All Forum Posts by: Rick Hoffart

Wow, your awesome Amber, thanks

Hello all, Rick from central Texas. About 5 years ago my wife and I set out to buy our first rental property. Long story short, after the purchase my wife asked if we could move her mom and step dad into the home. At the time they were living in a 5th wheel trailer. So, being the right thing to do, we did just that. They are living there rent free and just covering utilities. 

Now recovering from that I'm back at 61yo ready to get my First real rental property. Doing a few days of research, my mortgage guy said "sit on your hands till September, unless you find a great deal." My realtor said she is also going to picking up some rentals for passive income. She also said that a lot of her realtor friends are renting to "Section 8" clients. Knowing nothing about section 8, I went to Youtube University. I was intrigued to say the least. It seem like this might be a viable option in the rental market.

My questions are; 1) Is there a pent up demand of tenants looking for section 8 homes? 2) Does the "fair market price" include utilities? 3) Is there a current good place to do more research?

Thanks for your time

Oh yes, I wasn't clear. Besides the lost in rent. Can I still claim other normal deductions? Upkeep, maintenance, repairs, improvements ... etc. 

Quick question ... 

I'm buying an investment rental property. For a few years we are going to let the inlaws rent it out for about 1/3 of the rental value. $500 vs $1,500.

Since we choose to have this house in a negative cash flow situation, will we still be able to write off expenses? 

Wife and I are fixing to buy our first investment property. We are looking in the 250k range with 20-25 down. Were looking to go conventional loan. We have one place quoting 5% for investment property but was wondering who is got the best rates right now? Any ideas on who to check?

Getting real close to pulling the trigger on my first investment property. I'm narrowing up my plan and I think I'm going with a newer home or condo in a destination area. My plan is to turn it into an short term rental and outsourcing the management. My questions so far are based around tax advantages and CPA's. 

Do you put your STR's in a LLC?
Are there CPA's the specialize in STR's?
Are the utilities, cable, internet, trash service, HOA fees all considered cost as far as taxes?

Does anyone know where I can learn more on this specific subject? I tried a few searches and didn't find what I was hunting. 

Thanks Rick

My first question is how old is the AC system? If it’s over 12 yo your probably getting close to it’s life span. As far as 60’s ... there are a lot of people that like sleeping colder then most. I live in San Antonio area and sleep at 68 degrees all year. Yes design temperature is 74. Most systems are designed to maintain 74 on a 95 degree day. If anyone here has HVAC questions I’d be glad to help. I’ve been in the business for over 32 years and currently hold a Class A license for the state of Texas. Again I’d start on how old it is ... then I’d weigh the quality of tenant. If there not happy that’s not ever going to be a good relationship.

Another option you could add a mini-split to the bedroom for about $1,500

Good luck!

@Belinda Lopez

Thanks a ton guys

I just became debt free and had dream for a long time to buy 3 to 5 acres in central Texas. I want to buy / build 3 to 5 units / tiny homes on the land. I have a ton of questions and I'm not sure where to start. Looking here, youtube, google and book store I really found little to nothing. I'm assuming it would be the same to a small RV park. Or maybe a small mobile home park.

- What office at the county / state would I check to see what are my options?

- Does anyone have experience or know of reference material?

THX Rick

@Danielle Wolter Thanks