All Forum Posts by: Adrien C.

who is your PM? 

To answer a question you asked that hasn't been touched yet- I've never known a hard money lender lend for owner occupants recently because of Dodd Frank laws. 

I've learned to tolerate Indiana- it does have some perks. But I definitely miss the woods and mountains. We've thought of going back (my family is there; hers is here) but from an investment and business perspective, NWI has much more opportunity than central Maine. 

@Jay Hinrichs - it has Amish people who make good furniture and jellies? And what the heck do you have against Indiana? Is like Oregon some gift from God? The northern half of the state (where this property is located) has fields of corn and soy. It's perfect for fat people since there is no elevation to deal with. We have a polluted lake front doted with old steel mills. You have no clue what you're missing. 

- says the guy who grew up in Maine 

(please read w intentional sarcasm)

@David Richter might have some connections out in that area.

You willing to jump the fence into NWI? 

Sean Terry has one- Flip to Freedom. He shows it in his youtube videos and promises he'll give you a link to it by watching to the end. I've watched a handful to the end and never get a link. He has good material and I've learned a few tips so it was worth the time even if I didn't get the excel. Maybe I didn't do something but it's worth checking out. 

As far as taxes, when you get paid at closing, the title company or attorney will issue a 1099 at the end of the year for each closing you are part of. The income on the 1099 is taxed an earned income so you'll pay federal and state income taxes as well as 15.3% towards self-employment tax. So basically at the end of the year- you'll have a bunch of 1099s from all your closed deals that you add up for your gross income. Deduct out any business expenses (marketing costs, internet, office, milage, etc) and you'll have your net profit. This is what will be taxed by federal, state, county (at least here), and the self employment portion. Of course I am not a licensed CPA and this is my own experience so consult someone in your area for specifics. 

Always start w the end in mind and work backwards from there. What do you want to do w these properties? Are you a realtor looking for listings? Are you looking for wholesale properties? Do you want fix n flip properties or rentals? Do you want to buy 1 or dozens? What is your budget or buying criteria? When you know what you want to accomplish, you develop a marketing plan that helps you meet that goal. Hope that helps. 

I'd market it as a retreat center- bed n breakfast- hunting camp - or something like that. Definitely not your typical primary residence.