All Forum Posts by: Account Closed

Just moved to the eastern side of the DFW Metroplex in Princeton. It's a city that is definitely growing. Right now the hard part is waiting for it all to be built. I'm looking for a job, but there's not much here in Princeton and I spend a ton of my time in McKinney, Allen, Frisco, Plano. Although I don't have a suggestion on the duplex maybe we could meet up for coffee sometime? I have a goal of buying some short term rentals in the DFW metroplex. Currently my only investments are out of state in KY. Best of luck on your decision and Welcome to Texas!

@Dylan Whitcher I am not sure yet, but I think I want a couple in different locations for different reasons. Hoping to join some RE networking groups once I arrive. Super excited to get there and get going! 

I know this really sounds like a dumb question. My husband and I acquired our first rental property last year and we got very few write off's and our tax bill in general was very high.  I tried to do some research. 

I watched Mark Kohler's video on tax strategies and LLC's and he talks about 3 types of investors: Passive, Active, and Professional. I believe now that I fell into the passive category, and if I were to move into the active category then it would have more financial benefits and tax shelters. But, how do you define what "active" is? How does the government define "active"? How can I move into the Active category and start to reap the benefits of better write off's? (side note: We are selling our home in CA and moving to TX next month, DFW area-so not sure if location helps. Thinking about acquiring more properties and putting them into a series LLC which is allowed in TX but not in CA).

Any advice, podcasts, book recommendations also welcome, thanks!

I also think rents are increasing but are not showing up right now in tools like Rentometer correctly. I would make sure you really know what rents are really going for.

I'm a native Californian making the move to Texas in May.  We just did a scouting trip out to the DFW area and escaped just before the worst of the storm hit, but there is just so much business opportunity out there it's exciting but it is making the housing market incredibly competitive. Luckily, TX is huge and there's still plenty of space to expand and grow. Also, as noted in the BP Magazine last month the High Speed Rail Train that will connect Dallas to Houston. I know people that have moved to other states too and they all left for better opportunities, but also particular freedoms that meant alot to them like health freedom, gun laws, etc. 

Great job!

I plan on attending and add my husband Bill to the list as well. 

Awesome! Thanks David for responding and giving me more to think about and research. Best to you!

There must be something I am just not understanding, hence my need for further experience and information. 

I just can't believe that a landlord that is in business to make money and grow a portfolio is any different than other business owner that deduct true and real business expenses. There are articles all over the internet like this one:

https://www.nolo.com/legal-encyclopedia/top-ten-tax-deductions-landlords-29497.html

I have a few names given to me by other people that I will be setting up calls with locally to understand all of this better. 

Will I still get tax advantages like deducting start up costs and home based office tax incentives by just filing a sole proprietor business here locally? I live in CA and I'm pretty certain that in order to run any business and also get the most out of tax credits I will need to file my business in some way, shape or form.