All Forum Posts by: Ash Hegde

Form 3115 is correct for catching up missed depreciation. Automatic change #7. 

Since there is no signed lease on a Short Term Rental you would need to show a tax return with the rental income in order to use it for a conventional loan. There are DSCR loans that will allow AIRDNA estimates to help qualify when purchasing a STR.

You're setting yourself up for a great financial start, well done! I would probably try to get a four-unit with that FHA loan. You'll be able to use projected rental income to qualify and having separate units should make for an easy transition out if you decide to move after a year.

Agree with Nathan. It's possible that your rental has a tax loss and you are running into a passive loss limitation, maybe that's what your CPA meant. 

I was looking into a HELOC for someone recently and the one at Space Coast Credit Union seemed good. There are some Miami locations.

Welcome! Sounds like you are off to a great start with a house hack!

The FHA 203k is for a primary residence and wouldn't work for an out of state investment property. If you need funds for rehab on a property out state you would be looking at something like a hard money loan.

Welcome to the forums!

Welcome! I'm in Broward as well and open to talking real estate any time!

No worries @Jaron Walling! I agree with your assessment, if you have the funds for rehab and can get a conventional loan you will have less of a headache. 

Contractors do need final approval from the lender but you are allowed to request your own if they are licensed and insured. The rest is correct though, you can't DIY to save money and it can take longer.