I live in Fairfield County and am looking to invest in a property for house hacking somewhere in New Haven County. 

I have made some investments in Canada and now i would like to expand my horizon to cash flow properties in the US.

Focus on getting your first property, reducing expenses, improving the property, and saving money by earning more. 

I began my real estate investment journey in 2020 by purchasing my first property.

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.

I’m planning to begin the construction of two units on my single family rental property that currently houses a tenant that’s been there for the last 6 years. 

This property has double the price value in 2 years.

Since you own a single-family, your first decision will be what to do with that when you do decide to buy another property? 

@Alex Bekeza hi awesome, I’m currently looking to purchase my next investment property then after work on my first flip, if you have to to discuss via email or txt that would be amazing I would love to pick your Brain :)

I'm a buy and hold BRRR guy who decided to owner finance a house.