The Real Estate Espresso Podcast
Business:Investing
Today show was another listener question which comes from Juanita in New Jersey. This might be a slightly longer episode than usual because Juanita has three questions wrapped up in one. She writes:
I inherited a house and I rented it to a family member. It has been vacant for 10 years. I get emails and calls daily to buy it as the neighborhood has rebounded.
I have located an interested builder to complete renovations who will get permits. Cost estimates 75k. House is paid off.
1st QUESTION: For rental properties how do I decide as the owner whether to do HELOC to cover renovation expenses or pay combo of HELOC and cash, or just cash?
2nd Question: I met with my tax attorney that told me I make too much money. I am working full time and my salary is $235k. As a result he says my max loss write off is 25k but because I make too much money I am not eligible to write off a loss. It appears my best option is to focus on depreciation and other expenses so I have no rental income/profitabilty from renting out this house. Is that accurate?
This news has been discouraging as my hope was to start investing in real estate to leave my full-time job.
LAST QUESTION: How does one start building real estate portfolio to hopefully become independent while working full-time being told the goal is to hit 0 so that I don't have increased tax burden?
I am a new jersey resident. Hoping that my hopes are not crushed.
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