All Forum Posts by: Cory E.

Michael Plaks I'll keep in mind for future flips to designate a certain amount of the profit for capital gains, thanks for the info.

Michael Plaks I knew I would be okay, but I kind of feel bad now. But being our first deal, this is one thing we all overlooked. I'm sure we will work things out. Thanks for your input.

Michael Plaks We bought it with the intentions of holding it and fixing over time. Being our for project and doing all the work ourselves and working full time, it did take a little longer than we expected.

Some great info in this thread, I've recently been discussing a new state to invest in with my brother, we can't seem to decide. We have been leaning toward North Carolina.

Me and my partners will be selling our first flip next week and we are trying to see how bad the capital gains tax will be for each of us. There are 3 of us in on the deal; Me, my brother, and our partner(Brendan). We are splitting the profit evenly 3 ways. My name and Brendan's name are on the mortgage and equity. My brother doesn't have his name on it at all. We have owned the property for 3 years, but my partner only used it as his primary residence for 6 months, I used it as my primary residence for more than 2 years, and my brother never used it for his primary at all. I've read that I should be fine it capital gains because its been more than 2 years for me, but how bad will it be for my brother and Brendan? Will they both get hit with long-term capital gains for around 15%?

Thanks!

Thanks for the suggestions, I will check them out

A 3 unit commercial office building just came up on my MLS and I am interested in looking at it with my partners. I was told by my aunt who works for one of the doctors that the local hospital pays for all the leases, I'm not sure if that's true but I will find out. Price: $390k right on one of the main roads in a good area Property taxes: 13k/year This is the info I planned on getting: Types/terms of the leases How much each unit leases for Insurance cost Heating costs and whether the tenant pays for it. Last time any major repairs have been done(roof,hvac) The building looks to be in excellent condition. I've never looked at a commercial property before so I wanna have a good idea what I need to know before I setup an appointment, thanks.

Try contacting a local realtor and see if they will email you a list of open houses off the MLS.

I got a mortgage for my first flip and it had a boat load of equity in it, so I got a HELOC to finance all repairs. Fixing it didn't go as fast as planned so we got a tenant in there that agreed to let us work while she lived there while paying more than enough to cover all the bills.

I'll get all the info on the water, insurance, etc. the house was built in 1880 and not sure when the last update was, I will collect more info and get back to you guys. Thanks for everything so far!