Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

41
Posts
56
Votes
Craig Dieterich
56
Votes |
41
Posts

First purchase...Did I screw up?

Craig Dieterich
Posted

I found a small, fully remodeled duplex for $35k in a depressed area of South Carolina with good renters in place bringing in $900/mo in rent, but it had to be a cash deal because it was slightly over appraised price and I also could not find any lender willing to lend that small amount. It will bring in $10,800 in annual rent, but after all expenses (property tax, management, water, and insurance) it will net about $8000 annually. Am I going to get screwed on taxes because I don't have anything to write off (loan interest)? Was it wrong to pay cash for this? What should I have done different? I live in California, so am I going to have to pay South Carolina income tax as well as CA? Is there anything else I didn't think of?

Most Popular Reply

User Stats

1,372
Posts
2,199
Votes
Mark Fries
  • Contractor
  • Jacksonville, FL
2,199
Votes |
1,372
Posts
Mark Fries
  • Contractor
  • Jacksonville, FL
Replied

@Craig Dieterich

Buy it, stop over analyzing.

Loading replies...