All Forum Posts by: David Kelly

@Kalen Jordan

If your truly serious about, you need to go get on a plane and learn the city. A crime map is not going to tell you whether the city changes in those 4 blocks. In lots of cities in can easily change in less than 4 blocks. Indianapolis for example tends to change in just one block in some areas. 

@Antonia Hyman 

@Antonia Hyman theres a few books that you should read immediately. 

1. Rich Dad Poor Dad (A must for every investor)

2. The Book On Rental Property investing by brandon from bigger pockets

3. ABCS of Real Estate Investing

@Alexa Potocki

You need to treat them kindly but just like you would a new tenant. Run backgrounds credit ect. If they turn out to be someone you would rent to, then have them sign a new lease with you. If not you need to get them out.

Just talk to them with a smile on your face and tell them you own the place now. Be kind but in control. 

@Maugno M. Dont worry about it. Lots of builders will build entire houses without issuing 1099's and be just fine. Really not that big of deal until you reach a high level. Just communicate clearly with them from the start next time and get the info before they get paid. 

@Muagno M. 

You 100% needed to get this before paying them. If i was them i wouldn't give it to you either if you didn't disclose you wanted it up front. 

Just take the deduction without sending the 1099. 

Understand you will run into this all the time using cheap contractors. 

The IRS is nothing but a business with the power to put you in jail. They have limited time and resources. This means they will only go after highly profitable cases for them. They know that most people lie on there taxes, but they can only pursue the ones most likely to put money in their pocket. 

REMEMBER: Pigs get fat, hogs get slaughtered. 

Guys i need some inspiration for 2020! Lets hear about your best one!

@Mike M. 

How so? 

Gotta back a bold statement like that up with some facts. 

According to the lease, yes they are. Threaten legal action to try to get your money but don't waste your resources with actually trying to pursue it. Anything under $25000 is not worth real court. If you really need the money you could attempt small claims if you didn't buy your property under an LLC.

My vote would be walk away and use your time and energy to grow, not to get even. 

I know some of you guys sell things yourself.

1. I’d like to hear about your successes and failures.

2. I’m considering doing it myself on a property and running a marketing campaign for the property rather than hire an agent.

Love to hear your thoughts.

OUT OF TOWN INVESTORS PLEASE READ, 

Do not buy properties in Indianapolis based on zip codes. In MANY different parts of the city, you can walk one block and go into the complete ghetto.