All Forum Posts by: Richard Lee

Thanks @Jason Stutenroth, I would like to focus on Pittsburgh at this moment. Will definitely contact you after I studied Harrisburg.

@Mike Pastor, yes, off market properties are part of my plan, especially if they are in good location which can be turned around.

Would appreciate if anyone have comments on the strategies.

This is an amazing thread with sharp thoughts from great people with discipline, I wish I found biggerpockets way earlier and I wish I knew you guys earlier.

Just to add some of my thoughts here:

- I couldn't find any reasonable deals in bay area, so I am actually doing OOS, I wish I could do locally, but probably not the right time for newbie.

- Most major investment vehicles are all time high (Stock, Bond, House), yet low interest and low inventory can still hold the housing price high. Bay area especially suffers from the low inventory created by high regulation (both by limit land usage and high cost on permit)

- I do agree as long as tech stock performs well, the housing market should be solid after seeing how my colleagues behave

- I am curious whether the high income tax and cost in CA can tweak the population trend. The proposed tax reform will just make CA much worse compare with other states for workers earn salary

I am looking into purchasing my first property in pittsburgh and rent it out as long term investment.

I have following hopes/strategies:
- Safe area (B/B+)
- Reasonable cash flow
- Good appreciation potential

I am thinking following locations (which can totally be non sense)
- Attract high income workers (close to IT hubs? Are their IT hubs?)
- Attract students as stable tenant base (Close to universities?)

I understand I may not get all of the goals, any suggestions on areas/types/conditions of properties?

I am out of state, so I will also need local agent and PM teams who knows how to work with out of state investors.
Do you have any suggestions on agents and pm teams?

Thanks!

Hi Friends in Biggerpockets,

I am trying to get cash out loan (30 year fixed) from my primary house as and use it to do real estate investment.

My plan is to use the refi-ed cash to do both purchase and rehab (then rented it out) and I wanted to deduct the loan interest.

I know from purchase side, the amount of mortgage interest can be deducted as expense for as long as the loan exists and I hold the rental property.

For rehab, the situation is more complicated. Given the rehab cost itself can be deducted must faster than the 27.5 years convention, if I pay the rehab cost through the loan, how long can I deduct loan interest? Anyway I can deduct the loan interest as expense for many years?

Thanks!

That's pretty clear, thanks Cathy!

Thanks Cathy. Does that mean the loan limit is decided by tax return instead of credit report?

Hi BP,

My wife and I file tax report together and we are thinking to take conventional loans individually w/ the hope go beyond the limit of conventional loans. The questions I have are:

- Banks can see all our rental records when checking the tax report, will they apply 10 loan limits on us combined, or they treat us separately (so 2x limit in this case)?

- When computing DTI, will banks take all the loans as cost (since they get it from the tax report) or they only consider the loans under my name as debt when I am applying for new loans?

Thanks for help!