All Forum Posts by: Dennis Maynard

I don't know, but from my basic knowledge, make sure you are pumping up the vacancy factor to account for the summer months being potentially vacant.

That's a load of crap.  If you want to be in real estate, be in real estate. Who generally hears about the deal first?  Who is out there networking looking for deals?  Who is out there talking with people all day about real estate?  Who has more education, knowledge, and experience in real estate?  

I don't know who gave you that advice but they are not well informed.  You are liable no matter what.  If you are selling your own property and say the wrong thing to a potential buyer, you can still be sued.  The difference of having a license is you are educated on what those liabilities most commonly are.  Hence, you know not to say them or can rephrase into a different way.

Are licensees held to a different standard?  Yes.  But it is because you are educated.  It is no different than an attorney being held to a different standard in court.  You cannot be dishonest in your dealings.  But in my 15 years of RE, negotiating with sellers and buyers, I have never had the occasion to be dishonest.  I just call it as it is.  Tell the truth.

I think you should get your license and go work for a firm that specializes in Multifamily.  You will have more opportunity and get in sooner on deals.  This will also allow you to do syndication as well.

My 2 cents.

Sounds like it has become a rental property.  Your taxes will be on your gain.  Call your accountant, or if you need one call Robert Hall & Associates in Glendale CA.  Should be long term rate.  Basic calculation for gain is Profit x Long Term Rate (15%) = Sale Price - Purchase Price - Improvements - Cost of Purchase and Sale.  That will give you a general idea.  If you are taking a loss, then it will be a loss on your taxes.  I'm not an accountant, but that is the general idea.

That's a pretty broad question.  What are you working on?

Call Robert Hall & Associates in Glendale.  They specialize in real estate.

Check with an attorney, moving a home or investment property into a trust or LLC doesn't typically trigger a due on sale as your name is still on the loan. It is a title change in California, not sure what Ohio laws are.

Is this a garage?

Go Cowboys.  This is a comprehensive question and no quick answer.  As far as the investing, sounds like rinse and repeat.  Corporate structures, get the help from an attorney or do some reading entities and structures.  Accounting may play a factor.  As far as manage, we all need help from time to time.  You need to do some research on property managers for the properties to determine if it is a good fit.

Short answers.

Solar in Maine?  Prob not the best option.  Look into tank-less water heaters.

Check your regulations with the home owners association.  they may not allow it.  Generally this is a density issue as well.