All Forum Posts by: Ray Acosta

@Basit Siddiqi I will go ahead and seek guidance from a licensed tax professional. At this point in my portfolio, I doubt an LLC will be needed but that tax advice I can learn beforehand may prove valuable. Thank you!

@Deborah Gilbreath Thank you for the clarification! I definitely appreciate you reaching out to answer my question.

1) Does your rental property need to be under an LLC to take advantage of tax decuctions such as depreciation and mortgage interest tax deductions or can you still take advantage of these deductions if the home is under your personal name?

2) Pertaining specifically to Georgia, in which cases would you set up an LLC for your rentals or do you simply buy umbrella insurance for protection purposes? I am asking as someone or is still a smaller landlord (under 1 million in RE assets).

Also, if anyone has book recommendations or websites/resources to learn about tax advantages relating to real estate that every sophisticated investor should know about, I would greatly appreciate any recommendations! 
 

Thank you @Mitch Messer!

I’m currently exploring different options to leverage the equity in the property I already own since at the moment my income wouldn’t be sufficient for another loan. Perhaps you may know how to get around this?

Concerning deal, I have a few wholesalers that send me deals on a daily basis mostly from residential properties in Gwinnett and the surrounding area.

@Marc Brenner Thank you, Marc! I will make sure to join GAREIA and look forward to possibly working with you!

Hello everyone,

My name is Ray Acosta, and I am currently a junior studying Computer Science at the University of Georiga—Go Dawgs! I love listening to the Bigger Pockets podcast in between classes and learning everything I can about Real Estate. My passion for investing started when I was 8 years old as I would help my father manage his rentals by completing tasks such as cutting the grass, painting walls and the occasional collecting rent—seeing the power of passive income early on.

This year I bought my first off-market, single-family investment property with the help of my father (I had great credit but my DTI ratio was a bit high since I am a full-time student) for $120,000 and the property appraised for $160,000 in Lawrenceville, Georgia. I got the deal through letting the world know I was an investor (as Brandon Turner always says on the podcast) by constantly posting on Facebook and Instagram and getting the deal through a family friend that wanted to sell undervalued for financial reasons.

Goals to accomplish through BiggerPockets

1. A multi-family deal this year
2. Learn about raising capital, taxes, and finding deals in Georiga

What I bring to the table:

1. I am scrappy and hard-working. I always figure out a way to solve a problem and won't take no for an answer. Like Brandon says, "Not if but how."

2. I am good with numbers and am a fast-learner. My STEM background allows me to approach problems from a different angle and comes in handy when analyzing deals 

3. I can add value by recommending great contractors in concrete (driveway and sidewalk), painting, tile, and roofing—if someone is not mentioned I'm sure I can find someone.

I look forward to connecting!

Cheers,

Ray