All Forum Posts by: Adam Roberts

@Morgan N. welcome to the team! Look forward to meeting.

Adam

@James Mudd I have been hanging huge printouts of local zip codes on my office wall (company I work for has a huge plotter printer). Whenever I get a call/note/lead I put a sticky up so I can track.

I don't use as much as I thought I would, but it's there for reference.

@Samuel Hoston -@John Chapman brings up a very good tax benefit point (self-employment). If you are acting as an individual and collecting capital gains from an activity (fix/flip) that you spend time doing, the IRS is going to want a good portion of those gains. They do not treat businesses the same when it comes to tax requirements on income. I can't spell out the exact definitions or requirements so I'll leave that to a tax expert here.

What I will say - is that you only pay self-employment taxes on earned-income. If you are part of a business (S-corp), you as the shareowner can determine a "reasonable" income for yourself as the company employee. It can (and most likely will) be less than the total income of the business (income from fix/flip).

Welcome to the team Mark! good stuff and good people here. I am right down Denton hwy from you in North Fort Worth.

Adam

@Samuel Hoston most people place their RE investments into some form of asset protection entity (i.e. LLC, S/C-corp, etc). Different entities provide different forms of protection & tax benefits. Honestly, the best thing I did (after asking these questions on the forums), was go visit a reputable real estate lawyer. There is a ton of information that you can garner during a 1-1 discussion with them. If you can present your investing business structure to them they will be able to give you very good guidance on how to implement an entity.

Team -

I have a colleague who is seeking an investor-friendly RE agent who lives in or knows the Morristown, Tennessee area. She is interested in doing some out-of-state investing there as she grew up in that area and may move back in the near future. Not sure if we have any active BPers from Morristown, but hoping anyone from Memphis, Nashville, Knoxville, Chattanooga, Clarksville, or other TN towns can offer reference.

Feel free to PM me if that is more appropriate.

Thanks

Adam

@Joe Delia you and Renee come on down to Texas.... We'll go knock on their door. The look on their faces will likely be priceless. :)

No in all seriousness I would go after the money if it made business/financial sense. Would be a good notch on the experience belt as well. Like everyone said, don't waste time or dollars on frustration, but you know that better than anyone.

@Toni Fowler Your best bet is to start attending some local investment club meetings to network, learn, and ask questions about the market from folks that know it well. You will probably also run into some agents that are investor-friendly at these gatherings. They can help you find a home that fits your needs. As for free websites, zillow and trulia can do a decent job of giving you active-listing data. Not entirely up to date but it will work.

Wow those numbers look pretty good. What about deferred maintenance?... is the property distressed? ALSO - maybe the landlord pays all utilities, which puts the rents artificially higher than market (are the rents at typical market?)

@Toni Fowler welcome to the team. As for a living-option, ever think about duplex.... live in one side and rent the other side? This is a very popular move and was something I almost did when I used to live in Cali. If you don't mind living next to the tenant, you can collect a rent check to help pay down (or pay completely) the mortgage. I'm not familiar with the multi-family market in the Coachella Valley, so not sure what kind of down payment you'd be looking at there however.

Welcome to the site!

Adam