All Forum Posts by: Bo Qosja

Dave Foster wow great advice, thank you very very much

Al Wilson are you saying that they are or aren't?

Natalie Kolodij thanks again, yes the gain is calculated accurately and I will definitely talk to my cpa (when i get one lol) Dave Foster - thank you for your advice. This was a foreclosure that i bought and couldn't get the previous tenants out until june. So are you saying that I should be able to do a 1031 and since it hasn't been over a year doesn't matter? Thanks in advance

where are my seasoned flippers? what do you guys do? should i start an LLC and put the house under the company? will that help me somehow?

ahh I would love that interest free loan from the government (taxes that i have to pay) to invest in the new property.  @jeniiferLee i'm just getting started into flipping and this flip enables me to do 2 or 3 a year now as i'm trying to do this full time

hi @Natalie Kolodij - thank you for your response.  So i have not closed yet and i'm around 30 days away from closing.  The property i sold it was not a primary residence i just bought it to flip.  Are we not allowed to do a 1031 with flips?  I held the property for 9 months does that not count as holding as an investment?    thank you again on your imput

hi - purchased my property in January 28th and just sold it and signed the contract on 10/21.  Just spoke to a 1031 exchange lawyer and he said that this is not a good scenario and I cant do a 1031 exchange, that i did not hold the property for long enough time and i would surely be audited by the irs if i did this.  Does anyone have any advice? how do you guys do it? the profit is around $100k so the tax hit would be huge. I am planing on purchasing another property right away.  Not sure what to do here. Any advice would be appreciated.  

i would use an attorney, you need an attorney anyway for the closing so why not let them do everything else. you should find a real estate attorney who deals mainly with foreclosures/auctions. cost me around $1200 here in NY so i don't see you paying more.

Originally posted by @Kyle R.:

Made the mistake of accepting a personal check for a security deposit/prorated rent. Of course, that bounced. Second rent check bounced as well. Had to immediately evict. All in, I lost $5K in rent and attorney fees. After the sheriff physically removed the tenant from the property and padlocked the door, the tenant came back days later, drilled through the locks, and moved themselves back in. Found out about the break in a day later, called the police who charged her with breaking/entering, criminal trespass, obtaining property by false pretense, and two counts of fraud. During this time, she also wrote a bad check for $30K to a car dealership. Earned a grand theft auto and third fraud charge for that. She ate the charges in court last month and is being sentenced at the end of October. Luckily for her, she will not have to pay rent in jail.

 hahah some people are just out there

I feel like its best to invest nearby where you can control the properties. 50-60 mile radius would be my max.