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28 September 2019 | 4 replies
With the BRRRR method, how can you own 10 properties or more and not be effected by “ debt to income ratio”?
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18 June 2020 | 30 replies
Just a lot of smoke and mirrors to try to make it look more worthwhile short-term rentals are now so well-defined with all their pros and cons and process and methods that these masterminds and secrets they don't want you to know really offer little anymore.
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9 October 2019 | 7 replies
Home offices should be depreciated over 39 years, not 27.5 years.Alternatively you can take the $5/sq ft safe harbor if the home office is less than 300 sq ft (most are), but I've found that the actual expenses method almost always produces a materially higher home office deduction and is generally the way to go if the taxpayer is okay with 1250 gain from depreciation later down the road.
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20 December 2019 | 16 replies
I review returns all day long where full renovations are just capitalized with no thought to any parts that can be expensed or put on shorter time linesWhere they just use tax assessor for depreciable value and ignore other methods that may get a bigger depreciation deductionWhere they don't apply prior year tax prep costs aginst rentals WHere they don't bother with meals, miles, or a portion of phone and internetSo while you can go general firm for 1 rental, or self prepare- Depending on the price point of the property, if it was renovated, you may be paying extra tax for no reason.
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31 December 2019 | 38 replies
Instead of "get a shotgun and blast the entire area the chicken is in".The reason you have to just sent out a TON of mailers and keep at it, is BECAUSE it is a CRAPPY lead generation method.
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11 December 2019 | 4 replies
But we recently learned about the BRRRR method and are super excited to use this method.
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10 December 2019 | 28 replies
The turnkey method is perfect for people that see the benefits of investing in real estate but do not live in the right market.
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28 November 2019 | 21 replies
My goal was to use the brrrr method but due to my travels I was finding this nearly impossible as I wanted to do some of the rehab myself, also managing contractors while on the road is not ideal in any case let alone during a first investment.I ended up going with a town home that needed very little work but one that could still give me the cash flow I needed and one that I could see myself moving into just in case thing went awry lol.
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11 November 2019 | 3 replies
I have been studying and researching this method and would love to get my foot in with my first property.
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18 December 2019 | 6 replies
Someone mentioned an S corporation which is a method to reduce that self employment tax- but really only advisable if you've made over $60-70k.