Basic deal with real estate is eventually someone has to use it. Someone uses a house by living in it. Until that average house is affordable to the average family, prices will contiue to fall. In the part of Florida I lived in in the late '80s, prices dropped 25% in 6 months and took 5 years to start to recover. Will this be the case nationwide? I don't know, but if it were me I would not be buying anything I wasn't REAL sure I could rent for a profit for an extended period of 4-5 years.
It is not a bottom yet. Oil is going to kill the casino. Less flights to Vegas. Until the airline company recover. You might see another 20% drop in home price. I would not buy a house until end of this year or next summer.
The Fed might raise interest rate at the end of this year.
I'm not sure of the FACTS yet because I ran into the wife BUT a friend is at war with the IRS over his gaming issues I'll know more when I see him. They hired a lawyer never a good sign,lol. Me, I'm just another gamingcrackhead sucker, right low level stn buds ?
<<<Is the 2500 a business expense ?>>>
Only if you are a professional gambler......and I don't think you are that far from being able to take that position on your income tax (legally, of course), if you wanted to.