Moving and buying your first piece of real estate is a lot in the next year!

You will see the best of folks, you will see the worst of others. 

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

The next resource Dave gave me was Earl Nightingale's The Strangest Secret.

TERMS- Deal Type: Seller Finance- List Price: $580,000- Purchase Price: $780,000- Seller Carryback: $693,000- Total Entry: $100,000 Breakdown: Assignment: $13,000 Down: $87,000- PITI: $2,657 Breakdown: Principal & Interest:: $2,000 Taxes: $464Insurance: $193- Rent: $5,250 ($750-800 per unit)- Amortization Years: 28.88- Interest rate: 0%- HOA: NONE- Balloon: NONE- EMD: $5,500- COE: Feb 12, 2025- Occupancy: Occupied, Occupants staying post closing- Title company: PROPERTY DETAILS:MULIT-FAMILY7 Units - 2B/1B per unit- Living sqft: 5,200- Year Built: 1940- Age of Roof: 1- Age of HVAC: New- Age of Water heater: New- Condition of Electrical: Good working condition- Condition of Plumbing: Good working condition

I'm reaching deep into my psychic thoughts… I see it… A majority of people who respond to this post will be real estate brokers… I can see it!

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

Find a solid deal in your market after negotiating you get 3% COC, 1% debt paydown, and say the market appreciates 4% for the next 5 years with 100k down on a 400k asset that would be say 16k+ a year. 

Links are kind of not allowed even though there is a spot for them in the post so some get removed.

On the second similar post I would ban them.