All Forum Posts by: Mike Klingshirn

@Lance Lvovsky do I capitalize anything for tax year 2018? we are doing the old H&R Block thing this week.  I did not see anything about RE purchase. 

Thanks @Lance Lvovsky! I appreciate it. 

We purchased our first rental on dec 14 2018. It was a 203k so not rented until Feb 20 2019.

Can we claim down payment, inspections or closing costs as a deduction/credit?

Thanks!

this post was amazingly helpful. Thanks! 

Zillow worked for us! As a bonus, your post will show up on Hot Pads and Trulia. We put an add up at the upper 15% of rent-o-meter and had a ton of interest. We had about 10 people interested, 4 applications (Zillow gives you credit and background) and 3 qualified candidates. I did the showings and am getting a signed lease later this week. Total time on the market was ~15 days (the reno is not completed yet). 

I recommend getting profesisonal photos taken with some touch ups. I do it on the side and get like $80-$90. The pictures really sell the place. seems like a small price for a faster rent. 

So jealous. Congrats! 

I have no advice on what to do. But if you want to get rid of it, hit me up. We are looking for something in PR. 

I am interested in the same, Genesis

@Kira Golden I would love to connect and chat about some PR opportunities.

So here it is. First deal in the works. We closed on a 2/1.5 SFH in Sumter SC. We wrapped renovations into the purchase. I am hoping for $200 a month in cash flow, but 130-160 seems more reasonable. $200 would be about 11% cash on cash. The appraisal listed it as a 3/1.5.

No real discussion questions here. I just wanted to make my first post. Thanks for all the help