A CPA can make sure you maximize those benefits (like depreciation, mortgage interest, repairs, PAL, etc.) and avoid costly mistakes.

Rents will go up and your biggest mistake was to buy a nice house in a desirable neighborhood.The real threat is buying in the hood, leveraged up to the gills, maybe even with hard money, tenants are bleeding you dry, while you are writing checks to attorneys and contractors.Milwaukee is getting a lot of attention lately: cash flow is still better than most places and appreciation is stable at 5-8%.

A professional can ensure everything is done correctly and help you avoid any costly mistakes.

Your clients are motivated sellers.You can NOT convert people who do not want to sell  (below market value) into people willing to sell below market value.The mistake people make (constantly) is their efforts are based on forcing non-motivated sellers to sell, by constant harassment.This is wrong.Instead of mass mailing blanket mailing,  and putting your energy in finding random people and forcing them to become motivated by putting a ton of effort and money into follow-up, you need to focus on targeting the RIGHT people.People who are actually looking for your service.Hopefully, it changes your perspective and you can improve your business.

We want to understand this market better before we make a serious mistake.

Now as I’m researching on the BP forums, I found a couple comments about this.I will either have to wait till next year after filing 2024 taxes, to apply for low money down with FHA loan or find another way to make this work.Just wanted to post this so it may help someone else not make same mistakes.

Don’t make that mistake.

We won’t make that mistake again.

This is NOT to pile on as hindsight is 20/20, but maybe some one else reading this will see this and avoid this same mistake. 

You will make mistakes.