All Forum Posts by: Don Gouge

Study the IRS codes yourself. You are the one that would go to prison, not your CPA. Seriously,  taxes are a massive part of any deal. I honestly dont see how people can spend so much time, money and effort on investing and then just turn their taxes over to someone else when the taxes are often a third of your deal! 

Send a letter and follow up with a call.

If you won it in a bidding war, the seller is going to laugh at you and say, "next".

10% interest that will be necessary to curb this runaway inflation.

If you have, or have access to, a significant amount of cash, consider partnering with an experienced developer to get your education. Land development and house building are really two different animals. It's like the difference between brain surgery and first aid. 

Unless you have a huge pile of cash, or very significant assets and a very good relationship with your banker, financing this project can be difficult. Banks realize that real estate development is one of the riskiest segments real estate and are reluctant to loan on a project especially to someone with no development experience. 

As I said, seek out an experienced development partner and provide financial assistance. In return you will hopefully receive a profit as well as a priceless education.

Son, 2008 was a cakewalk. A mere blip on the radar screen. I am old enough to remember the late 70s. 15% prime interest rates. No houses selling at all. Runaway inflation. Gas lines and soaring prices. 

Jimmy Carter was one of the worst presidents we have ever had. Joe Biden says "hold my beer". 

Sometimes you have to take these podcasts with a grain of salt because some people use them to enhance their celebrity status or help to start their guru careers. I know that in Southern California a 100k wouldnt buy a yard barn. Sure there are much cheaper places but there is a limit imposed if by nothing else that a door costs very little less in the sticks than in LA. In my area, the 100k time sailed almost 10 years ago. Now you might be able to find something like that in some remote corner but you also probably won't find any occupants either. 

What if the tenant required the landlord to have the covid shot?

This is a property for an experienced investor. Start simple

Let me know if you also happen to run across some new, loaded diesel pickups for under 30K. Seriously, I live in one of the lowest housing costs areas in the country and that is impossible here unless you are in an absolute war zone. For some reason I would be very uneasy if I found a property anywhere that fit that criteria.