All Forum Posts by: Alex Wong

My sister and I bought a property as 50-50% partner many years ago as primary residence. She is now married and lives with her husband. We have decided to take advantage of the historically low rate to cash her 50% equity out. She shouldn't have to pay capital gain tax, right? 

If parents are interested in investing in their kids’ real estate venture (2 parents, 2 kids), if their parents are going to leave the assets to their kids 50-50 when they pass, and if the kids plan to honor the parents obligations (a percentage of the principal), should the proceeds be structured as a gift or as a loan? One of the kids is married and plans on getting a postnuptial agreement due to different level of net worth.

@Michael Plaks

Thanks! Are you saying that if I Venmo him money then it is not necessary?

Other than one check I signed to him I used Venmo;

he paid me via buildium / Venmo

So I hired a property manager last year who managed my construction and rent collection. In terms of construction, he is essentially a pass-through - I paid him then he immediately paid for the contractor that he uses. 

For illustration purposes, I sent him $10,000 for a tenant turnover + other miscellaneous work, and he sent me $20K for rents, net of property management fees. Do we both have to send each other a 1099 or is the amount netted, with him sending me a 1099 ? 

Dear All, 

I am a novice real estate investor with a deep admiration to Warren Buffett. I will finally fly to Omaha to see him in person. I am wondering if Bigger Pockets would have a presence there or any real estate investors are going. 

I look forward to seeing some fellow real estate investors there.

 Thanks,

Alex

Can seller carrying a note legally file a UCC Lien? Is it within his right to do so? One of my investor friends is in a jam because he wasn’t allowed to sell a couple of the properties within a package b/c of the UCC filing. The seller essentially said that as a result of the filing the seller now has the right to control which of the properties within the package can be sold. 

In 2017, I paid appraisal and credit report fees in 2017 for a rental property that I closed in early 2018 and I put in an EMD on another rental property which was returned in 2018 due to title issues. What are their respective classifications at in the business tax return? Business entity is a pass-through LLC.

I am a budding real estate investor with a growing list of connections. Since real estate is such a people business, I want to make sure I keep track of the people I connect in the past and make sure I check in with them periodically. I am wondering if anyone uses an app that would organize my contacts based on last contact date. From that, I can set automatic reminders for me to get in touch with that person within 1 month, 2 months. I know Podio is highly taunted but I don’t think I need such a robust platform since I don't wholesale. 

By organizing it this way I can avoid contacting only a few people over and over. 

Thoughts, suggestions?

I'd like to beta test Reisoft.