Hi all, I recently bought a genie garage door opener screw type at home depot.

Quote from @Nevin Wilkie: I just completed my first rehab on a distressed property I have bought.

Quote from @Jaime Ramirez: Hello All - Bought a two-family home and closed at the end of April 2024.

We bought it with a HELOC on my mom's primary residence for the first $40k, then hired a contractor for demolition and major renovations, did cosmetics ourselves and used more heloc money totaling $60,000. 1 year later we listed it on VRBO and AIRBNB and refinanced the $100000 into a fixed rate mortgage.

If you just called someone up and asked how you could help them, you would be ten steps ahead of Bobby, who is stammering through the first line of a script from 1974 about a cash offer when the homeowner bought the house for 51k in 1978 and it's worth 804k (aka does not need cash, he needs a place to go).Agree 💯!

If the tenant bought a vented dryer, can I push the cost to install a vent to the tenant?

I was broke and bought my first two rentals from a HELOC.

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

Never bought home before and learning as I go.  

I do have experience with significant home renovation but for a personal residence, based on my experience with this I would prefer to buy a property built after 1970 if possible but not sure if that's realistic, the only deals I could seem to find from the MLS are very old houses which I know often brings more challenges with the renovation.Would appreciate any references or suggestions anyone has, so far I've only invested in rental properties that were already in good condition bought with a loan.