All Forum Posts by: Joe Schultz

Samuel Coronado,

most of the home, by far, is on a permanent foundation. I think at this point, I will buy, using my savings but thank you for giving me some ideas. I appreciate it.

Thank you, Joe

Rick Pozos,

They're old enough that they want to have it paid off sooner, like 2 years. I can tell sooner than that is what they would prefer so I am ramping up to do that for them.

Thank you!

Ken M

It is a 1971 model.

Thank you

Rachel 

Thank you

Ken,

it's permanently attached and it has been for years. Anyone would have a hard time figuring out that it's a singlewide that was added onto.

Thank you

Derek,

it is affixed to the property permanently and legally (state documentation). Nobody has said anything about it meeting requirements for a loan. One guy said, it's viewed the same no matter what you do it is see  as a single wide.

I plan to by my parent's home. It's a singlewide mobile home that we've added onto etc.  I have recently found out that no matter what you do to a singlewide, lenders all see it the same and they don't offer any loans for them.  

Note: My parents will stay in the home with me but I will own it and pay taxes & insurance etc.

Financing, not finding any options. I was looking for a mortgage so I would be able to use savinngs to purchase 1 or 2 more rentals and get a tax benefit (making it my homestead). But if I get a different loan, I don't think I would get a tax benefit. 

Note: Counting next year's income, I could pay for this, out of my savings. Although I was hoping to buy 1 or 2 more rentals next year but if I use all my savings that won't be an option. 

Any thoughts on this would be appreciated.

Thank you, Joe

Gail Greenburg,

I didn't know how it worked but now I know that I have to go through the custodian. 

Note: I was hoping that it all just changed at the age of 59 1/2, apparently, I was dreaming. LOL 

Yes, mine is similar.

I appreciate your help.

Thank you, Joe

My income is mostly from rental property (single family) but I still do some residential construction (mostly remodeling).

my pickup (07 Tundra has a transmission issue - for now just a check engine light)
will need replaced within a year or maybe two. 

1) Construction Co.

Would make the most sense for a serious deduction but since I've focused more on rental property my construction company doesn't gross enough to make the purchase of a new vehicle a viable one, probably get audited and then not sure what they would do.

2) Rental property wouldn't make sense either because it would be an administrative nightmare ( CPA says) to divide every expense up per each home.

If I change to having them all owned by a single LLC then if someone won a lawsuit against me, I could lose it all.

Deductions for now since I use my truck for Construction, Rentals & Personal is based on  mileage or I just get the standard mileage deduction (7k).

Just trying to be wise before I just do something.

Any thoughts on this would be appreciated.

Thank you, Joe

@John Sharpstene

Brian Porter he's out of Burnet. small company a good guy