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Updated about 5 years ago,
I’m stuck trying to buy my second triplex‼️
Thanks in advance for any forthcoming help. So I bought my first home(triplex) last year. I used a conventional loan with 25% down. I live in one unit and rent out the other two. My mortgage is $1008 and I profit $352 each month not counting maintenance or management. Things have been going great and I’ve been trying to replicate my success with another triplex. I’ve been calling around to different banks looking for financing for my 2nd triplex and I’ve hit a hurdle. When I did my taxes for 2018 I wrote off my property updates which almost equaled my rental income. That made it look like I’m not making money on my property. I didn’t realize the future consequences of my tax actions when I initially did my taxes. Does anyone know of a way I can find financing without my property upgrades working against me when applying for the financing??