All Forum Posts by: Robert Uceda

Hello Basit, that probably makes sense to stay for a year and rent out the other rooms to other tenants.  I would probably have to look for properties in Southern California, where I plan to move in August.  I read that Murrieta would be a cheaper place to live and invest in property then.  Would it be feasible for me to acquire property and then after the initial payments, if I were to rent it out to tenants 2 other rooms and I keep mine, will I be able to break even on the mortgage and leverage my finances this way over the next 24 months?  I definitely want to leverage my finances when filing to HnR Block taxes, since I still have government student loans to pay off.   thoughts? 

and you are right, Basit. I definitely would want to know the tax ramifications or more so know the tax write-offs I can claim on filing for 2020 next Spring 2021.  

thanks for the feedback Basit and Dan.  they are all useful information.  It sounds like I would have to look into the Nevada housing market there instead. I have close friends who tell me it's cheaper to live in Las Vegas or Henderson, NV.  I have enjoyed living in Colorado for nearly 20 years and it's time for me to close this chapter.  I enjoyed the weather and quality of life there but with the thousands of transplants moving in to Colorado in the past 7 years, I would rather leave and not have to deal with the skyrocketing rent or mortgage prices.  It would probably benefit me to look for a house property in Nevada or even SoCal for that matter!  In that case, I would be willing to live in that next house for at least a year and then apply for that reduced down payment you mentioned,  Basit.  I definitely want to leverage my finances so I can make the most of the tax write-offs, not owe more to the IRS.  I have enough headaches owing $4000+ to Uncle Sam as a 1099 contractor.  Suggestions?? 

Robert 

Matt M, thanks for the tidbits about investing in a property.  I am definitely not interested in purchasing a property to house hack, and then kick the tenants months later.  I may not live there for long 3 months later and make it all accessible for all reputable tenants.  I need to maximize the chance to break even with the mortgage or cash flow. I so want to pay off the rest of my government student loans.  Definitely need them to pass the background check, so they don't wreck the property inside the house.  I would probably prefer graduate students who are probably mature, but of course you never know.  

I absolutely want to leverage so I don't owe much to IRS who are sharks.  I lived just 2 blocks south of the University of Denver campus 2005-2012, and I used to house DU students as cool roommates then.  I like the DTC area with the pool and jacuzzi amenities but I doubt I would find an affordable house there since they will probably cost around the $410,000+ or above, based on looking at a real estate agent's portal fairly recently.  If you know that lender who knows how to benefit the self-employed 1099 contractor like me, that would help.   Need to claim more tax write offs, since we 1099ers don't claim tax withheld or pay off taxes from our paychecks.  So ready to leverage the finances and live a better quality of life, than owing to Uncle Sam a whole chunk these days. 

Robert 

University of Denver alum '03

Dan Mackin, so is house hacking illegal then? or is that a reasonable way to invest?  I am definitely not zeroing on 2 bedroom 2 bath type.  If I need to buy a 3 bedroom 2.5 bathroom, etc etc.. then I suppose that makes sense if I expect the numbers to sway in my favor profit wise? 

I am planning to see a lender and see what I may qualify.  I think that buy and hold strategy would suit me best.  Any suggestions on the best strategy and planning? 

Hello, I am interested in buying a house within a neighborhood that is marketable, probably around south Denver, not far maybe from University of Denver, where I gained  a Master's degree and possibly after living in it, rent it out to tenants, possibly graduate students at DU campus.  I am interested in buying a property sometime in August, live in it for a few months and then have tenants live in. I realize I could benefit from having a realtor help me manage this process.  I also want to leverage my finances by having a property now that I work as a 1099 contractor for the past 4 years.  It's annoying having to pay the IRS so much in taxes as a 1099 contractor.  Gone are the days of being a W-2 employee, once upon a time.  Any suggestions? Would this be a sound financial strategy in the long run (kind of like a buy and hold)?? 

Robert

resident at Denver tech center