Finally acquired my first property.

[Reed Lambier]

Probably a terrible time to buy a house but I just purchased my first home. It's a 3 story, 3 bed, 3 full bath townhouse in Vancouver WA. It is set up perfectly to rent out but I have to do some light work on it first, which I am looking forward to. After this I will either rent out some of the rooms or I will wait a few months and move out completely and give it over to a property manager. Minimum I can have it paying itself off with a tiny profit at first. It won't be hugely profitable at first but after PMI disappears and I refinance after a few years it will be pulling in a nice profit. Excited to start this journey.

[Chris Shepard]

Hey Reed, 

It sounds like you've got a great house hack or BRRR going. If you are going for the BRRR strategy, it's important to put the home into "service" (meaning advertising it for rent) prior to doing your renovations. Otherwise, you can run into tax issues regarding your renovation. If you don't put it into service, then any repairs that you make will be capitalized instead of being expensed which creates depreciation recapture tax as opposed to expenses that reduce taxable income.

Cheers!