Hi Everyone,
Looking at a possible purchase of a home in a community nearby, which we plan to rent and then move into eventually. (5-7 years) Would love to hear everyone's thoughts.
I'm able to pay cash for it...it's an expensive home for our area and the rent will unlikely cover the "1% rule" but I think it's a good investment and the house will appreciate in value.
I know little of real estate investments, and see this as a purchase for our future lifestyle rather than an investment...it will probably cost about 12-15% of our savings.
I expect from a tax standpoint, during the rental period, it will generate passive losses which I can offset against passive gains.
Is it best to set up an LLC for this or title it "JT" with my wife? (We're in Ohio -- not a community property state.)
Thanks - you guys are the best!
Looking at a possible purchase of a home in a community nearby, which we plan to rent and then move into eventually. (5-7 years) Would love to hear everyone's thoughts.
I'm able to pay cash for it...it's an expensive home for our area and the rent will unlikely cover the "1% rule" but I think it's a good investment and the house will appreciate in value.
I know little of real estate investments, and see this as a purchase for our future lifestyle rather than an investment...it will probably cost about 12-15% of our savings.
I expect from a tax standpoint, during the rental period, it will generate passive losses which I can offset against passive gains.
Is it best to set up an LLC for this or title it "JT" with my wife? (We're in Ohio -- not a community property state.)
Thanks - you guys are the best!
Statistics: Posted by Mian — Sun Jan 07, 2024 7:19 am