All Forum Posts by: Ruben Velazquez

Hello BP!

I'm looking to learn more about options exist when you no longer qualify for Rental Losses as a Non-REP when income is above $150K. I understand I would need to work as a Real Estate Professional (REP) and quit my engineering career to qualify, but I can't do that yet. I would imagine other BP folks have gone through this situation before and they may have some advise based on their experience.

My practical thinking (assumption) would be to separate the properties from personal taxes and is can be done via an LLC and the LLC does its own taxes?

I'm also look for an experienced CPA with various of rental properties and clearly understands the REP status to try to justify my situation based on logged hours since I just finished rehabbing 90% of two 100 year old MFs in CA, the other 10% was delegated to a Lic. Electrician.

Thanks,

Ruben 

Hello, is this still applicable to 2022? I would imagine it would adjusted for inflation, right? (Unless one is a Real Estate Pro, which I can't do that just yet). Thanks for the help! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $279,000
Cash invested: $70,000

Triplex
Purchase price: $279,000.00
Cash invested: $70,000
Monthly cashflow: $~1,000.00
Owner Occupied for a year and renting out two other units.

What made you interested in investing in this type of deal?

common sense

How did you find this deal and how did you negotiate it?

common sense

How did you finance this deal?

Conventional 30 Year Fixed

How did you add value to the deal?

Rehab

What was the outcome?

Working on it ...

Lessons learned? Challenges?

Still learning ...

Mechanical Engineer and looking at buy my 2nd RE investment. Currently looking for 4-plex in Seattle, WA or Sacramento, CA. Any other investors from these areas? Feel Free to connect, Cheers! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000
Cash invested: $10,000

House hacking and renting out rooms was my orginal common sense strategy.

What made you interested in investing in this type of deal?

rent was too high and I knew i can rent rooms and live for free + many other benefits overtime.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Minor Upgrades and just rent rooms.

Hello Jason,  I have a similar story as you and game plan. I also moved to Nagoya about 3 months ago. BP is amazing, it blows my mind the more I listen! ... I look back in life like; I've been missing out!!!  ... Let's connect, I live in Sakae. Cheers!