All Forum Posts by: Patrick McCandless

Chaits, Definitely contact your insurance provider as the last thing you want is a major disaster and they not cover it. As for those repairs/maintenance items, you will want to keep track of those expenses so you can deduct on your taxes as previously mentioned by Matt. Regarding your lender/bank, how long did you live in the home? You typically sign an affidavit when purchasing a primary residence saying that you intend on occupying the home for a minimum of 1 year. Lastly, make sure you reclassify the property as a rental with the county to avoid any penalties. I've heard of some nasty fees imposed on people thinking they can get around the increased taxes by not classifying their rental property. Hope this helps. Good luck!

Hi Rebecca, Knowing this is just a 2 or 3 year gig to then turn it into a rental property and move into something else I personally feel like emotion should be taken out of the equation completely and only numbers should be considered. Of course you want to like where you live, but I just mean don't let your emotions make you overpay. It's an investment, not your dream home.

Congrats on the license Blake. When I was first starting out (I'm now on my 7th year in the business and own my own small brokerage) I was really concerned about not closing any deals for a while especially with the way the Pheonix housing market was looking at the time. I needed to start making money pretty quickly to a certain extent to pay the bills. My girlfriend at the time (now married) was a leasing consultant at an apartment community in Scottsdale and would deal with apartment locators on a regular basis and she mentioned me to one of the brokers who would bring prospects into her. Long story short, I felt that was the cheapest and quickest route to get some consistent income in my pocket and at least build a foundation on that. That was just my personal preference coupled with the fact that I didn't have a few grand to shell out in association/MLS and other fees that was required of Keller Williams and other big box brokerages. Interview all of the brokers in your area and get a feel for how they operate and go with what your personal preferences fit the best.

Definitely use an agent especially if you're needing MLS listings. You don't pay the commission as the buyer and you will have someone in your corner when it comes to drawing up documents and negotiating. Win-win.

That's exactly what I was looking for. Wasn't aware that it would just delay the income (for tax purposes) to the year I take it out to purchase a home. I figured there had to be a catch. Thanks for quick response.

Are you an agent? If so, consult your broker of course. Did you find this on the MLS? If so, contact the listing agent to find out exactly what he/she needs in order to pass along offer to the bank. In AZ there are several other addenda/advisories that need to be submitted along with the purchase agreement and certain language within the additional terms of the purchase agreement in order for the bank to even look at your offer. May be different in your area though.

Welcome Diana. My family owned a cabin at Nacimiento in Oak Shores for about 20 years. Paso is a second home to me and likely will be my home some day. Special place for me with a lot of memories. Best of luck in your endeavors.

I know I will get the "consult your accountant" answer, but can someone either with personal experience or definitive knowledge on the subject tell me if I'm able to contribute my max towards a new IRA for the 2015 tax year in order to save on taxes and then deduct those contributions most likely late 2016 to put toward a down payment on a primary residence?

Welcome Chris. Curious to hear why you have specifically chosen Gilbert.

Born and raised in Camarillo! Would love to meet at some point.