🏘 Real Estate Investor | Out of State Investing | Indianapolis & Louisville Real Estate | 200+ Doors https://xitter.cf/t.co/Npp7MhKnAh

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Joined October 2020
New here? Real operating numbers from an Indiana & Kentucky apartment portfolio — turn costs, PM fee incentives, vacancy carry, code violation fines. → Newsletter: multifamilyweekly.beehiiv.co… → RE tax: re-tax-report.beehiiv.com → YouTube: youtube.com/@TheApartmentInv…
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Most rental owners never choose their land/building split. The preparer applies a default, and it rides the schedule for 27.5 years. $400K rental: 30% to land leaves $280K to depreciate. A documented 20% leaves $320K. That's ~$1,450 more in deductions, every year you hold. Pull the assessor card and the appraisal before you close.
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One of our units fell off the PM's rent roll. Not vacant. Gone. The report runs "as of" a date. A unit mid-turn, old lease over and new one not started, has no active lease that day, so it drops off. Count the doors on every rent roll before you read the dollars.
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On a hypothetical $400,000 rental, shifting the land allocation from 30% to 20% adds $40,000 of depreciable basis. That's about $1,450 a year in extra deductions for 27.5 years. Most investors never make this call on purpose.
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Before year-end, save listing screenshots, lease dates, and occupancy records for every 2026 purchase. Pull your closing file and check for written support for your land allocation. Sort Q4 spending into acquisition, start-up, and repairs.
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I cover rental tax mechanics like this in RE Tax Report, a free newsletter. Not tax advice. Confirm current-year figures and conventions with your CPA. re-tax-report.beehiiv.com #RealEstateTax
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The fastest way to lose a rental portfolio is to buy door #2 before door #1 is stable. "1 to 10 rentals" playbooks are everywhere right now. The operators who actually scale are patient at each step and impatient about fixing what's broken.
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Before buying again, every property must pass 7 checks: occupancy stable for a full lease cycle, trailing NOI vs pro forma explained, reserves funded, rent roll clean, systems run without you, debt resets/balloons reviewed, cash to absorb a major repair.
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Score each property pass/fail every quarter. Any fail pauses acquisitions until it's fixed. Scale at the speed your operations can carry, not the speed deals show up. Frameworks like this every week in Multifamily Weekly, free: multifamilyweekly.beehiiv.co…
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No-money-down only works if the building can pay the loan by itself. $1M deal, $65K NOI: a 6.5% cap. Borrow all of it at 7.25% over 30 years and debt service runs ~$81.9K a year. You're ~$17K short before a single repair. Cap rate below loan rate: every borrowed dollar costs more than it earns.
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Week ahead for anyone pricing debt: Fed minutes Wednesday, then September CPI on Oct 14. Friday's 29,000-job print cut October hike odds to ~17% on FedWatch, from ~36% a week earlier. December is still priced above 75%. The hike got pushed back, not cancelled. Don't underwrite the relief.
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