Additionally, FHA loans also have MI paid monthly in the mortgage payment, which is usually either 0.5% or 0.55% of the loan amount (annual basis).

Otherwise, you may need to replace a water service (13-15k), electrical service (10-15k) and upgrade wiring (This is a tough one, but maybe an additional 8-15k inside).

A local real estate lawyer or translator can ensure you fully understand the terms and conditions of the purchase.Other Costs to Consider- Closing Costs: In addition to your down payment, expect to pay an additional 8-12% of the property price for:- Notary Fees: Around 1-2% of the purchase price.- Property Transfer Tax (Grunderwerbsteuer): 3.5-6.5%, depending on the region- Land Registration Fees: Approximately 0.5-1.5%.- Realtor Fees: As mentioned, these range from 3-7% of the purchase price, plus VAT.Benefits for Service Members- Equity Building: Owning property builds equity over time, providing long-term financial security.- Strong Rental Potential: If reassigned, you can rent the property out in Germany high-demand rental market.- Tax Advantages: Germany offers tax deductions for property owners, which can help offset some costs.Key TakeawaysService members have a unique opportunity to buy property in Germany with minimal upfront costs.

We're based in Tampa and, in addition to personally investing, I own a mortgage company that provides financing for tons of investors.

Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

If you’re comfortable with a bigger investment, a duplex is good for the benefit of additional cash flow and you could house-hack.

Additional Resources to check, 'FYIs', in case you want to learn more about rezoning in the future)-Look up your address on the city's zoning map here to see how properties in your immediate vicinity are zoned.

What zoning code could I request a zoning variance or rezoning that would allow us to have the 2 livable units on parcel, one primary residence and one additional living unit (known currently as ADU)?

Also, check state-specific tax laws, as some states impose additional transfer taxes.This post does not create a CPA-Client relationship.

Additionally, I’m curious about how this would apply to properties in provinces like British Columbia, Alberta, or Ontario.