All Forum Posts by: Sean Hickey

Wow, thanks for your candor and I hope you are able to rebuild your business post haste.

Was your negotiator a BP member?

They do the same thing every day as a matter of business, have for thousands of years - make the spread between the interest they give on deposits and what they charge on loans. Have they increased the value of that money in any way? No.

Can I go out just as easily and loan my money out instead of the safety and convenience of the CD? Yes.

The banks are just uncomfortable being on the other side of the equation and dont like seeing someone else make the profit they usually get. It's a double standard.

Just my opinion...

Thanks for the feedback guys - much appreciated!

Sean

I have a tax question for the experienced...

I have a property that I purchased, rehabbed and could not sell for a long period of time. I lost a substantial amount of money on the deal (closed in 2009).

My business is set up as an LLC. Property was purchased in 2006. My accountant if advising me that the loss need to be capped at $3000 per year until full amount has been reached. I would rather take the full hit to offset my other income but he is uneasy about it. He advises me that the full amount can only be shown as a loss if I am a "Real Estate Professional" with 50% of my time in the business and 700 or more hours in the business for that year. RE is not my full time gig.

I feel I would have been taxed on the gain (if one had been made) as regular income (SE Tax plus regular income) but he says a gain on the property would have been taxed at Cap Gains rate.

It doesn't seem to make sense and I think I need to look for a new accountant.

What say you?

You will definitely need to repair the footing or your repair will only be temporary. There is a reason for the separation - the footing is sinking. Fix it before you redo the chimney.

Josh,

Great Idea, you will have it shortly.

It is just a simple (yet detailed) spreadsheet that I developed to make sure I covered all parts of the home. It is easily manipulated, with some excel experience, to match any rehab you could run across.

Thanks,

Sean

I'm new to BP and was thinking about how I can contribute. I thought you guys in the rehabbers forum could use an estimate template to manage repairs. I used to work for a general contractor and I used this spreadsheet to estimate jobs as simple as a window replacement to $3M custom homes. It lists all aspects of the home and it's systems and being a spreadsheet - it can be easily edited and pared down as needed for each home.

Just contact me and I can forward it to you; it's an Excel sheet.

Sean

I'm a bit blunt myself but when in situations where tact is very important (ie: discussions with an emotional wife) I try to put myself in the other person's shoes and look at the situation from their perspective.

It has helped me immensely to become a more effective communicator and work out win-win outcomes.

Thanks for the welcome Dick.

I must say, I'm a bit underwhelmed by the welcome wagon here.

I'm a new member from Maryland, working on new opportunities here on the beautiful Eastern Shore. I have flipped a few deals in the past and done some longer term investing in my spare time. Some successfully, one not so much...

I have decided to step things up to take advantage of the current real estate climate and to be full time by this time next year. I truly believe there is a great shift of wealth occurring now and I want to make sure I am on the receiving side of the equation.

This seems to be a fantastic resource and I look forward to building relationships here and contributing as much as possible.

Our market is somewhat non-traditional. Rural with some small towns and many expensive vacation homes. My area is a waterfront weekend home mecca for Washington, Northern VA, and Baltimore's elite. If I can help anyone locate discounted high end waterfront properties or smaller town blue collar homes, let me know.

Thanks,

Sean Hickey