All Forum Posts by: Arlan Potter

For a new property that I purchase to make a rental, I usually capitalize everything until the year of completion. Then add to the purchase price and then start a schedule E that year. For rehab and repairs after that I just write it off in the year that the money was spent. I don't capitalize after the first year that the property was started as a rental. I don't suggest or give tax advice.

For a new property that I purchase to make a rental, I usually capitalize everything until the year of completion. Then add to the purchase price and then start a schedule E that year. For rehab and repairs after that I just write it off in the year that the money was spent. I don't capitalize after the first year that the property was started as a rental.

@Paul 1. Anyone can do TurboTax, and a CPA is not needed for rental properties. 2. I never had a real estate lawyer. Until I bought some multi family units and needed LLCs set up for 48 multi familys and 50 single family homes 3. Any independent insurance agent can shop your portfolio around for the best rates. 4. If you have cash, and the ability to look at a property and make a buy decision in 5 minutes, then any realtor will bend over backwards to help you. All the above if you ever get into real estate investing. It is really pretty simple. Your best team is you.

I bought my first house for $2,900.00

@Nick Eldridge I have made a lot of money in these areas, c- to D- properties. Have been for 18 years. I have seen it all. You name it. You could not name any evil, disgusting, foul, dirty, stupid, or crazy that I have not seen.Even found one hanging in a closet this past summer, after almost 10 days. (The nightmares have subsided) I have made a lot of money, got stiffed on rent countless times. I don't really fault the people, they are just poor. Sad really. FYI I am selling all my single family homes. Worn out

Hard money lenders are out for blood. Use banks.

Hard money lenders are out for blood. Use banks.

If someone hasn't already purchased it, it is probably just a fire breathing dragon lying in wait to devour an unsuspecting wanna-be real estate investor.

I have heard that you never want to turn your home into a rental. You have your heart there, and when a renter tears it up you will die.. Plus you are probably better off selling it and buying several cheap properties

Talk to code. Probably ok but, egress and escape issues have to be up to code. No exceptions