All Forum Posts by: Eric Tan

Could I Convert the Basement or Attic of a Duplex into an office for me to use? I has its own separate entrance but only one way to get in or out. Ceiling is about 7.5 feet. its about 900 sq feet of unfinished basement/attic. and Could I deduct it off the properties financials. I do not live in the property.

Learning a lot from this forum guys, keep them coming.

Hi @Eric Kang,

Here are the BP search results for "best buy and hold area" - the first 3 pages of the search results have some of the states answered.

https://www.biggerpockets.com/search/topics?utf8=%...

Hi Michael, 

Here are the search results in BP for previous Detroit Area forum topics - https://www.biggerpockets.com/search?utf8=%E2%9C%9...

In your situation as investors:

Would it save you a lot of time to delegate to a team member or hire someone to do a detailed look through with pictures and videos and analysis on the cost of repair on the numerous properties that you want to look at?

How much is the cost for this kind of service? Say you have someone in your team to do this or hire someone.

Or is DIY still the best way to go? 

What if you want to analyze 50 properties that week?

Newbie investor seeking advice. Currently have a duplex and my plan is to purchase a multi family every year or two years. I listened to Mrs Han's podcast about the tax savings for the savvy investor regarding travel. We are going to Ecuador to look at a few properties to either flip or develop as we have family there as our boots on the ground. If it turns out that we do not make any deals during the trip what documents do I need to be able to deduct the trip and any expenses during the trip? Do I simply email the real estate agent to make appointments to see the properties? Am I able to do any of this if I'm not considered an "active" investor? Tons to consider. I appreciate any advice that will point me the in the right direction.

Currently reading "The Millionaire Real Estate Agent" after which I'll read the Investor version of the book. Also reading "the complete stories of Sherlock Holmes" - just a different way of looking at things to help me "SEE" solutions and not just Look for the problems.

Originally posted by @Kyle J.:

Originally posted by @Bryan O.:

Aren't medical expenses tax deductible for all individuals that itemize their returns already?

Not necessarily.  I believe only to the extent that they exceed 10% of your adjusted gross income. 

 Yup the total medical bills have to exceed your AGI by a certain %

Thank you @Brandon Ingegneriand @Mike Makkar --- Tidbits like these are important lessons that I'm glad you have shared. Will be trying different things soon. The Rehab part of our BRRR on our first property was a daunting and uneventful experience. I work in corporate and I'm just used to people manning up to their deadlines, but these contractors during the rehab were a different breed. I guess it was a learning curve. went over budget by $3k and had to fire a few of them. Lesson learned though.

Congratulations @mehran

Just curious on the other business venture you started...