All Forum Posts by: Nathan Churchill

Will do, thanks! I'll re-visit this if I have any follow-up questions.

 Hi, Eamonn. Thanks for your insite, this is actually more in line with what I was thinking. The cost for the fence in total was around $2200. I'm trying to read through the documentation that was provided to get a better understanding and see if there is some "minimum" threshold under which I can deduct. I want to deduct everything I possibly can, but I also don't want to do anything that's unethical or could result in penalties later. I'm trying to follow the law to the best of my ability, here. I'm also trying to do my taxes on my own right now since I just have one property.

Thanks for the reply, Mary! Just for my education, what's the reasoning behind this? Is it because I'm replacing a fence that was there. The line is a little hazy to me on this one so I just want to make sure I understand the rationale.

Thanks for the response, Aaron! I'm leaning towards it being a write-off because I'm replacing the fence that was there. I'm not upgrading the property (adding a room, remodeling kitchen, etc...). I see this as a cost of doing business and a cost to bring the property up to where it was, not as a capital improvement. 

Hi, I'm wondering about whether or not I can write-off an expense I had this year. I purchased a property last year and it didn't have a fence, because the previous owners took it down (and to their new house, I assume?). Anyway, it left my property without a fence and I had an agreement with my tenant that I would put up a fence for their dog. My question is, can this fence install be written off as a repair since the previous fence was torn down and removed, or do I have to depreciate it as a capital improvement?

 So you don't have any issues in these neighborhoods. I can see meeting the 2% rule in these areas. For me that seems like too much risk of bad tenants. I only have one property so far and I'd say it's c+ or b-. What's been your experience being in the c- or d neighborhoods? Do you have to deal with a lot of turnover or tenants not paying rent?

Jonathan, what price range are you investing in to get 2%? I'm a new investor in Wichita and I've got one property so far and it's about 1.33%, which I'm comfortable with. Are you just buying properties that need quite a bit of rehab?

Hi, Blake. Yes, I manage the property myself. I have enough cashflow I could afford to put it with a management company, but with just one property it's not tough to manage. 

Welcome, @Blake Andrus! I've lived in Wichita my entire life and while new to investing, it is definitely a good place. I've recently purchased my first property, part of a duplex in NW wichita. So far the numbers look good and I've got good tenants in place. I think this can be a fine place to invest. I also hope to grow my portfolio. My goal is ~20 units paid off! Best of luck to you and nice to meet another Wichita investor!

This is almost exactly my goal. I want to have $10k/month in cashflow. I just purchased my first one and tenants move in next week, so I'm on my way!

Question - how do you go about financing your subsequent deals? This is the problem I'm running into now. I have one and I really want to buy the next, but I'm not quite sure how I'll do it. I could save up and buy about one per year, but I'd like to move faster. Can you share some of your financing strategy?