All Forum Posts by: Catie Baker

Hi everyone, question around tax deductions for investment properties. We purchased our first investment property last year and just met with our accountant to file our taxes. He informed us we cannot deduct any of the expenses related to the property due to us not being full time real estate professionals. And if we were full time, there are income limitations. He is not a real estate specific CPA and this is the first we have ever heard this, and we have taken a boot camp and listen to the podcast religiously. Is this correct??

Tough to find. We went with a SFH instead. Apparently most of the multi-families go off market or go super fast or need tons of work. Even the wholesaling companies we get leads from didn't have many MFRs to share.

There used to be a thorough video tutorial for the BRRRR calculator on the BP.com website. However, now there is a truncated 45 second video with no actual walkthrough of an example. Can anyone on the BP team advise where to find the proper tutorial again?

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The scenario is that we'd use our own cash for initial down payment and some reno... and then refi and hope to pull out equity to repay ourselves and get ready for the next deal. (The reno costs are a very rough estimate... just trying to run scenarios and experiment with the process). However, the calc doesn't really show much about the cash out options. Are the numbers below showing the cash out? The difference b/w the "Total cash needed at purchase" and the "Total cash invested" should be the cash we could pull out from the new equity?

*This link comes directly from our calculators, based on information input by the member who posted.

@Greg Farabaugh were you able to see the property before making an offer or did they say they'd only do showings with an accepted offer because they didn't want to disturb the tenants?  

Also, re: your prop mgmt helping with the up front legwork..... do they charge extra for that or does that fall under their percentage-of-rent fees? 

@Jaron Walling thank you for the feedback!

Hi everyone, does anyone have any thoughts or experience buying properties with tenants in place? Pros and cons? We are hoping to purchase our first property in the next couple months and have found several with tenants already in them willing to stay. The immediate cash flow would be nice and it would be good just to get our landlord sea legs under us, but we also were considering a BRRRR to be able and pull the cash out for our next property. Curious to know what people think. Thanks in advance!

We are just getting started and want to consider duplex or triplex but cannot seem to find ANYTHING in the Atlanta metro area.... at least nothing on MLS. Are there just not any multi-family properties for sale around Atlanta right now or are we barking up the wrong tree by hoping to find something in Zillor or Realtor.com?