All Forum Posts by: Thomas Ingrao

Has anyone dealt with child support and rental income? Properties are in LLCs with separate business bank accounts. Just curious if my earned income is the only income considered or if rental income is included even though it’s in separate entities and bank accounts. 

That makes sense, thanks for the input. And I understand based off the information, you wouldn’t be able to guess a return, I just assume a return. Single man, no dependents, filing in New York. I don’t claim anything on my W4. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $12,000

First fully gutted property. This will be my biggest project yet, planning to be done mid-summer. Estimated costs are around $30,000 with an ARV of $95,000. Each unit will rent for $850/month.

What made you interested in investing in this type of deal?

Huge value add.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $40,000
Cash invested: $14,000

Refinance applied for $82,000! Full renovation of lower and upper unit over approximately five months.

What made you interested in investing in this type of deal?

Value add

How did you find this deal and how did you negotiate it?

Agent brought it to me before it went on market.

How did you finance this deal?

Seller finance initially, bank mortgage now.

How did you add value to the deal?

Full renovation

I want this to be completely transparent for accuracy. I have not calculated my expenses yet but my W2 reported income was $73,380. I grossed approximately $13,000 this year on the rental properties. I understand that I can deduct the expenses and depreciation which would cause the rental income to eventually reach a negative number. That net loss, let’s say $5000 is subtracted from my W2 income and now what? Will my refund be higher than it would be without the rental properties? 

I just want to know the bottom line, will I have a refund or will I have to pay? 

Thank you! 

Thank you! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000
Cash invested: $3,000

First property, VA Loan with 0% down.

Gross rental income: $950
Expected: $1,050 next year

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $40,000
Cash invested: $12,000

Partnered with a friend on this seller finance deal. Expecting to refinance around $65k-$70k.

Expected gross rental income: $1,275

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $23,000
Cash invested: $10,000

Refinanced at $42,000 within five months.

Gross income: $1,175