All Forum Posts by: Ray Taylor

This is a really interesting process. It seems to be a really rewarding one as well. Congrats!

I would like to know more about what licenses and permits you had to have in order to contract your build out. Or is it simpler than that and you just ask as a primary contractor and have subcontracts?? Please enlighten us on what was required for you to embark on this endeavor. 

Thank you! @Christopher Smith for confirming the path that I was on.

@Michael Bertsch I will be picking up this book and the bigger pockets tax strategies one. Thanks for the recommendation.

@Brandon Hall Well as always you ask a question hoping for an answer but you end up with 9 more questions. I will have to look into the rules of changing from a primary residence to a rental, as that is what I'm doing. 

When you say that refinancing limits your ability to write off interest, do you mean that you won't be able to write off the additional interest increases or do you mean that it will also hinder the previous amounts as well? Thank you for your great insight. This could possibly limit future financing possibilities.

Thanks to all for the help.

Ray

So I have tons of questions about how depreciation is actually calculated, but I will start small... Many references say you calculate the yearly depreciation in the value of the building(not land) at purchase and divide by 27.5 years. My question is what if you refinance to take cash out. Do you take the new loan amount and figure building cost to figure out what you depreciate or are you stuck with the old value?

If anyone knows of a book or any other resource that gets into this depth of taxes I would like to know or the resource. I currently do not have a CPA as I only own one rental property I just want to have a working knowledge of the area to make better-informed decisions on future sales of properties.

Thank everyone for their time and support!

Ray

Hi @Michael S.

I have also purchased the Audible book for rental property investing, can you please help me out with the book's bonuses? Thank you for your time.

Ray