All Forum Posts by: Alan Majors

I've been a HD Pro Member for years, but see no way to apply this BP discount to my membership.  This announcement has been poorly documented and I expect better from BP.

So I could work with a qualified CPA like you and possibly write off a significant amount of the purchase and setup of a new unit against other income in 2020?

Looks like the devil is in the parentheses!

I need to infill a few units and I'd like Uncle Sam to help.  Anybody know of a successful strategy to accelerate depreciation on a unit or two?  I'm currently a sole proprietor, not a C-corp.

@Tyler Hardy, I've owned a smaller park just south of Macon in Warner Robins for a couple of years.  Would you like a chance to share a few of my hard learned lessons?

Alan

12 units is a small park by anyone's standard.  You will probably end up running it yourself because getting a manager makes little sense.

How old and what shape are the units in?  (I've discovered more grey poly piping this weekend in a park owned home.)  How many tenants are actually paying rent (economic vs. actual occupancy)?  What is the vibe of the park ( quiet and clean, or junky with mean dogs and rusty cars)?

Assume nothing, verify everything.  I'm still discovering thing about my park nearly two years in.  What class of tenants are you experienced dealing with?  Some of my tenants are the salt of the earth, but I had to evict a few that tasted like a mouthful of rock salt.

It takes guts to chime in after Frank has spoken.  He's only the fifth largest operator, a podcaster and runs a well respected boot camp.  The man knows his stuff.

Look at @Dave Foster.  He handled an ATL based exchange for me a few years ago and I was very pleased with the results.

Welcome, Squid!

There is also a Meetup group the last Wednesday night of every month if you'd like to connect with some like-minded people.

Alan(recovering zoomie)

No advice from me, but I'd like to encourage you to take a breath, set a new plan, and keep rolling.

Yes, but if I buy an asset in my 401k with leverage, Uncle will tax the portion of income that is related to the leverage.  This is too complicated for me due to the partnership, but I'd want a tax person to sign off on the strategy.

Dmitriy,

Am I right that revenue earned by the borrowed money is also taxable?  This is a very confusing part of the tax law, with expensive consequences.