Purchase price: $11,500 Sale price: $14,000 Contributors: Peter Vekselman We purchased a property on E 12th St, Junction City, KS, on 10/15/2024 for $11,000 with our partner Archie Raglin.

Quote from @Victoria E.: @Roi Azoulay did you use a lender?

However, this is a difficult qualification to meet, especially if you have a full-time job outside of real estate.Don’t worry if you aren’t able to qualify for REPS status, because there is another strategy that is referred to as a “loophole”, which is the STR strategy.Per Section 1.469-1T(e)(3)(ii)(A): there are six exceptions where your rental property income is not automatically considered to be “rental activity” and thus may unlock the door for being able to offset these losses against your active income.The average customer use is seven days or less.The average customer use is 30 days or less and significant personal services were provided (for example, daily housekeeping).Extraordinary personal services are provided, regardless of the duration of customer use.The rental is incidental to a non-rental activity.The property is available during defined business hours for non-exclusive use by various customers.The property is used in an activity conducted by an S Corporation, partnership or joint venture in which the taxpayer holds an interest.If your property qualifies by meeting one of the exceptions above, the next step is to demonstrate material participation in the rental activity.

there are 3 or 4 companies that sell how to programs normally about 2k to 3k.. this will give you the basics.. or you can try to find a used set of books tapes on E bay for 50 bucks or so.

For example:Tenant ManagementLease Automation & E-SignaturesOnline Rent PaymentsTenant ScreeningMaintenance Request TrackingMarket Vacant PropertiesIncome & Expense Tracking (Do you use QuickBooks and want to continue, or does your current PMS have its own solution?)

Instead, you’ll report it as lower rental income on your Schedule E.

@Lynnette E.

For recent purchases: less than 3 years, you probably have to grow with them and think about how can you maximize returns: maybe ADUs, or Coin-laundry or e-pay, renting space on the property for storage, air b and b or mid term rentals, splitting the lots, Tic sales etc... or value add to increase appreciation faster!! 

Smaller renovated Lakewood two families (less than 2000 sq ft) can be bought under $200K (sometimes under $175K) but rents potential much lower (e g $900 vs $1200 a unit)Clifton Edgewater (west of West Blvd, north of Detroit) and Kamms (area just south of Lakewood) along with Lakewood have always been strong areas and are priced at/near Lakewood (and to some extent share the same tenant base).  

I am co-owner of Triple E Real Estate & Property Management.