All Forum Posts by: Travis Turnbull

I am also moving to the Gulf Shores area and looking to buy a primary and a beach front condo to airbnb!!

@Carl Flint I suggest you read the book on Investing in Real Estate with no and low money down by @Brandon Turner as well as all of the books on biggerpockets.com/books they have done wonders for me and my portfolio!

@Carl Flint Good question. While there is several ways to do this I have successfully done it while buying properties that need more cosmetic fixes. For example on the last live in flip we did we painted the entire home, installed new flooring, new vanities, new backsplash etc. We would fix things up when we had time. Whats great about this strategy is you can sell it, rent it or stay in it until the time is right. Also when you buy a home as your primary residence you do not have to put as much down on the property as if you were going to by a rental property with a conventional mortgage.

@Carl Flint You can also house hack by buying a SFR by renting out extra rooms. Since you are from STL you might have friends that would like to rent an extra room. Or you could fix the house up while living in it(a live in flip), or add a unit in the basement to make a SFR into a duplex. There are so many strategies in RE. It really comes down to what you are comfortable with. I would say the first property always seems to be the most difficult. After you get the first property under your belt things get easier. Best of luck!

@Xavier Hamblin I have been using Cozy for years and love it!

CPA it is! 

Has anyone had success with this?

@Michael Plaks You are spot on with what I was trying to ask thank you!

One last question @Chris Mason and @Eamonn McElroy when submitting your write offs to your accountant and are creating your income/expense reports would you add your mortgage on the property in there as an expense or no? My apologies if that is a stupid question. Thank you in advance.

Hi Everybody,

Quick question here about taxes. If you put all of your expenses for minor renovations for your rental on a Home Depot CC would it be appropriate to just deduct your actual payments for the year that you made on it? Or do you need to plug in every single charge and what is was for. Also can you deduct CC interest for your renovations? Thank you.

-Travis