- This topic has 187 replies, 15 voices, and was last updated 17 years, 4 months ago by
(former)FormerSanDiegan.
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November 1, 2007 at 10:18 AM #94224November 1, 2007 at 10:45 AM #94182
djrobsd
ParticipantMy tenant asked me about rent to own. When I told him my mortgage reset to $3100 he ran for the exits… LOL
November 1, 2007 at 10:45 AM #94219djrobsd
ParticipantMy tenant asked me about rent to own. When I told him my mortgage reset to $3100 he ran for the exits… LOL
November 1, 2007 at 10:45 AM #94228djrobsd
ParticipantMy tenant asked me about rent to own. When I told him my mortgage reset to $3100 he ran for the exits… LOL
November 1, 2007 at 10:51 AM #94186Raybyrnes
ParticipantI would think that with a rental you could also loosely qualify as a “real estate investment professional” which would provide you with the ability of writing off additional expenses for your transportation, subscriptions to newspapers and journals, paid for websites etc.
November 1, 2007 at 10:51 AM #94222Raybyrnes
ParticipantI would think that with a rental you could also loosely qualify as a “real estate investment professional” which would provide you with the ability of writing off additional expenses for your transportation, subscriptions to newspapers and journals, paid for websites etc.
November 1, 2007 at 10:51 AM #94230Raybyrnes
ParticipantI would think that with a rental you could also loosely qualify as a “real estate investment professional” which would provide you with the ability of writing off additional expenses for your transportation, subscriptions to newspapers and journals, paid for websites etc.
November 1, 2007 at 10:51 AM #94187djrobsd
ParticipantRaybarnes,
Can programs like ACORN be used to refinance from an ARM?
November 1, 2007 at 10:51 AM #94225djrobsd
ParticipantRaybarnes,
Can programs like ACORN be used to refinance from an ARM?
November 1, 2007 at 10:51 AM #94233djrobsd
ParticipantRaybarnes,
Can programs like ACORN be used to refinance from an ARM?
November 1, 2007 at 11:02 AM #94192Raybyrnes
ParticipantUnfortunately this is where my knowledgee runs out. You would have to call a lender and find out what is available through these programs.
You may also want to look into the SBA program. If their was any potentail damage to you home you could try to loosely quaiify for SBA money 2.97 for a 30 year fixed up to 200K or if you have a small business 4% fixed up to 1.5 million .
During the World Trade Center many businesses were looseely extended these types of loans. You may want to speak with a banker to see how loose they would be for you.
Sorry I don’t have more for you.November 1, 2007 at 11:02 AM #94227Raybyrnes
ParticipantUnfortunately this is where my knowledgee runs out. You would have to call a lender and find out what is available through these programs.
You may also want to look into the SBA program. If their was any potentail damage to you home you could try to loosely quaiify for SBA money 2.97 for a 30 year fixed up to 200K or if you have a small business 4% fixed up to 1.5 million .
During the World Trade Center many businesses were looseely extended these types of loans. You may want to speak with a banker to see how loose they would be for you.
Sorry I don’t have more for you.November 1, 2007 at 11:02 AM #94236Raybyrnes
ParticipantUnfortunately this is where my knowledgee runs out. You would have to call a lender and find out what is available through these programs.
You may also want to look into the SBA program. If their was any potentail damage to you home you could try to loosely quaiify for SBA money 2.97 for a 30 year fixed up to 200K or if you have a small business 4% fixed up to 1.5 million .
During the World Trade Center many businesses were looseely extended these types of loans. You may want to speak with a banker to see how loose they would be for you.
Sorry I don’t have more for you.November 1, 2007 at 11:12 AM #94203(former)FormerSanDiegan
ParticipantRaybyrnes –
I am not a CPA, but have dealt with tax issues on rental property for almost a decade. I think you are mixing two concepts here.
On an investment property (which the IRS considers a passive activity) you can deduct travel expenses, cleaning and maintenance, utilities, insurance, taxes interest, points, and other items related to the management, care, maintenance, and financing of the rental property. Regardles of whether you are a real estate professional.The “benefit” if you are a real estate professional is that you can deduct your losses, independent of the passive loss limit of 25K, which declines to zero if you make over 150K.
The IRS definition of being a real estate professioinal is more strict than “with a rental you could also loosely qualify as a real estate investment professional”. The IRS requires defines it as such :
Real estate professional. You qualified as a real estate professional for the tax year if you met both of the following requirements.
1. More than half of the personal you performed in all trades or businesses
during the tax year were performed in real
property trades or businesses in which you
materially participated.2. You performed more than 750 hours of
services during the tax year in real property
trades or businesses in which you materially participated.For prospective landlords, whether by choice or necessity, I recommend the following light reading:
November 1, 2007 at 11:12 AM #94240(former)FormerSanDiegan
ParticipantRaybyrnes –
I am not a CPA, but have dealt with tax issues on rental property for almost a decade. I think you are mixing two concepts here.
On an investment property (which the IRS considers a passive activity) you can deduct travel expenses, cleaning and maintenance, utilities, insurance, taxes interest, points, and other items related to the management, care, maintenance, and financing of the rental property. Regardles of whether you are a real estate professional.The “benefit” if you are a real estate professional is that you can deduct your losses, independent of the passive loss limit of 25K, which declines to zero if you make over 150K.
The IRS definition of being a real estate professioinal is more strict than “with a rental you could also loosely qualify as a real estate investment professional”. The IRS requires defines it as such :
Real estate professional. You qualified as a real estate professional for the tax year if you met both of the following requirements.
1. More than half of the personal you performed in all trades or businesses
during the tax year were performed in real
property trades or businesses in which you
materially participated.2. You performed more than 750 hours of
services during the tax year in real property
trades or businesses in which you materially participated.For prospective landlords, whether by choice or necessity, I recommend the following light reading:
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