Posted by Matt G on April 02, 2004 at 23:31:21:
Mike-
I would stay in the property 2 yrs-homestead - no cap gaines tax. secondly- i would be careful about depreciation and would consult with someone regarding the downside of depreciating a property.
Need advice: Duplex Purchase - Posted by Mike
Posted by Mike on April 02, 2004 at 14:38:27:
Trying to figure out the most feasible way of going about this deal … Duplex purchase $270,000, receive 100% LTV, and I plan on living in facility for one year, while renting out three other rooms. What entity should I go under if I plan on moving out after a year, and keep collecting rents, knocking out mortgage? I want to be able to receive more loans and not have income/debt ratio work against me. For the first 5 years or so I can depreciate 1/2 the place, and shelter the income I receive with that depreciation. This market’s appreciation is going up nicely and I should see a nice chuck of equity within short period of time.
Any input/suggestions would be greatly appreciated.