After accounting for your monthly payment, vacancy, maintenance, management, and a return on the the cash you have to put in, are you still in the black?

They are unable to answer questions regarding positions that you do or don't take on a return.The other issue that I have is that it appears that you have to educate your accountant on positions that you are eligible for when it should be the other way around.

However, I will say that my accountant has told me that he basically doesn't touch this stuff since it gets messed up too easily. 

I am also extremely interested in Portfolio loans, but I have zero contacts dealing with those types of loans.Finally, I have an 'excellent' credit score, no debt at all besides 5 other rentals at 75/25 LTV (all cash flow positive) and a job that I claim over 100,000 in taxes, and have three years of consistent tax returns showing that.

Hey @Choon Yee Dee, As accountants on BP we cannot promote ourselves directly.

Buying a property without equity…. means that if you had to sell.. you will taking a loss equal to AT LEAST…all costs associated with selling.Selling a $400,000 property that was bought in the last two years means that AT BEST… the equity is equal to 75% of the down payment. ( this is a rough statement and anyone who wants to crunch the hard numbers is very welcome to post them)$400,000 buy… $$60,000 -$80,000 down… $24,000 to the buyers agent… and another $5000 for other closing costs.Starting balance ..is $370,000.New selling /asking price… =$450,000 depending on the region… good luckBuyer counters at $400,000 and the seller accepts…Minus the realtor fees $24,000 and some concessions…$10,000 ..Net is $366.000 Ok this is a very rough discussion.either provide tighter numbers or accept the drillThis seller got out lucky.And didn’t account for the interest paid out or the new carpet , paint dishwasher and sod.Buy a business with equity….

I have a great credit score and solid W-2 earnings so I’m pretty sure I could assume the loan.

I'm here to join a community of like minded people to help with accountability and personal growth in this area.

Account ClosedHi Ken!

My accountant gave me instruction for paying the amount:  Include Form 1040-V and a check or money order in the amount of $269.00, payable to     the "United States Treasury".