All Forum Posts by: Phillip Henderson

I appreciate the response. My concerns isn't so much with asset protection. I am trying to gage whether it is more beneficial to claim this property as an investment property or mixed use property or as a sole residential property for tax reasons. 

I am not looking for answers on asset protection. Essentially I can claim my income from this property tax free as the tenants are friends and they pay me in cash. We have been roommates for years and just upgraded to a property that I purchased and now they are paying the rent to me instead of a landlord. What I am asking is if it would be beneficial to me to claim this money for tax reasons in order to claim a loss on the property as they do not fully cover the mortgage? Also if I claim this money would it give me access to other deductions such as the Home office or would I be able to claim some repairs as expenses if I claim it? I am brand new to property ownership and I am trying to gain as much knowledge as I can. 

Hello BP members, I am a new REI in Oklahoma. I have purchased my first property and I am curious as to what I should do about collecting rent. I am house hacking this property and for tax purposes I am trying to find out whether it matters if I collect rent in my name or open a business checking account and collect it through that account or if it even matters. I have tried to get in touch with some local CPAs in my area but due to the time of year and what is going on in the world I have not found anyone available or with the knowledge to assist me.

I would greatly appreciate any help on this matter as well as any recommendations on any CPAs in or around the Texoma area. 

I am new to the real estate game. I have only recently started saving money to begin investing into real estate. I am currently working at a w2 job and also putting money into the 401k offered at work. I recently purchased Tax Strategies for the Savvy Real Estate Investor and it mentioned a solo 401k as tax deferred option for investing in real estate. I started researching the solo 401k and the articles I have read kept mentioning "earned" income. I am looking to start my portfolio with buy and hold properties and the passive income does not allow me to open a solo 401k. Is that what I have read or am I misinterpreting it? Also if I am able to open one am I able to put income from my w2 job into it or is a self directed IRA my only option right now?

I apologize for the late response. This time of year is extremely busy at my job. Haven't had much free time to get online. I have spoken with several lenders since I last posted and have since been pre-approved for a loan. I am currently looking at properties but I am still working on my criteria. I guess you could say I've hit the analysis paralysis that everyone is talks about. I am also still saving up capital. I am not sure my reserve is enough to cover anything that could go wrong yet. 

Thank you for the response. I am still learning how the buying process goes. I am looking to buy my first property by the end of 2020. I just was not sure if realtors required a pre-approval letter before they would work with a buyer. I am still shopping around with lenders trying to find the best one. 

I am brand new and I am having trouble setting up my priorities. I am spending alot of time saving up capitol for my first buy and reading books on real estate and business practices. In my free time, I am scanning multiple real estate apps looking at properties. Should I stop looking until I get financing and if I should keep looking would it be more beneficial to speak with a realtor first or wait for the money before I involve an agent? 

Where can I find your podcast? I also noticed you are a realtor. I am trying to become one myself. Do you have any advice to help me get started in that profession? 

Thank you for that link. I will definitely look into it. I have never been to a real estate auction so I am not sure what to expect there. I am still many months away from investing. I am here gathering as much information and to meet as many people as I can while I raise capitol to begin investing. Do you have any suggestions to meet up with people in the area?