
16 November 2024 | 6 replies
I tend to write off physical expenses to the building and do not write off expenses associated with personal effects.

17 November 2024 | 8 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

20 November 2024 | 18 replies
Let they sign something that they'll cover all your costs associated with taking any of their advice.

13 November 2024 | 7 replies
So I obtained the original survey of the home when it was built and at different points when it was sold (I was fortunate in that family had owned it before me and I was able to do the research to get to all of those surveys).

17 November 2024 | 5 replies
Assuming that the act of wholesaling is legal in your area, have all the costs associated with closing go through the title company.

17 November 2024 | 1 reply
Time the Sale Strategically: Selling the property in a year when your income is lower can place you in a lower capital gains tax bracket, reducing the tax rate on your gains.8.Deduct Selling Expenses: Costs associated with selling the property, such as real estate commissions, legal fees, and advertising expenses, can be deducted from your sales price, thereby reducing your taxable gain.9.

20 November 2024 | 14 replies
In the next 1-5 years you could have some serious cashflow - why would you care about the associated taxes?

23 November 2024 | 38 replies
Start by checking investor forums, networking groups, and local real estate investment associations for recommendations.

19 November 2024 | 13 replies
In addition, the capital outlay starts long before any income and the detracting of something from the primary structure even if it is just yard space.As indicated, my original protege made a lot of money (over $500k) on a land transaction associated with a large count ADU development.

18 November 2024 | 13 replies
.- The numbers may have an impact on your decision.You may also want to read your condo's Home Owners Association Master Deed & Bylaws to make sure there are no restrictions on any type of rentals. - Many HOAs have LTR restrictions and some now have implemented STR restrictions.Also, hopefully you've updated the home insurance policy of your current STR rental from a homeowner's policy to a landlord policy.