All Forum Posts by: Bryan C.

There are a lot of missing details in this scenario but many options exist to file taxes yourself through Turbotax, H&R Block, & much more....

Usually these sites will automatically transfer your details from the federal to the state you are filing and that saves a lot of time.  I personally use Turbotax but I think next year I will hire an accountant because my taxes will be more complex with all the real estate investing I have going on.  

I think these sites charge a small fee to file state taxes but as you indicated...you may not even be required.  You can prepare your own return and see for yourself if you are required to file for Ohio.  The sites will let you get as far as up to the submit button on the taxes before you must pay to file.  This is convenient to allow you to gauge your situation.

Shequann, what kind of #s are we talking about with these lenders though?  Its easy to find a lender but not always easy to find a lender at the right price!  Many charge a butt load of $$$ or a high interest rate....

Shema, you might be able to take out an equity loan but without knowing more details it is hard to say.  I also do not know how the banks would view the recent job loss.  

On another note if your property is worth anything similar to the comps you mentioned then you may want to considering selling...this is a good time of the year to sell.

It also depends on how much work is still needed on your home, etc.  Let me know if you need more info or if this even helps.

Joel, welcome to BP! I am also Active Duty military and even stationed overseas but I can tell you that it is definitely possible to still invest in real estate. You need to find out what your goals are? What risk level you are comfortable with (what i mean is do you want to buy a duplex and rent 1 side, do you want to buy a SFH and rent after PCSing, do you want to try a flip, do you want to purchase a buy/hold rental, etc). There are so many ways to invest in real estate and I only listed a few. Feel free to message me if you want more info.

I get what most of you are saying about Wholesaling and a lot of it is valid, but refrain from labeling, prejudice or bias.  There are a lot of wholesalers that do things right and are ethical.  There are a lot that aren't.  The same thing can be said about any profession to include licensed agents.  It doesn't shock me that states are trying to crack down on this but this also wont be easy for them to do.  I am interested to see how things shake out over the next 5 yrs.  I personally do not wholesale but having wholesalers is vital to the industry in many instances.  They do a lot of the dirty work that most won't do...

I like reading what people have to say but please try not to put a comment out there that labels everyone in that niche when not all do that particular action etc.

I have not done business with them, but i and many others follow what they are doing etc.  They have been around for more than 1 year and there are active on the website.  I havent seen or heard much negative about the company.  Granted you can't take ones word and must see for yourself but that is my perspective.  I am sure i will do business with them at some point in the future.

Good evening all,  My partners and I are seeking possible flips in the Cincinnati area.....looking to limit the total investment to $70-90k.  Send me possible deals...looking for details and pics 

thanks

Roger Vi, thanks.  Suppose I am the private lender on the deal and I receive a split after sale of property....how would this play into this 2% rule...