All Forum Posts by: Chris Conner

Ok thank you.  

Say the condo is market value 300k.  

I would have to pay him 3% and then I would have to pay the buyers agent 3% as well.  

So that’s 18k.  

So maybe I could sell for 290k with no commissions ? 

That sound right.  I would not get the deduction though on the tax I have to pay on the profit.  

So which would be more money in my pocket ? 

The tax basis after depreciation is about $217,000, so the gain would be about $83,000. The tax would be about $23,000 which would include federal and Michigan.

I’m brutal at math.  If someone could help that would be great.  

Hi I am currently renting my condo to my real estate agent. He wants to buy it now, and I am willing to sell it. I just wanted to know as a seller if there was anyway to save on the selling commission? Or if someone could lay out the each situation for me? Thanks

I had a Question.  My partner and I just open a brokerage.   I own a small rental home and rent is 900 month.  Could this company buy this home from me ? If yes , and I sold it for the same or less than I bought it for would I have to pay tax on the sale ? I was just thinking of doing this so the company would have some income coming in and give the company some valuable assets.  What are the tax implications on this ? In the future could the company buy More homes to rent ? 

Thanks 

Hey Kyle. I'm a current investor looking for buys in that area. I'd love to hook up to see if we can help each other out. I'm liking to buy under 50k houses. Throw me on your buyers list. Thanks. Chris

Send me a message. My messages aren't working outgoing for some reason. Maybe I can reply if I get one. Thanks Chris

Alexis I'd love to be put on your buyers list. I'm in the northville area. I'm an Investor always looking for a good wholesaler. Thanks Chris

Hi I am also from the same area. I am also new to this. Maybe we could share some ideas. Nice meeting you Chris

Yeah the rent can be anywhere from 1600-1800. The new payments will be around 700 with the refi. I just feel there is a good opportunity here to make a smart business move along with helping my mom out. Might have her sell the house take home 50k from it and look at a condo for her to rent from me. She will be in it forever. Thanks

Hi I am new here and I'm not sure if this is the right place or not. I live in Michigan. So my mom wants to Downsize to a condo. Her current home she is in is worth about 230k and she owes 150k on it. Taxes are about 8k a year and her payment is around 1400 per month. She is just getting out of the 7 year bk situation as well. So here is what I was thinking. She can refi her current home and get s lower monthly payment the. Rent this home out for around 16-1800. Then I could find her a condo and buy it and have her rent from me. This is nothing I'm trying to make cash flow on but more of a long term investment. No there a few options that could happen. Should I buy her current house as well and rent that out as well as the new condo ? She doesn't want to deal with renting of the house. She just wants a co do and a reasonable payment. So I would be managing the rental anyways. I'm just looking for advice what would be best for both of us in the long run. Also what would be best for taxes in the long run. Thanks Chris

I fist would like to say hello. This is my first post here and I am really excited about it. Little background on me is that I am in professional world and I know that is not something I can do forever. I know that I need to start making some money and have a foundation in place so when I can not compete anymore I can provide for my family.

Here is the investment deal I have and I would like some feedback. I will do my best to explain it and I am open to any questions or comments to help me.

Family A: Living in a home in which they owe about 76k on. Its valued at 115K. They are moving and have another home in which they have bought already and are currently living in. She is looking to get a cash deal of 76k on it or she is going to put it up on the market for 115k.

Family B: Friends with family A and a few years ago got into some bank trouble because her husband lost his job. Right now she has a credit score of 650 but they do not have the income to get approved for a loan on the house of family A.

Situation: I am going to come in and buy the home at the cash price. Family B is going to give me a 8k downpayment. We have agreed on a selling price of 110k in 5 years. They are going to pay me 820/month for 5 years. They are gonna be responsible for taxes, insurance, and utilities. At the end of the term she will still owe approx 106k on the house. They will then need to come up with the money and purchase the home. I have been over all the different situations. At the end of the day I will be getting about 165k back in 5 years if everything is perfect. This is a land contract.

Please let me know what you guys think. I am so ready to learn the business. All help is appreciated. Having an attorney write up the contract all the way to what do with the money and rent as it is coming in. I have thought about buying the place then opening up a line of credit right away but I am not sure if that is possible. I know I would be paying interest but I am using someone elses money to make money.

thanks
crconner25