The more property I buy the more money the bank wants to see sitting in my reserve account.

Originally posted by Account Closed:You need to learn about title in your state first.

Once you find the deal then you can adjust the rental income and expenses to account for you living there.  

You also seem to have fudged the expenses to make it look good.  8% vs 10% PM, plus you left out 2 of the most critical expenses to account for, Vacancy (8.34%) and CapEx (10%).  

Oh how I wish :)@Skyler Massey, I'd go back to your 8824 that was filed on your last tax return by your account. 

Historically speaking, the market returns around 7% year over year (when averaging the ups and downs).

I do receive rent money for the property via check, into a separate checking account not tied to the IRA.

At 42, you have a comfortable timeline of 15-20 years to take advantage of significant capital appreciation right here in the Southern California Market while maintaining positive cash flow as you build your portfolio.You may want to reference the blog on my profile page that details a first hand account of getting started in multi-family and where that can lead. 

Hello everyone,I currently work for a large REIT in Cleveland, OH as a development accountant. 

Have the maintenance manager create a voicemail message on his phone stating that outside of business hours only emergency calls will be responded to, laying out exactly what an emergency is, and then say that if they proceed to leave a voicemail and it's not an emergency they will be fined $50 on their tenant account.