All Forum Posts by: Alexander Spira

@Shadonna N. I am looking for someone to do the whole job. If you have a good demo guy it's a start. Please send me the contact info.

Hi All fellow Bigger Pockets enthusiast. Doing a full job in Baltimore city drawings new mechanicals flooring, the works. Can anybody recommend a contractor who they trust to do this job?

Thank you all @Zachary Bohn @Ashish Acharya @Eamonn McElroy @Michael Plaks

The answer's are not what I wanted to hear as basically the write offs will not count against my W2 income. The answers are correct and most importantly will keep me far away from tax evasion and the slammer. This is probably one of the most educational responses I've gotten. I will be rereading all your posts. 

Feel free to use my attempt of sleeping counting as work for others.

Good luck to all.

I want to make sure I rack up 750 hours doing real estate this year to get my losses counted against my W2 earnings. I have 6 units and it is taking up lots of my time. The question is what counts ? For example to see my properties I travel around 4 plus hours. Many times I break up the trip and sleep overnight by a friend, technically I'm in route so is the nights sleep considered time in real estate. Another example writting this post or going to the bank to deposit cash. What counts towards those 750 hours? The bigger pockets community is a major inspiration. Thank you very much for taking the time to read my question. What can I count towards those 750 hours that would allow me to claim real estate as part of my

Thanks to all for the input. @NedCarey I am on the 300 block safe, nice block. @AlanGrobmeier I redid the roof and many other capital improvements so those surprises should not pop up.

Still the deal is tight even if I get all my capital out. If I can get a loan and pull 400 a month I would consider the hold position. Maybe I will make the loan in my name instead of the LLC to get the loan payment down.

Thanks again for the advice it is much appreciated.

Hi All. Good news we are finishing up my second project in Baltimore on E Lorraine closer to John Hopkins. Bad news is we went over budget. First the house was not rehabbed in 30 plus years and my contractor/property manager and I want to do quality work and refinance out of the project. So new roof totally lead free meaning new door frames etc new kitchen two new bathrooms and sheet rocked the whole house redid or carpeted every inch of floor. All in with purchase and all we are at 145k. I got a commercial loan to pull out the cash for about $1250 per month. We estimate a rental income of about $1500. That leaves me with $250 a month. I feel like a few repairs and property management or tax increase might eat up the profits.  Now we are on a good block and house's are selling in the 200's. So plan B is to sell it and make 50k. 

What do you think, would it be best to sell and make 50k or stick to long term plans of building a buy and hold portfolio for $250 cash flow per month ?

Any advice is greatly appreciated.

Thanks to @Jojo Olaseha and @Joe Norman on the congratulations. Have awesome day with some great deals.

Thanks for all the good solid points @David Fernandez. We did do a lot of the extra's to attract better tenets and create long term resell value. Also the total purchase to refi was 8 months but actual construction was about 3 months. Thanks again.

Hi @Ian Barnes 

Contractor fee is just what my GC charged for managing the rehab project instead of adding on to each individual cost. I pay all the bills labor and expenses and when the house is done and rented I pay the " contractor fee"

Thanks @Kyle Johnston sure the rent covers everything.