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18 February 2025 | 9 replies
Be mindful that there are rules that the lenders want you to check off.Furthermore, there are other rules on the tax side where you want to normally be under to get the most tax benefits.The magic number in both instances is '14 days'Lenders want you to stay atleast 14 days to meet the secondary home requirement.The tax accountant normally wants you to stay less than 14 days or 10% of the days it was used as a rental to treat it as a rental and not as a personal residence.Best of luck!
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20 February 2025 | 2 replies
and - if 35K is everything you've got - savings, emergency fund, money for real estate... that is not a huge cushion.
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13 February 2025 | 22 replies
I personally would recommend the last method.
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19 February 2025 | 8 replies
The problem is, all the ones I've seen, you have to keep your collateral funded or they start selling off your stake in order to keep it at a certain percent, so you have to keep an eye on it.
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19 February 2025 | 4 replies
and also like what I do Utilize as STRs: You furnish and list these properties as short-term rentals (STRs) on platforms like Booking.com or Airbnb.Generate Cash Flow: The higher rental income from STRs, compared to long-term rentals, allows you to cover your mortgage/lease payments, generate positive cash flow, and potentially have funds left over for further investments.Positive Cash Flow: STRs often generate higher rental income than long-term rentals, allowing you to cover your costs and potentially profit.Tax Advantages: You can often deduct expenses related to your STR business, such as mortgage interest, property taxes, and maintenance costs.
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19 January 2025 | 47 replies
You investing in that fund?
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26 January 2025 | 32 replies
Once you have a deal they will guide you through the process and even help you attain the funding with out coming out of pocket or using your personal credit.
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4 February 2025 | 17 replies
For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.
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8 February 2025 | 9 replies
Find a sponsor, reach out, tell them you're Canadian, they approve, review and sign LP docs, wire funds.
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12 February 2025 | 3 replies
Marketing to find what is a deal, $$ to fund that many deals along with utilities, mortgage payments, taxes, cost overruns, etc.