All Forum Posts by: Brad Jacobson

If your primary source of income is real estate and you already own real estate, your tax liability will likely already be so low that you don't need a cost seg - just make sure you're using a top notch CPA.

If your primary income isn't real estate, and therefore come with a higher tax liability, then yes, doing a cost seg will probably be a solid option.

Really, you need to have your CPA or move to a really good CPA and let them answer the question for you.  In my experience, very few CPAs really know their stuff on things like cost segregation and advanced RE tax strategies so I'd make finding the right CPA the priority and putting the question on them.

Good luck!

I want to know where on earth that money is going.  What the city is doing with their extraordinary 50% tax increase over the past three years?  Probably just amping up the mismanagement of funds.  

I would strongly recommend reading Scott Trench's Set For Life.  He walks you through the process to saving $25k and then taking a leap into a sales career that can 2x or 3x your income.  Then, with slashed living expenses and a huge income, you'll be on the path to be "set for life" really quickly.

Good luck!

Wholesaling is a tough business!  There's a lot of moving pieces when trying to move distressed properties and/or sellers.

My recommendation would be to partner up with a really experienced wholesaler.  Find someone in your local market who moves a ton, go 50/50% with him or her on your next deal and let them manage the sticky situations and get through the barriers.  

There's a lot of conflict resolution and creativity needed to close wholesale deals so a mentorship from someone crushing it in your local market would be life-saving.

Good luck!

Let everyone and their dog know you're in real estate!  All my best deals have come from my network because EVERYONE knows I'm in real estate so deals naturally flow to me.

Good luck!

In my local market (Utah) inventory in 2023 is even lower than it was in 2019.  2019 was considered a white hot market.

Because almost no homes were built between 2008 and 2018, we're still in a true supply and demand shortage.  The 2008 crash flooded the market with properties.

This is not financial advice but I have my money on property values continuing to rise.  Especially when rates level out and inflation continues to decline.

Plan on about $10k in closing costs, then you'll have capital gains tax (15%) so you're likely to net between $15-25k.  Unfortunately, that's not life changing money.

In this market, cashflow is really hard to come by but if you have any at all in this property, I'd consider keeping it!  Remember that you make money in four ways with a rental: cashflow, loan pay down, tax benefits, and appreciation.  I wouldn't forego all four of those awesome options for only $20k or so.

Good luck!

Your time is best served used to start by serving an experienced wholesaler.  

Wholesaling can be tough stuff: contracts, managing sellers, scheduling walkthroughs, earnest money, closings, etc. is all quite tricky with wholesaling so I would seriously consider trying to find something like an internship with a local and experienced wholesaler.  Work for free for him or her for a year and then once you're comfortable enough with the process, start doing your own marketing, building your own buyers list, and closing your own deals.

Good luck!

I would go work for whoever is willing to mentor you!  The big RE investors in your area will be doing work in all the areas you've listed.  Go work for whoever will get you a job and has what you want to get in the future.

Good luck!

A system is nothing more than setting a few goals and being held accountable for them.

My system includes daily items: post on Bigger Pockets and Facebook, an hour on the phone with people in my CRM, a drop by to someone's house with a goodie, weekly items: take someone to lunch, go to one meetup, monthly items: mass email, blog post, etc.

By just doing that, I'm a successful RE agent!  Make a system like that for yourself and do it for two years.  You'll see plenty of results.

Good luck!