All Forum Posts by: AJ Shepard

Originally posted by @Steve Morris:

Originally posted by @AJ Shepard:

@Parth Patel

I haven’t done this personally, but I have heard of purchasing mobile home parks with trailers. The trailers (homes) can be considered a vehicle and can depreciate at a much faster rate than property improvements. 

You sure?  Trailers are PERSONAL PROPERTY (in OR hence the license plate) and NOT FIXED (ie they need to have wheels and be movable) ATTACHED IMPROVEMENTS (which are depreciable).  ASK A CPA, but maybe you can count them as buying inventory.

 Steve,
That is how it works, when you buy the mobile home park and trailers, the trailers are a vehicle that depreciates or considered personal property which can be claimed as an expense on your taxes.  If you are able to purchase the entire thing as an asset and leverage it, usually you have 25-35% into the asset but you get to write off the expenses of 25-50% of the asset because of the deductions.  Works way better with leverage.  

We’re starting a new business, offsite professionals. It’s a business that leverages labor from the Philippines and provides low cost and high quality labor to real estate professionals.

Www.offsiteprofessionals.com

I can’t be the face of the business because of some volunteer positions I hold within the industry. So I’m looking for someone that wants to hustle and help make this business work.

We’ve got the website up, but needs a lot of work with building out content.  We’ve got leads coming in but they need to be nurtured and pitched to. I could see this as a side hustle at first and then turn into something more substantial in the next 3-6 months. This would be a business to business transactions so someone would need to be able to be available during the day to pitch other business owners.

There is still a bit of work that needs to be set up, such as the content on the rest of the website, or the pitch deck to deliver to potential clients.  Many marketing and business development tasks.  The back end of actually making the business work is something that our company has already been doing for the last 2 years, so now we are just trying to monetize it.  Uptown Properties and Uptown Syndication have over 8 employees from the Phillippines that have been hired direct.  A little work to get the process completely professional, but not much at all. 

Does anyone want to become the face of Offsite Professionals?

@Parth Patel

Sounds like a real buying real estate is a good idea, you’ll want to make sure you are considered a real estate professional on your taxes to be able to offset other business gains and losses (you have to work a certain amount of hours in real estate per year)

Consider purchasing at high leverage points if at all possible, and doing cost segregation’s on your properties. This will bring the write offs for depreciation up in the schedule and hopefully offset some of your other gains.

I haven’t done this personally, but I have heard of purchasing mobile home parks with trailers. The trailers (homes) can be considered a vehicle and can depreciate at a much faster rate than property improvements. Usually, if leveraged, your net write off is more than you invested in the first year.

I’m not a tax professional and cannot and am not giving such advice.

@West View

Jonathan Lauderbaugh out of multnomah village is a good CPA.

@Sheree H.

@Jacob Wathen and @Tanner Ueland would be happy to help you out as well!

@Liz Trinidad

National Association of Residential Property Managers (NARPM). See if your city has a local chapter and get plugged in. They provide a wealth of knowledge and also introduce you to vendors that serve the industry which will make your life way easier.

I would also recommend going down the route of getting your license. The main reason is that in the grand scheme of things, it’s a super inexpensive way to get some education and it will probably teach you things that may be harder to find and understand by searching out yourself. You don’t know what you don’t know.

You’ve got a great opportunity to take something amazing over, why wouldn’t you want to be a Pro at that. When it comes time to hire a property manager you will know whether they are able to do a good job for you and your families property.

Westside Investors Network has monthly meetings as well.  They are meeting virtual during COVID.  

Brian,

When you are referring to virtual wholesaling are you just talking about the inspection or the opportunity to see the property?  If the price warrants all the risk seems like it would be easy to do.  There is a level of comfort that is provided by laying your eyes on the property that is probably associated with a higher wholesale price the investor is willing to pay.  IE the lower the price the more risk the investor is willing to take?

We use 3d photos for our rentals now, you might think of doing that when you do pictures and see how it goes?  The ricoh system is a lot like the matterport but 1/4 of the cost now.  Also,  have the sewer scoped before sending out and any other maybe big ticket items?

I'm not hugely familiar with Lifestyles group, but from what I understand is that they make it easy to introduce yourself to syndicators and other investors.  I have not seen any "Lifestyles" deal, but I would imagine that that they are the same as what you will find elsewhere.  Probably before BiggerPockets or other internet groups were around it was nice to be able to have the introductions all in one place and done for you rather than have to search on your own.  

Originally posted by @Ciarraghe G.:

@AJ Shepard This has always been a rental property, I've never lived in it and never wanted to, too many people too close together. It's also very far away from my job so it's never been an option, regardless. 

We do need the renter to give us a preapproval letter but she was getting her stuff together so we should hopefully have all ducks in a row, although things can always fall through no matter how good things are set in place at the start. Anything can happen. 

There is also the concept of a reverse 1031 if you have the funds for it, little bit more expensive but nice when you know you are going to sell a property and a good deal comes up, takes a lot of the timing aspects away and the pressure.  Just another option.