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31 August 2024 | 16 replies
So I've been doing my own taxes in Turbotax for 20 years now (I only own 2 rental properties but both were BRRRs), and I finally got stuck on something and went to a CPA 2 years ago, and he reviewed my past 5 years of returns and pointed out that I had made multiple mistakes (incorrectly categorizing repairs vs capex, calculating basis and therefore depreciation wrong, failing to realize that certain expenses for a home converted to a rental property start being deductible the day the property was placed in service vs actually occupied, the list goes on).
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30 August 2024 | 2 replies
@Vy LeRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
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31 August 2024 | 22 replies
Literally might be the worst advice on these forums right above.
30 August 2024 | 70 replies
never made any rookie mistakes, right?)?
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1 September 2024 | 79 replies
In the beginning the deals and terms are always going to be the worst.
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3 September 2024 | 51 replies
@Taylor L. was very helpful and possibly saved you from making a mistake.
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30 August 2024 | 1 reply
The worst part is the foundation.
28 August 2024 | 4 replies
@John Leschber I've made mistakes too.
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30 August 2024 | 12 replies
Best candidate, worst, somewhere in the middle.
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1 September 2024 | 8 replies
I made this mistake on my first rental I was renovating my first single-family and I left the blinds up on every window and you could see it was vacant and getting worked on and someone broke in and stole my copper plumbing.