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4 December 2024 | 6 replies
We resolved them by constantly reminding each other about the bigger picture (the profit we can make and how we can scale) and having full transparency.
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26 November 2024 | 4 replies
Problem is only "RE pros" get to do it.There are 3 income classifications in the US - Active, Portfolio, and PassiveActive income is income derived from your job, or normal trade or business.Portfolio income is derived from bank instruments - stocks, bonds, etc.Passive income is income earned from investments.Active losses can wipe out both passive and portfolio income, but it doesn't work the other way around.Portfolio (capital) losses are limited to $3,000 annually.Passive losses can only be offset by passive gains.Real estate rental income by its nature is deemed passive per IRC Sec 469One way to get around it is to become a pro - spend more than 750 hours or 1/2 your time in real estate.But most folks aren't real estate pros.
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10 December 2024 | 39 replies
Our cleaning fees for the year were $40k, landscaping $2.5k, handyman $3k... all tasks that can be done by an operator and off set the loss of income from occupying the main house that brought in about $40k for 2024.My wife and I have decided that even though it makes good money, we have been in Texas for a year and we want to do something similar here and we are very much DIY people and don't want a PM company to run it to the ground.
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1 December 2024 | 31 replies
Bigger pockets have a list of investor agents.
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29 November 2024 | 7 replies
We’re at a loss on how to resolve this and make our home livable again.
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26 November 2024 | 4 replies
Uses the syndication depreciation losses to help offset active incomeI did read your post mentioned above @Michael Plaks which is very informative.
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27 November 2024 | 48 replies
If you're comfortable taking on more effort for bigger rewards, BRRRR might be the way to go.From a tax perspective, BRRRR may be better because you can potentially benefit from accelerated depreciation on the property, which can help reduce your taxable income and give you a bigger tax advantage compared to a turnkey property.
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6 December 2024 | 12 replies
With the recent nation wide updates for flood modeling, you'll want to plan for bigger ponds.
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29 November 2024 | 10 replies
Welcome to Bigger Pockets James.
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3 December 2024 | 15 replies
My fiancé has two girls so that means they of course come with me so I just can’t do it unless I find a bigger duplex or something along those lines.