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I can't get mortgage interest without buying another house as an investment...we've seen how well that has worked for a lot of people!
dont let yourself get confused with the current real estate forclosures & a second home for investment & tax purposes. I got into trucking 10 years ago & own 10 properties. without going into boring detail... every year a choice pay the tax man or pay yourself, such as 401-k or any other tax write off that is available under law. so every year I would buy a inexpensive house. put 5-6 grand down, finance 5-7 years, & deduct, mortgage % , propert tax, ins, repairs. e.t.c. next year same thing.
my gig is buying homes that cost very little & have occupants already in them paying $400- $500 a month. so instant income too. I do land contracts only, & save thousands right up front. total cost to me to purchase $150.00 includes all attourney fees & court recording & backround tax & lien check.