All Forum Posts by: Daniel Hart

Joel, normally I would agree with you about locking it up. Unfortunately, it would cost me $67,000 to lock it up, and I can't risk that not knowing if I can get it sold and closed in under 3 weeks, which is what would have to be done in this situation.

I trust my buyer, we've done business before. I just need to know what would be appropriate to ask for from him. I spend a lot of time reviewing potential deals to find the gems, and while the time spent on this deal isn't that much, the knowledge of finding the deal and connecting it with the right buyer has value.

I am not an agent, I am sure that I can invoice for my consulting services, I just need to know what amount is reasonable for a transaction like that. :)

I found a great deal on a piece of commercial property and passed the deal on to someone I know that is seeking this type of property. It's worth about $2.4M and he'll likely be able to get it for $1.3M. What is a reasonable referral fee to ask for?

I've got 17 rentals held in an LLC. I take draws as I need them, rather sporadically. This entity hasn't had to pay much in taxes in the past few years due to all the available deductions, but I anticipate that this year will be strong.

I've also got an S-corp that flips a couple of houses a year. It didn't make much until this year, which will also be strong.

The LLC flows onto my personal return, and the S-corp files its own return, but I think it is (K1??) on my return.

I'd like to refinance as many of the properties as possible. If I can pull cash out great, if not that's ok. They all cash flow well, and most have plenty of equity in order to stay below a 70% LTV. My personal credit is excellent, and I have plenty of reserves. I don't want to bother with a 5yr balloon commercial loan, I want the good stuff... 30 year fixed.. :)

Is it possible?

Joel, good idea on the donations, I'll have to check to see if there is a limit.

Good idea kama, I do have a rental that i'd be willing to sell at a loss!

I can't hang on to this flip property since my holding costs are very high, the HOA dues alone are $600 a month.

Jon, this is a different deal. I know what you mean about spending unnecessarily. There are some things I need to spend on anyway, so I figure it might be better to do them in the year of the gain, if they help offset it.

I wasn't aware that you couldnt do a 1031 on a flip, are you sure about that? I am wondering why it is ordinary income and not a short term capital gain? I don't think I am classified as a dealer, since I do way more rental business than reselling.

Yeah this is all I do. I guess I could do a 1031, right?

I need a new car this year, can I write off a car, or only a truck?

Steven, the flip is in an s-corp

Bryan, I think we are talking about the same thing.

Hrmm, im not sure buying another rental would offset the gain, but I do like that idea about getting a new laptop :)