All Forum Posts by: Adam Franco

So I'm getting ready to present an offer on a $2M apartment building and I would like to understand seller needs/wants.  

1). Will they have capital gains tax?  (He's owned it for many years),  

2). If he charges me interest, will he have to pay taxes on the interest payments from me?  (he's retired)

@Lucas Miles thanks for the response!  That's exactly what I had in mind and considering bringing on one or maybe two partners.  Back to the seller, I'm trying to think about what he really needs.  He's 80 and not overly savvy so I want to discover some tax implications to better understand his situation so I can negotiate better.

So an opportunity came up to buy some apartments, I finally decided to pull the trigger. This will be my first one, I’ve got a strong background in RE but honestly haven’t spent a tremendous amount of time digging into Multi-family although, it is my long term plan so I figure I need to stop putting off my “goal.” My question is, funding the deal creatively. I know the seller personally so we sky is the limit. I don’t have a huge bank roll. So I’m getting a bank involved. I’m considering parenting with someone also, I’ve got some folks locally.

I recently closed an owner finance deal on a single family residence where the owner agreed to a 12-year note at 0%. My question is, what are you guys doing to set up automatic/recurring payments to ensure you don’t forget to send the check every month? Thanks!

@Chris Garrett did you find a solution?  I am in the same situation and trying to determine which route to go.  It's $99 to buy a bundle of "NC specific" forms from Bigger Pockets Store

Thank you for the replies, very helpful.

Hey BP I’m working on getting my first flip and trying. To get my numbers right. How are you guys figuring in capital gains tax? Thanks!

Hey guys, my wife and I have been driving for dollars and have been sending out letters to houses hat look like potential candidates to sell their home. We want to change our strategy to use an ongoing direct mail campaign to target our list. Does anyone have any recommendations for direct mail marketing companies and/or success stories? Thanks!

Great input @Lee. My wife and I were just having this discussion. Analysis paralysis has kicked my butt the past 6 weeks. We determined a clear criteria of what we are looking for and not obsessing over finding a “better deal”

Jeff Greenberg thanks for clearing that up. Yes from EGI we subtract expenses to arrive at our NOI