All Forum Posts by: Terry Rummel

Thank you Taylor,  

I have made the appropriate changes per your suggestion.  I also added a little bit of my "whys" to my profile.

I appreciate your help.

Terry

We took the plunge and cash purchased our first BRRRR in March of last year via online auction using funds i withdrew from my 401k with the Care act which allowed the max withdraw of $100k. We remodeled the home and our son who is a new father moved in and we rent it to him and his girlfriend. We don't make hardly anything because it's helping our family out which is fine. We got our feet wet, learned alot, and intend to pull our money back out (the velocitiy of money) to continue our real estate investing career through home mortgage or heloc, not sure which way to go. Some of my sticking points are finding a tax advisor, strategist in my area. We currently rent a lakehouse home very cheaply nearby we love and have never lived in the home we purchased, though the water and sewer are still in our name. Since the home we purchased is our only home we own do we claim it as our primary residence even though we rent it to our son or do we need to claim it as rental property? Who should we be searching for to answer questions such as these and how would be begin to find such a person or people in our area? Any insight greatly appreciated.