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What I did with my tax check


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I have a 4100 refund coming from the IRS supposed to be direct deposited on April 28th...I close on the house I bought thru public auction @ 3500.00

It is a 3 or 4 bedroom, 2 story on 2 acres with about 30 fruit trees, corner lot in good shape and ready to move into...comes with all appliances and some furniture...including a NEW WASHER AND DRYER...

I already have someone wanting to rent it for 300 a month so I will be making my money back in a year!!!

Now thats what I call investing my tax check...in my portfolio...

Told yall the property is cheap here :wink:

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That's unbelievable!!!!!! Great job. Don't forget to keep meticulous records througout the year for your schedule E. You get to deduct so many things plus depreciation. You could zero out that rental income if you really wanted to so that you don't pay any additional tax.

I am blown away by this price. I looked at 25 houses this weekend. In my area, you get 1/2 acre and 4 bedrooms for $700k. Taxes on these homes are $9000-$11000 per year. You spend your life working to pay your mortgage and tax collector.

Maybe Kansas is the place to be...

I just want to add that this is how real wealth is accrued. Now you have an unencumbered asset that pays out in perpetuity. Sure you will have maintenance and all, but in exchange this thing will pay you dividends FOREVER.

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Better watch out admitting you own 4 houses. The Wealth Envy crowd may come after you.

I've been looking for decent real estate where I live for a few months, finally decided to take the plunge and buy; the market is flooded at the moment. Serious buyers market.

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Serious buyers market.
Yes it is...and for this reason I am trying to buy home #3 without selling #2 or #1. It is gonna be tough to do but there are plenty of good deals if you know where to look. It is all about a down payment today. Wife and I are scraping nickels together to try to come up with 10% on a new prop. It certainly isn't easy!!!!
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