Real Estate investment

[Shauly101]

does any one here know the Cleveland market?

[Shegold]

Anyone looking to sell a five star hotel in a prime location?

[ual902]

Asking for a friend who is single and is looking to buy a house and fill up 1 or 2 rooms as rentals for singles, is New City or  surrounding areas good? or Jackson / Toms River ? Any other recommendations?

He needs a place to live anyways so he wants to buy a house

Thanks

[Shegold]

I am looking fora  hotel broker.  PM me

[Fish Tank]

Real Estate Professional Status - Requires 750 hours per year spent on RE.

Is that prorated? If I buy my first piece of RE in December - Is it sufficient if I only spend 63 hours on RE during that year, to be considered REPS?

 

[aygart]

Real Estate Professional Status - Requires 750 hours per year spent on RE.

Is that prorated? If I buy my first piece of RE in December - Is it sufficient if I only spend 63 hours on RE during that year, to be considered REPS?

 

Ask your accountant because you will need one anyhow

[whacked1]

From a real estate group I'm on:

PSA if you have a rental property in Jackson on a primary home mortgage, Jackson township is starting to notify the banks.

I heard from someone in Manchester who they made him sell the house.

Howell too

[Help]

Real Estate Professional Status - Requires 750 hours per year spent on RE.

Is that prorated? If I buy my first piece of RE in December - Is it sufficient if I only spend 63 hours on RE during that year, to be considered REPS?

 

No, that won’t work.

A bigger hurdle to overcome is the 50% rule which requires that more than half of the total services the taxpayer performs, must be in RE.

[Help]

Ask your accountant because you will need one anyhow

What will he need anyhow?

[aygart]

What will he need anyhow?

Because otherwise he will be leaving money on the IRS's table.

[Help]

Because otherwise he will be leaving money on the IRS's table.

What will he need?

[Euclid]

What will he need?

An Accountant!

[Help]

An Accountant!

LOL! Totally went over my head. I agree, this is not a DIY situation.

[avrumy1]

From a real estate group I'm on:

Lots of people would be very vulnerable to this. Although it'll probably backfire on those towns by leading people to just move in instead of renting for a while first.

[Joe4007]

From a real estate group I'm on:

What's the municipalities' motivation in doing this?

[yelped]

What's the municipalities' motivation in doing this?

To stop investors from driving up prices by encouraging purchases by people who will move in and not rent out.

[Shaya E]

To stop investors from driving up prices by encouraging purchases by people who will move in and not rent out.

Which would be a great development for people hoping to one day be able to buy homes.

[avrumy1]

Which would be a great development for people hoping to one day be able to buy homes.

But less encouraging for potential sellers to be enticed to sell.

Their main interest is probably to do whatever they can to prevent and discourage neighborhoods from changing over.

[Fish Tank]

No, that won’t work.

Thank you

A bigger hurdle to overcome is the 50% rule which requires that more than half of the total services the taxpayer performs, must be in RE.

I'm thinking about doing the STR method to be considered an active investor, which only requires 100 hours and self-management. Do you know if prorated works for that? (Too late for this year, but just curious)

[Fish Tank]

Ask your accountant because you will need one anyhow

From what I understand, I need an accountant that specializes in RE.
Therefore, prior to paying $350-$500 for a consultation, I figured I will ask here first.

On that note, can you recommend one?