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26 January 2025 | 0 replies
In the long run, I want to build a portfolio that will bring in cash flow.Would be great to connect with all types of professionals who work in the area.
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8 February 2025 | 106 replies
Personally I am not finding deals that could support those strategies in my market today based on my current skills and available time.
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8 February 2025 | 6 replies
Unfortunately, this is a controversial topic where there is no consensus between tax professionals.
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2 February 2025 | 0 replies
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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17 January 2025 | 4 replies
Now, your mind is ready to learn this new skill.
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4 February 2025 | 7 replies
My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).
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4 February 2025 | 7 replies
However, the tax treatment differs between short-term and long-term rentals:Short-Term Rentals (STRs): If you materially participate (work 100+ hours and more than anyone else on the property), you may be able to offset rental deductions against W-2 or other active income, offering greater tax benefits.Long-Term Rentals (LTRs): If your AGI exceeds $100K, your rental losses may be limited, unless you qualify as a Real Estate Professional (REPS).If you plan to expand your rental portfolio, consider an LLC later for liability protection and easier management.
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28 January 2025 | 8 replies
Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.
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28 January 2025 | 0 replies
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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26 January 2025 | 2 replies
I'm Pratik Patel, a healthcare professional excited to join the BiggerPockets community.