Time is your biggest friend when it comes to building wealth.

Hi everyone, I got an offer too good to refuse on my house by a developer who plans to build 3 story apartments on the land.

It will also allow you to build relationships in your local community with tenants, contractors, real estate professionals, etc. 

High standards and ethical practices will build your reputation.Shifting your mindset to treating real estate investing as a serious business is fundamental to success.

One of your biggest challenges will be separating all the online fluff from reality.EXAMPLE: several S8 "gurus" have already been exposed as frauds, but unfortunately, they sucked in thousands of investors.You're an engineer, use your education & experience to start building up a logical approach to investing in rentals:)Start with this:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

I am considering buying another rental in my name that will generate a loss but will help me build equity and reduce my taxes.

High standards and ethical practices will build your reputation.Shifting your mindset to treating real estate investing as a serious business is fundamental to success.

High standards and ethical practices will build your reputation.Shifting your mindset to treating real estate investing as a serious business is fundamental to success.

High standards and ethical practices will build your reputation.Shifting your mindset to treating real estate investing as a serious business is fundamental to success.

Furnishings, such as the $35,000 you spent on furnishings, would generally be considered personal property rather than real property and would not be included in the cost of the property.In a cost segregation study, the goal is to identify and classify the various components of a property as either real property (land and buildings) or personal property (furnishings, equipment, etc.).