I bought a multifamily property that was undervalued, so working on renovations and improvements now.

We actually started when we bought a property to buy and hold but it ended up not being a good fit for our portfolio so we sold it.

.: Hello everyone, i am based in california bay area. recently bought a house in  Sacramento CA.

It'll take a year-ish to stabilize the property and to work out the kinks/maintenance that you did not know about when you bought it. 

Quote from @James Harryton: I recently bought a home in Avon park Fl.

If I would have known about these earlier I would have bought less personal real estate, but again it depends on your goals of leverage, building wealth, risk, and your overall perception on how to handle your money.      

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

One recent property I bought the listing agent disclosed that it needed new sewer lines.

Quote from @Renee LeFevre: We just bought a townhome in Woodbridge, Virginia.

For ballpark numbers, we bought the home for $850k ($715k left on the mortgage), and once the renovation is complete we'd be looking to sell for about $1.5M.