All Forum Posts by: Tyler Cook

Also interested in partnering the funds with other investors for buy and hold or fix and flip opportunities in Florida, Tennessee, Alabama, Georgia, South Carolina, North Carolina and Texas

Hey BP!

I am interested in lending IRA funds for real estate projects to interested investors. If you have taken private money or hard money loans before, I am happy to hear about your experiences and any feedback you can provide to improve my chances of being a strong money partner. I also want to help capable and hungry individuals achieve their goals! Thank you!

Sincerely,
Ty

Quote from @Hou Chia:

If you were a single, self-employed, and location-independent worker, how would you go about identifying the best house-hacking opportunity in a tax-free US state? Ideally, I'd like to use a FHA loan to purchase a multi-family unit (up to 4 units) and live in one of the units. Any tax-free state is fair game.

I am in the exact same situation! Here to support you however I can! I am a superhost in Tampa, FL and a licensed Real Estate Sales Associate. Best of luck to you!

Quote from @Basit Siddiqi:

If you filed a timely extension, the due date for your tax return is October 15th.

I would reach out to your accountant before ordering the cost segregation. You don't want to pay for something that you may not get a benefit from.
You may or may not, depends on your facts and circumstances.

Thank you, Basit!

Quote from @Janet Behm:

Tyler,

Congratulations!

You will NEVER FORGET...your first...

Schedule E.

Do a local search for Certified Tax Coach. These folks specialize in tax strategy for REIs

Hi Janet, thank you for the words of wisdom! Much appreciated

@Michael Plaks a strong CPA would come in handy, indeed!

Hey BP! 

This will be my first time filing the Schedule E form as my medium term rental in Tampa, FL became active the 1st of this year.

I need to pull forward deductions from 2022 that went into preparing the property for rent, conduct a cost segregation, and advice on how best to utilize my status as a real estate professional in the processing of my returns.

I am looking to select a CPA right away so any help, direction, or advice is greatly appreciated!

Thank You!
Tyler Cook

@Steven Foster Wilson I appreciate the support! maybe we can talk about the OH RE market when you have some time, best of luck to you!

@Nathan Harden I am aiming for $3100-3250 per month but I think there is strong potential for something closer to $3500 in the not so distant future. let me know if you have additional questions about the greater Tampa market. Thanks for the support!

@Ryan Halford I did live in the property through the end of 2022 but I am saving for my 2nd deal and living with family in CA to speed up the process. I plan on returning in April to start as an agent with Keller Williams and continue investing in Tampa and other markets in FL. Lets catch a BP meetup in Tampa!

@Josh Green totally agree, there is more room for me to execute on rent growth by adding amenities and right now (I should clarify) only 3 of the rooms are available and 1 is used for storage. So when I open up that 4th, add amenities, and get more comfortable with the management side, I can easily increase rents. Occupancy is great so far, as you mentioned. Thank you for the input!

@Matthew Kwan its early but its been 100% occupied through march 19 of this year and I am still receiving more inquiries. i am happy with the outcome and looking for another deal like this one. appreciate the support, what is the market like in Bellevue these days?

@Patrick Drury thanks Patrick!!

@Chris Levarek I calculated a 35% increase over last year's premium, so definitely noticeable. great question, and my taxes should increase substantially; previous owner had a long standing homestead exemption in place 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $385,000
Cash invested: $35,000

In March of 2022, I bought my first rental property, a 4 bed / 2 bath house in the Tampa, FL area. This will be a long term buy & hold, utilizing the medium term and short term rental strategies. I have found the 30+ day stays work best for me and I hope to repeat this strategy again in the first half of 2023!

@Eliott Elias there is something called an acceleration clause that I want to avoid, would rather be upfront