Quote from @Brendan M Hornung: I reside in Southern California and started my investment journey in March of last year by purchasing a sub-to single-family home in AL.

Purchase price: $88,000 Cash invested: $25,000 Sale price: $179,900 I got this deal from an agent who was initially going to list it publicly but thought of me first.

If your current accountant is not a specialist in real estate taxation, you should look for one who is.Next time, you should also get a consultation to see if the cost segregation study will be helpful before proceeding with the purchase.

But after working with the family, we purchased it for $42,000 and got to work.We had some unique challenges, like dealing with one of the heirs who wasn’t very cooperative and required a payoff to sign the paperwork we needed for clear title.

Assuming you purchased in your IRA for cash as most do, then there's nothing to deduct or depreciate because the income is non-taxable inside the IRA already.

Purchase price: $255,000 Cash invested: $51,000 Second property, bought soon after the first multi-family.

This money will be used to pay down some debt I have and also purchase 1-2 additional rental properties.  

•Beyond that, flood insurance adds to a buyer’s monthly expenses, which can affect their debt-to-income (DTI) ratio and reduce their overall purchasing power.

I’m getting re-acquainted with the BP community after purchasing my first house hack in the Pittsburgh area, and would love to make some connections with other like-minded young professionals and investors in the area.And if there’s anyone out there who’s just getting started and looking to make the jump to buy their first property, I’d love to offer up advice, share my network of contractors in the area, and answer any questions that I can from my experience over the last 6 months!

Purchase price: $240,000 Cash invested: $60,000 purchased this distressed duplex using owner financing for $240K and a $60K hard money loan for renovations.