All Forum Posts by: Michael P.

Seems to be a trend of successful military investors.  Something about saving lots of money while on deployments coupled with military discipline and other factors like buying a house at each PCS.  Check out these podcasts:

money-podcast-68-hacking-military-benefits-financially-free-grayson/

money-podcast-33-from-debt-to-financial-freedom-while-active-duty-military-with-stuart-grazier/

bp-podcast-023-flipping-partnerships-military-james-vermillion/

bp-podcast-268-acquiring-20-long-distance-rental-homes-on-military-salaryrich-carey/

bp-podcast-206massive-action-20deals-years-joe-england/

Sounds like your just another anybody to them .. haven't flow out to develop a personal relationship and move to the front of the pecking line.

 Ok great

But this is only true if its secured and registered in the state right?

Yes its a rental I should have specified.

So I can't deduct the loan interest at all??

I want to borrow money from my mom for a mortgage.  According to my research:

If the Borrower wants to claim the home loan interest deduction from their annual IRS tax return, the mortgage must be recorded with the proper local government authority. Individual Borrowers are not legally entitled to claim an interest deduction on unsecured, simple Promissory Notes, even if the loan was used to purchase real estate.

That being said, does the IRS realistically go around checking for this, or as long as the parent pays taxes on the interest income the IRS is happy, and doesn't bother the borrower for deducting the interest.

@Brad Hunter no plan really just hold forever, raise rents at each turn.

Nice I also (accidently) bought some rentals near HQ2.  Its a tough market now getting full price all cash offers with escalation clauses rejected.  Going out of state now for cash flow since I'm already heavy into appreciation holdings.

Personally I feel allowing pets lets me charge higher rent and have a greater pool of tenants to choose from, so if you feel the same way keep the old floors as long as possible.