All Forum Posts by: Eric Wagner

Check out Lokal Property Management.  I've used them for 4 years on my Cleveland properties and have been happy with them. 

https://www.biggerpockets.com/forums/731/topics/62...

@Ronnie Alt check out this thread

I recommend you read this thread if you haven't already. 

https://www.biggerpockets.com/forums/12/topics/669...

You can try Lima One, there is another post this week discussing them. (Not a local lender)

https://www.biggerpockets.com/forums/49/topics/669...

You should check out Engelo Rumora, his is an Australian that runs a big Real Estate business in Toledo Ohio.  I think he has a podcast, etc.  Sure he can provide all the info you need to invest out of country.  

Please, please, please listen to @Jim K. I bought turnkey rentals in C neighborhoods in Cleveland.  The costs of repairs, leasing, turnover, eviction, taxes etc especially for a long distance owner is so much more than the "pro forma".  There is a LOT of work that goes into it. The low, low purchase price is so deceiving.  Frankly you are probably better off in the long run buying a nice house in your city (don't know where you are) and putting the $25k down as a down payment.  Do that once a year and in 10 years you will have 10 really nice properties instead of D houses in Detroit. They are cheap for a reason. 

There is Lima One Capital and Finance of America.  I haven't used them personally but you can check them out and when you google either of them you see lots of other options too.

Yes, the taxes can change when you purchase it, in my experience they will change the value to what you purchase the property for, in some cases they valued it even higher than what I paid. IF that happens you have to right to dispute it.  I disputed it and sometimes won and sometimes lost.  

Expect that the property taxes will be adjusted to reflect the $45,000 purchase price. That could be a bump up from where they are at. You can estimate the new amount by looking at the current tax bill and the valuation. 

Your insurance seems high.  I'd get more quotes.

Hi Kal,   Yes flipping is more like a job and less like investing.  You can make a chunk of money and then buy something that you keep longer term, more like an investment. That said if you had a job and made $60k you'd pay taxes...

The advantage is you have many ways when flipping to write off expenses.  If you send up a entity of some sort and have it taxes like an S-corp then there are ways to lessen all the taxes you mentioned in your post.  You don't get away with no taxes but you can have a lot less. 

If you are going to flip one house then probably isn't worth it, but if you are going to flip regularly, definitely setup an entity and learn the legal ins-and-outs of lowering your taxes. 

It's a big subject, a lot to learn but worth it for the savings if you do lots of flips.  -Eric