All Forum Posts by: Derrick Lumsden
Derrick Lumsden has started 5 posts and replied 32 times.
Post: What mindsets can I adopt to eliminate this limiting thought

- Sarver, PA
- Posts 32
- Votes 8
@Angel Moreno, I am not an expert investor. But I do try to master my mindset. Sounds like you are having concerns about the efficiency of the market. And there is some truth to it.
What I am telling myself as I am getting into the market right now is to look for the opportunity. There is always opportunity. Sometimes there is a lot of opportunity, sometimes the opportunities are thinner on the ground. Look for the my opportunity, find my nitch, and focus on my process. Outcomes are the product of a process focused on a nitch.
Post: Depreciating HVAC Boiler

- Sarver, PA
- Posts 32
- Votes 8
@Sam Shueh, thanks for clarifying expcted life. I haven't gotten that far down the rabbit hole to really manage my capex like that yet, but I really want to get there.
I would love to be able to depreciate it on that basis, but I am hearing I don't have that kind of choice.
Post: Depreciating HVAC Boiler

- Sarver, PA
- Posts 32
- Votes 8
@Ashish Acharya, hey thanks for the details. The boiler was less that 10k but about 8% of basis. Is it either/or or is is the determination 10K or 2%, whichever is less?
Post: Depreciating HVAC Boiler

- Sarver, PA
- Posts 32
- Votes 8
Post: New Memeber, Lehigh Valley PA

- Sarver, PA
- Posts 32
- Votes 8
Hi @Andrew Konopelsky, I had been working toward buy and hold but some life situations have pushed my to pivot. I am doing the ground work toward my first flip next year.
Post: Depreciating HVAC Boiler

- Sarver, PA
- Posts 32
- Votes 8
@Eamonn McElroy, thanks for the information. I guess I showed my ignorance here.
"Finally, will I have a choice between repair or depreciation?" Thanks for correcting me.
Also, I thought there was some room as to depreciation schedule, but once again looks like I was mistaken. It can only be depreciated at 27.5 years, is that correct?
Post: First Single Family 3-2, Buy & Hold

- Sarver, PA
- Posts 32
- Votes 8
Thanks. I got a deal through owner financing with an off market house. I actually got the property about a year ago, but didn't know about the investment feature of the profile, and this post was sort of created by accident. So I know the maintenance is running at about 8% of income. I had to put in a new HVAC boiler last month, so that was a big expense but I think of that as capital rather than maintenance, but a good chunk of the boiler was paid for by saving the income from the property.
I think it is B- or C+ housing. So it is need of repairs, and am planning for that. I got it with a tenant in place, and the risk has paid off. They have been pretty good tenants so far, and I have been using all the income from the property to set aside for reinvestment to offset my own expenses for repairs.
The main way I was able to get the deal was I knew the guy selling. He was a landlord who at one time had 25 units and tried to sell this on to his grandson, and it didn't work out for him. So I was buying off his grandson and assuming the existing mortgage.
Post: Depreciating HVAC Boiler

- Sarver, PA
- Posts 32
- Votes 8
Post: First Single Family 3-2, Buy & Hold

- Sarver, PA
- Posts 32
- Votes 8
Investment Info:
Single-family residence buy & hold investment in Tarentum.
Purchase price: $47,300
Cash invested: $5,600
It is a small single family 3 bed 1.5 bath home. Sits on a corner lot right across from the elementary school, so the location is great.
Post: First Single Family 3-2, Buy & Hold

- Sarver, PA
- Posts 32
- Votes 8
Investment Info:
Single-family residence buy & hold investment in Tarentum.
Purchase price: $47,300
Cash invested: $5,600
It is a small single family 3 bed 1.5 bath home. Sits on a corner lot right across from the elementary school, so the location is great.