All Forum Posts by: Account Closed

Thank you @Johnson H. !

Yep, citibank is a pain in the you-know-what. Too late now for me to find another lender - it's a group loan and we all need to refi at the same time.

Sign me up for 2 people please. Hubby is coming with me :)

Thanks and see everyone soon!

BTW, does anyone know how to just use last name initial instead of complete name? I didn't see anyway to edit.

@Johnson H. Thanks! I learned lots in my very brief time joining this forum.

Had no idea that big banks are harder to deal with. This is for a newly converted condo in a 3 unit building. Guess too late for this one now since my 2 co-owners are ready to sign and I'm still being left hanging by Citi.

Wow, what banks do you guys get loans from? I'm pulling teeth with citibank right now.

Thanks, @Bryce Christensen !

So both my husband and I were working full time last year. He quit his job end of last year and I will quit mine in a few months. When we met with our new CPA a few weeks ago, she said in our 2015 tax report we will be considered 'unemployed with no income' as all the rentals income will be on Schedule E.

But looking at the numbers, we are actually doing quite well and in case we are still up even after the depreciation, I wonder if we will be taxed for that gain and for how much.

Oh wow this system is confusing - how come they don't provide 'reply' button for each response?

Anyway, looks like I should be able to tag each one of you, but I don't know how to do that just yet, so I"ll just put my answers and questions below:

Frank R.: Do you have a portfolio already started or?

Yes, although not enough since we're in SF bay area and houses are extremely expensive here. We do make great profit mostly from short terms, but will change that now with SF City putting more restrictions for homeowners. Crazy city, I'm telling you.

I'm thinking about buying at least one more in SJ since the city is not as crazy as SF, but I only have a few months worth of paystubs now. And not sure I want to stay longer just to get more.

@David Friedman

Ha. I just learned how to tag :)

Banks will only start to count rental income and commissions as a usable source after 3 years of cash flow or receiving commissions. This is my experience at least.

Not sure what you meant by 'receiving commissions'? Or this is more for real estate agents?

And with this said, when I have a significant gain on Schedule E, where does the profit go, do you know? Am I getting taxed on that?

Hello everyone.

I'm a newbie on this forum and very interested in learning more.

I have 2 questions:

- Are you a full time real estate investor?

- If so, how do you get financing?

I am going that direction in a few months and wanting to know if we can still buy more invesment properties with that thing called paystub and W2.

Would appreciate feedback.

Thank you!

Hello everyone. I'm a newbie and would love to join the next one. But how do I get included in this group so I know when the next meetup is?

Thanks a bunch!