All Forum Posts by: Janine Solheim

Michell,

Thanks for the reply. I am not going through a Realtor, as it is a drive by property. I am also wholesaling the property to a cash buyer. Can I write in the inspections to the cash buyer, or should I *gulp* estimate as best I can? After all, if the property turns out not to need the work, the rehabbed makes more money.

Serge,

One of the points that I've come across during my reading, is that banks are hard to work with when getting financing for distressed or bank-owned properties. I'm starting out myself, and I have no money (literally) or credit. I am finding properties by Driving for Dollars. I tell everyone I know that I am looking for vacant or unkempt properties, or properties that have been on sale forever. I have gotten three leads so far. Give it a try!

Best of luck,

Janine

Hi all,

I have my eye on a vacant property that was built in 1981. Drive by and code violations show that it needs considerable exterior work, including a new roof. Possible Title V and ground water contamination issues, may need a new foundation. Is it the seller's or the buyer's responsibility to handle these inspections? Can I put it in the offer that the seller has to have a home inspection done? I have my suspicions that this may be a complete gut, but it's impossible to tell without getting inside. What should I do next?

The different colored paper makes the note eyecatching in a sea of white paper. You could feasibly use any color; yellow is the brightest, while still being legible for any text.

Welcome, hope this helps!

Hi Sam,

In my opinion, the easiest way to do it is to calculate your approximate tax bracket for 2015 (the new tables are here), and then set aside the appropriate percentage of your wholesaling profits.  For example, if you make $100,000 a year at your job and $20,000 wholesaling, your income for the year would be $120,000, which puts you in the 28% tax bracket.  So if you make $5,000 profit on a wholesale deal, set aside $1400 for taxes.  

Keep in mind, this is just a rough formula. There are deductions for expenses, and the self-employment. If you choose to file as an LLC, it gets a little more complicated, and you would need a qualified accountant (I'm just a bookkeeper). It is definitely advisable to pay quarterly.

Good luck!

Janine

Awesome video, @Brandon Turner .  Very succinct summary of getting started in Real Estate, put some facts into perspective for me. Thanks!

@Dale Burnside , welcome to BP! I am new as well.  This community has some really great resources.  Good luck with your entrepreneurial goals!

Janine from MA

Thanks for the welcome @Shaun Reilly , @Peter MacKercher , @Mike Hurney and @Paul Timmins .  I look forward to learning and networking on BiggerPockets, and maybe running into you in person!

Mike, 

Welcome to BiggerPockets! I've been reading and listening on here for awhile before I joined the community, learning so much about real estate investment. I recently listened to BP Podcast 105, and got a lot from it. All of the podcasts are great.

I am on the North Shore as well, and always looking to network. Best of luck to you!!

Janine

Hello everyone,

My name is Janine, and I am very excited to be a part of the BiggerPockets community! I have done months of research on real estate investing- Bigger Pockets Podcasts and blog posts, as well as tons of articles and ebooks. I am very grateful that I didn't pay a penny for my real estate education. 

I want a better life for my daughter and I, and real estate is the way to do it! I have a significant background in business administration and marketing, and I look forward to using that in my growth as an investor. Thank you to everyone for their support and knowledge. :)