All Forum Posts by: Dana Sample

Thank you 😊 

Good morning!

I'm a Tax Preparer in CA, and recently I've been getting more and more clients requesting to not take certain deductions on their tax returns because they want to keep their income high for lending purposes --regardless of the tax liability. Yes, I know owners are not supposed to knowingly omit expenses. 

Anyhow, a fellow preparer introduced me to a concept called income "Add Backs". From my research, there are certain deductions that lenders will allow self-employed individuals to "add back" to their income for lending qualification. The deductions I have found so far that can be used with this add back method is: Depreciation, Director Wages, and Interest. 

Question: are there any other deductions that can be added back to income for self-employed taxpayers? 

TIA :)   

@Jennie Berger this was very helpful, thank you so much !!

 As a wholesaler, That’s definitely an issue I come across...getting accurate rehab numbers. I can tell you first hand this comes from straight from YouTube university. I was making offers based on this widely taught rehab model, but I’m in Southern California and the rehab estimates are no where near what all those videos suggest so the properties weren’t actually “deals”. 

So as a seasoned investor, what’s your best piece of advice for estimating more accurate rehab cost?  Should I reach out to contractors to find out their price per sqft? I don’t want to bring bad information to my end buyers. I feel it’s my job to bring as much accurate information to the end buyer as possible. TIA! 

Hey guys! Hope everybody killed it this week! My question today is how to find good contractors that work quick and well with others. What’s the best way to find out how much they charge, so I can run my numbers more accurately when making offers? What are some good questions to ask when interviewing potential contractors?

Hey guys! Hope you’re week is off to a great start!

Today I have questions about HARD MONEY LOANS. How do they work, what kind of credit do you need to qualify, what paper work is needed, and anything else you guys may have a working knowledge of. Thanks in advance 🙂

@Kyle J. Ya thanks. I figured if it was easy to get them out, the properties would have been gone a long time ago because the numbers on them are fantastic.

@Nabil Suleiman that’s what I was thinking. I’ve never been a landlord before but I’ve heard how hard it can be evicting a tenant, especially a bad one. So I’ll just let them keep sitting lol. Thanks for the input !

@Dan Travieso if they’re month to month and aren’t willing to leave, that’s grounds to start the eviction process (which could take 6 months?)?