duplex and make fixes along the way to build equity in my investment.

How did you find this deal and how did you negotiate it?

Through my Keller Williams Agent Adam Tafael. He did all the negotiations and was a great resource on how much this property was worth.

How did you finance this deal?

I did a conventional owner occupied loan with 15% down.

How did you add value to the deal?

I will be doing a lot of the sweat equity myself.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Adam Tafael, Upside Property Sales, Jordan Moorhead, Keller Williams

I have 2 duplexes in class C neighborhoods and it is harder than I thought to get them rented out (currently I have 2 units vacant, 1 is occupied and I am househacking the other).  I am on the fence if I should try to get the properties approved to accept section 8 housing vouchers.  My listed rents are in the average range for the market they are in.  With my original screening criteria I would require a tenant to possess a 600+ credit score, 33% rent to income ratio, and a relatively clear background check.  If I would get accepted as a section 8 rental property, what type of screening criteria can I do for possible section 8 renters? If any?  I am located in Minnesota. 

I am a house hacker and looking at buying a property in the Twin Cities area of Minnesota. The property has two single family houses (2bed/1bath, 1bed/1bath) on the same lot and they are selling as a packaged deal. The tax Land Use Code states "Two Residences on One Parcel". Could I use a standard conventional loan of 5% down and treat it like a regular single family home purchase? Or would I have to use the conventional owner occupied loan of 15% down? I have used the 3.5% FHA loan already and its still on my first duplex. Thanks for the help!

I currently have 2 rental properties, a single family home (conventional loan) and a duplex (FHA loan). I am looking at buying my next multi-family property. Can I use a 203k loan for that next property? What other loan options should I be looking at for the next property? I currently have about $40k saved for the next property. Thanks ya'll.

@David M.

Is there a process where I can get a conventional loan for my next multi family property at only 5%, 10%, or 15% if I would be using the new property as my primary residence once the 12 months has surpassed on the FHA requirement of the first property?

I bought a duplex with an FHA loan and I'm currently househacking it. I want to repeat this process in 12 months and acquire another multi family with the same process. Are there any good articles or insights about the process of doing this strategy? Thanks!