All Forum Posts by: Scott Johnson

@Tiffany Palaskas consider the refinance route as well. That's tax-free money, but your rents need to be able to support the new mortgage payment.

@Havital Miltz 💯 

@Havital Miltz thank you for confirming my suspicion. I found it very unlikely that the government would not want to get their piece of the pie, especially if they had purchased a new primary home.

Donyou have a Tax Code or Publication Number you can share so I can study up and understand your thought process more in depth? 😄 

Secondary question. Have you been depreciating it?

@Tiffany Palaskas Do you still live in it now? If not, do you own the primary home you're living in now?

Interesting. None at all even though it's now a rental?

@Jay Hinrichs IS ChatGPT 👀

If you decide to sell, just iron out your tax strategy. 

@Adrian Lammersdorf-Scioll 

I definitely like that idea. It's also a good practice for him to create spreadsheets for his later use. This really helped me dive into the numbers, make corrections and left me with something that I know I can trust.

Not down playing ChatGPT at all, I just try to be self-sufficient when I can. I do use ChatGPT to help me develop my spreadsheet. Honestly, anything that I do with coding requires my use of ChatGPT, lol.

What's up, brother? is the 10,000 closing costs? If so, and you're buying the property using a broker, talk to them about throwing some seller paid closing costs into the offer. That way you can reduce your out-of-pocket some.

May or may not work because everything is negotiable, but it's worth a shot.

Maybe prices are a lot higher up there, but I spend about $550 for a full inspection and wood destroying insect report and then do additional inspections if I feel the need to. If I don't, I usually stick with the $550.

Also, I'd recommend reaching out to an attorney or two and asking them to send their pricing for their services. Some firms have this, and you can use those to run your numbers in the future.