All Forum Posts by: Chinmay J.

I am for getting rid of all the tax breaks as long as its part of the overall comprehensive tax package which aims at reducing the tax liability of not only individuals but also corporations.

Any help on this issue? I am trying to think of it from another angle. How easy it is for me to get it changed on County's website once I buy the place. Can I just report it as an error and get it changed. The owner swears up and down that he didn't build any walls. Am I making this more complicated than it needs to be? 

When do you think most people look for houses? Given that most people don't work at night, and work 8 AM - 5 PM, and have their weekends off.  As an investor who has real estate license, you are only working for yourself (like me.. with an occasional client), things are more flexible.  If you want to succeed as a realtor, you need to have your weekends off and evenings off. 

How were you able to convince a private investor to invest 100% in your project at 3% interest rate.. That too first year interest free.  Give us a little bit of the story behind that.. 

.... And here I thought the exam was going to Multiple Choice.. LOL

@Christopher Malone - Congrats !

Like most things in life it depends. $100K is 20% of $500K. So if you are considering 20% down, you will have to find the building that's around $500K. If that's what you want, then great. I have no problem with that, but if buying buildings interest you, if I were you, I would use $100,000 with some HML to buy, rehab and flip multiple properties - if time permits, even at the same time. If done right, you can enter the commercial market at much higher price point (translated as low cost per door... translated as higher profit margin) down the road.

Just an alternative viewpoint.. That's all.. Good luck.

I am not tearing down any walls or asking him to do anything right now. All I want to make sure is I won't get in trouble due to his a) lying (if he is lying) or b) ignorance or carelessness of not getting the required permits.  Or is this one of these cases where if I keep my big mouth shut, I could save myself lot of trouble

Update on this situation:

 I talked to county officials, and they suggested that YES for putting in a drywall and wood stove, a permit is needed.  I relayed this information to the Listing Agent, and she said she will follow up with me.

I received the email this afternoon from the listing agent stating that the third room has always been there since he was a little boy. The owner (apparently) grew up in the house.  Now, my question is how do I know he is not lying. Tomorrow, when I decide to flip this place, and an appraiser comes to see it, is there a blueprint out there for each house that the appraiser goes by to make sure no additional constructions were made?  I don't want to be caught in the middle of this and have to tear down walls after everything is said and done. 

He said, he will take the wood stove with him when he leaves, and it won't convey over to me. So, it won't be my problem. So we are good there. 

Yes, personal LOC. They said $50,000.