Suggestions

:speech_balloon:

Housing - Allow modeling of rental activity / owner occupancy as a series of events

Being able to mark home as “Live Here” is great, and being able to Generate Rental Income with a percentage of owner occupancy is a really nice feature too.

I’d like to be able to set these as a series of rental and occupancy periods. Benefits:
- The projection could automatically include the Rental expense (if defined) through a more complex series of moves - The projection could more accurately accumulate rental depreciation, and more accurately model rental deductions.

The rental part of this suggestion is strongly related to another suggestion, Net Rental Income calculation: https://changemap.co/projectifi/projectifi/task/6211-net-rental-income-and-us/

30 votes

Tagged as Suggestion

Suggested 25 April 2022 by user Shawn S

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  • 25 April 2022 Shawn S suggested this task

  • 25 April 2022 Kyle Nolan approved this task

  • avatar
    Shawn S

    Another related suggestion: It would be nice to have Rental Income organized as a top level group in Total Inflows

    Top-level group for “Rental Income”, then sub item: “Property name ($total income)”, then hover over or sub-item off of “Property Name $(total income)” to show Net Rental and Non-taxed Income amounts and breakdown.

    21 December 2022
  • avatar
    Chris Miller

    On a related note, I’d like to be able to specify that I’ll move into my rental property in a certain future year, and either sell or start renting out my current home. The tax implications of this can get messy if you’re taking into account the owner-occupied capital gains exemption on sale.

    17 February 2023
  • avatar
    Georgia Hoyler

    upvoting this one – I’d love to show that in X years, the house I live in now will become a rental property and I will live in another house. I can’t model today unless I mark it as “sold”, which messes up tax implications etc.

    20 May 2023
  • avatar
    Jason D

    Another upvote! In PL, I’ve been wondering how to model a property as my primary residence and then, in my retirement year, convert that property into a full-time rental. I think the enhancement suggestion in this thread will encompass that idea.

    31 July 2023
  • avatar
    Ken

    Adding to this:

    It would also be useful to associate multiple one time expenses with a home, and value appreciation associated with them. These would affect the cost basis of the home as well for tax purposes.

    One scenario: adding an ADU that starts as a shop but becomes a future rental, so an initial building cost, then a retrofitting, followed finally by a rental income stream.

    Another: contemplating improvements to create an AirBnB.

    A third: adding a family room/pool/deck to an existing home.

    07 August 2023
  • avatar
    Zach Elliott

    This is a suggestion that I would really like to see implemented. My use case is simply: Buy a new house and rent out the old house when I move. I think this is common advice today and it would be great to see how that impacts models. Thanks

    11 December 2023
  • avatar
    Michael Mroczka

    Jumping on to echo this. Renting out a previous residence feels like a really common use case in general, but since this is geared toward FIRE folks, it feels all the more important. Anyone going down the real estate path for retirement needs this functionality to use the app since it is a massive lever in their wealth.

    13 December 2023
  • avatar
    John Doe

    Could this include modeling a mortgage refinance event? E.g. cash out refinancing triggered at a date, or at a particular value.

    15 December 2023
  • avatar
    Kevin

    Agree and upvoting - would be a great feature!

    25 January
  • avatar
    Savinay Dangi

    Can we have real estate as a separate type of investment. Then you can ad real estate returns to go with it.

    26 March