All Forum Posts by: Ivy A.

I'm trying to expense an appraisal inspection cost for a deal that fell through at the closing table on my 2016 tax return. all my research are pointing my to the expense portion on my Sch C. I'm trying to see if I'm going about it the right way. I've been doing my own return for the past 5 years and this is a first for me. 

@Michael Gregory it's a duplex listed at 110k - Got it for 89K - Apraised for 95K. Both side will rent for $650 each ($1300/month). Expenses including CapEx is at 39%

After longs months spent on BiggerPockets and listening to tons of podcast. I can proudly announced that I close on my first rental and I'm now a landlord. This journey started in March, there were times when I wanted to give up but every time I would read a blog or listen to a podcast I would get this renew sense of purpose

It took me going to a local REI and meeting a newbie agent to kick off this dream. Both my agent and I learn along the way, we looked at more than 50 properties. I personally analyzed over 100 properties in this time frame. We put in multiply offers and finally found one that met all my criteria. After 2 months back and forth with the seller, I finally closed last Friday (26th).

I've learn lots of lesson along the way. There were couple things I would do different on my next acquisitions. The most important one to me is: have a specific plan, do your research, don't rush into any decision and follow your gut. 

I couldn't have done this without the support of my wife, my family and friends and most importantly the BiggerPocket community.  You guys were there to help me with every questions I had along the way. And for that I say THANK YOU!

This is only the beginning, I have plans and bigger goals  

Thank you Robert.

I paid for an inspection and an appraisal for the deal that eventually failed through. Are those expenses tax deductible at the end of the year since I didn't end up buying the property? 

Has anyone has any experience purchasing a property by railroad tracks? I found a good deal but I'm not sure what impact having a railroad track about 700ft way would have on the property attraction to future tenants or the foundation in the long run.

@Brent Coombs Thanks for the enlightenment. my goal was to use as many variable as possible to make a decision. I now see that some of these factors contradict one another. Definitely hear you loud and clear regarding the Zestimates number.

My questions is what's the most important variable I should be looking at if my goal is to add as many rental to my portfolio as possible? 

@Cameron Tope Thanks for replying to my thread. You got my thinking a little more about my strategy. My main goal for getting into real estate is to build up a portfolio of several rentals and the tax break. With that said can you give me some feedback on some of the thing I should pay more attention to?

Thanks

Ivy 

I'm working on my first deal and I want some feedback from BP. I'm using conventional financing with 20% down. I increased the "expense variables" just to have a little safetynet on my number. the property is a duplex and has tenants. Would you make this deal? Thanks 

I'm looking for a general contract for couple properties I'm looking to purchase. Inbox me if you are willing to work with me....Thanks