Team, trying to add a new property that I lived in for two years and is now becoming a rental. I updated the placed in service date but my dashboard is showing the trailing 12 months to now be a loss even though the property wasn’t in service. The pro forma is showing as if I had the unit vacant the whole time. Is there a way to fix this?
@vistamountainllc So, the Dashboards of course assume you owned the property during this prior time period, regardless of whether it was placed in service or not. “Placed in Service” is not the same as “Held for Investment Purposes.” Stessa does not explicitly support conversions of owner-occupied residences into investment properties, but it’s easy enough to make it work.
As a workaround, you could set yourself up as a tenant for this prior time period, or you could simply change your acquisition date to the date on which you converted your use to rental/investment. The latter approach is probably cleaner and will more readily clean up your metrics. Hope that helps!