Otis
Footballguy
Thinking about buying a beach house in the Hamptons to rent out for most or all of the summer (to cover as much of the annual mortgage payments as possible, at least initially).
Anyone here buy a summer house and rent it out?
Will a bank factor in the expected rental income in considering whether to approve your mortgage?
What about tax implications? How do taxes work on the rental income? What about the interest on the mortgage, is that deductible? I read somewhere that things like real estate brokers, management companies, and other "expenses" can be written off?
Anyone with experience here?
Goal would be to rent it out during high season in the early years, eventually pay it off, and then own it outright as an income source but also a "free" family vacation spot.
TIA
Anyone here buy a summer house and rent it out?
Will a bank factor in the expected rental income in considering whether to approve your mortgage?
What about tax implications? How do taxes work on the rental income? What about the interest on the mortgage, is that deductible? I read somewhere that things like real estate brokers, management companies, and other "expenses" can be written off?
Anyone with experience here?
Goal would be to rent it out during high season in the early years, eventually pay it off, and then own it outright as an income source but also a "free" family vacation spot.
TIA