All Forum Posts by: Jazmine S.

I wanted to share my personal success story with BP to fully encapsulate my experiences and hopefully motivate others that were in my position when I first started looking into real estate investing four years ago -- a recent college grad, mounds of student debt, and not the first clue in the world how to invest in real estate. See my first ever post on BP below, asking questions about house hacking. Little did I know that four short years later I would be a professional real estate investor with 500+ deals under my belt, 50 flipped houses, and under way on my first commercial development. 

Stick to your guns, learn every day, and always ask why. See my first BP post and story below:

"Originally posted by @Evan Manship: 

posted over 3 years ago

Hey BP,

First time poster, long time reader. I am currently living with my parents but am considering purchasing my first home using FHA financing.I understand that FHA requires "owner occupancy" for at least one year, but the question I have is:

Can I use FHA financing to acquire a property while still living at home? I am thinking of buying a 4-plex, but instead of renting out the 4th unit that should be mine, it will be vacant.

How can I utilize this loan product while living at home?

All info and tips are appreciated in advance.

Thanks to all!"

First post - June 2013

First deal - February 2014

First wholesale - July 2014

First flip - January 2015

Full-Time Investor - September 2016

First Development Deal - December 2017

See my group's latest and greatest below -- a three story, 9,500 square foot, mixed-use development in Indianapolis' historic Old Northside, sandwiched between breweries and million dollar homes -- just the way I like it!

A craft brewery has signed a letter of intent to occupy the bottom floor retail space, while a local title company has done the same for the 2nd floor office space. My group, Mainstay Property Group, and our six employees will occupy the third floor of the space and accompanying outdoor amenity as our new headquarters.

Indianapolis is the perfect market for our group, our investors, and our model. Going full-time into this industry is the best decision I have ever made. For those wishing to jump full-time into real estate, get to work, go for it, and always #AskWhy. 

I am looking to get some advice from those of you who are already investing in property. I have saved and inherited some funds and have $30K in a savings account. My question is could I invest with just $30k or should I wait longer?

@Jazmine S. No regrets just yet, but I am surprised at the level of traction this post has gained haha. I'm just happy I can help!

The mileage rules aren't as cut and dry for landlords as they are for people who have a regular W-2, office job. Basically, what it comes down to is if your home has a home office space and if that home office space is considered your principal place of business. 

#1 - If you do have a home office and it is considered your principal place of business, you can deduct mileage/transportation costs to AND from your home and your investment property; both directions are deductible. If you don't, neither trip is deductible because the IRS treats your rental property as your "office" and, therefore, you'd be subject to the commuting rules.

#2 - You hit the nail on the head. Once a nonbusiness/office origin or destination is in the mix, it's nondeductible. Simple fix - take your contractor or someone else involved in your rental out to breakfast at Denny's and make it a business meal ;)