All Forum Posts by: Angelique F.

Thank you Dave Foster, you are sooooooo right on all your points.  And speaking of the trades, lololol, omg, I invested in a bad area that I had never been to before, 70 miles away from my home.  I drove up every weekend for a year to manage the workers and do some of the work myself.  I tried to use people in the neighborhood to do the work so I could help them and help the community.  That was mostly a disaster, lol.  I ended up suing 2 contractors one of which was licensed.  I did win in court but uhh, Nightmare just the same.  I was very lucky to have come out mostly on top of this nightmare.  I sold the home for 55K.  Will I do it again.  Hell NO.

Shavar, is your middle name Shade?  It should be.  You obviously dont remember/understand how complicated this stuff is for a newbie, but that's ok.  I wouldn't expect someone with your vast knowledge and experience to understand.

Oh Jesus Tom,  I needed someone like you to explain to me the best plan of action.  When I found out I would have to pay the tax lady 500.00 to do my taxes (just because of the S Corp filing), I almost lost my ****.  Anyway, as someone just starting out, this stuff is waaaaaaay too complicated for a newbie with just one 10K property.  I was not guided properly and that's what is necessary for a person getting into this business.  Guidance.

You know how you can do all the research in the world and think you know about something, then you get involved only to find out none of that shyt applies to you.  I paid less than 10K for the house.  Smart move right?  However, I got into this business because I was under the impression that the repairs would be deductible and that my friends is what I learned is BS.  

omg, i got so Royally messed up all the way around the block.  I had a Lawyer set up my llc.  He over charged me, but I made him give me most of my money back.  The idiot set me up as an S Corporation that took me over a year to get out of.  Why would you set me up as an S corp and Im a sole member.  omg, do you guys want to hear anymore about the mess I got myself into with this real estate business?  Im ready to shoot myself in the head, lol.  Yeah, Ive learned a lot, but I wouldnt want my worst enemy to make the mistakes I did which is partly the reason Im posting my experience.  The other part is to friggen vent my frustrations.

I was told all these wonderful things about how I would get my money back for the work I put into the home.  Ahhahhaha, no, that's not the way it works.  You got repairs and you got improvements and only the REPAIRS can be deducted in the year you spent the money for the work and trust me, NOTHING IS CONSIDERED A REPAIR IN THE EYES OF THE IRS.  ITS ALL CONSIDERED AN IMPROVEMENT.  Guess how long it takes to get credit for an improvement?  Bout 150 friggen years.  I am so frustrated with this entire process.  I must have spent 40 THOUSAND DOLLARS fixing up this dump.  Thank God my plan was to rent it out which I did for 3 years and yesterday I sold it.  But guess what, now I gotta pay capitol gains in excess of 8 thousand dollars because it was a rental property.  Trust and believe you better know what you are doing listening to all these people talking about how wonderful this sh** is, cuz it can certainly mess you up if you dont.  

I'm new to the game and in the process of rehabbing my first rental property, but I already plan that it will be stated in the contract that I must be allowed in once every three months to check the filters, and anything else I can check while I'm in there, especially since I've just installed a brand new furnace and water heater.  This is an opportunity to see what's really going on in the rental.   My furnace guy wants it changed every month, but we all know that's not gonna happen, but I would NEVER RELY ON THE TENANT to change even a light bulb, let alone a furnace filter.

Update:   The plumbers made 218.00 scrapping the boiler/copper.  Not bad.  That being said, the most the furnace company should have charged me (IMO) to remove it, 100.00.  That would have been fair.  

First of all, the company DID NOT lump the cost to remove the boiler, in with the cost of installing the furnace.  This was a separate charge of 300.00.  When I asked what the charge would be if they disassembled, but did not take the materials away, the cost went up to 600.00.  Aha. So, now we know that 600.00 is their bottom line cost for removing the boiler.  That's too much in my opinion, but who am I?  I'm just the one shelling out money unnecessarily. 

If you have something that's worth something, WHY would YOU pay somebody to (take it off your hands).  They're supposed to pay you if it's worth something, and if they don't want to pay you, then they should offer you something in exchange.........like the plumbers did.  I may have been born at night, but it wasn't last night.

They wanted to charge me additionally to remove the boiler, then turn around and get paid again when they scrap it.  Im surprised that im the only one that sees this as double dipping.