All Forum Posts by: Evan Barney

@Guillaume D. Thanks for posting. As a 21 year old who just got started in small multifamily earlier this year, it is always inspiring to see what others have accomplished through hard work and smart investing! If you don't mind me asking, what type of financing strategies did you use to scale so quickly? 

@Steve Vaughan Ok thanks for clarifying. Is the fact that the mortgagee is an S-Corp important to this process or is this irrelevant? Also, are the banks not privy to this strategy? Have you ever ran in to trouble with this method? Thanks again! 

@Steve Vaughan could you go a little more in depth on 'loaning' to yourself via an entity? What does that process look like? How does this change the seasoning requirement from the perspective of a lender? 

I was wondering if anyone has any experience investing in the areas surrounding the University of Chicago campus, ie. Woodlawn and Hyde Park. My girlfriend will be attending law school there starting this fall and I saw the opportunity to potentially try a house-hack in the area. I know this is a difficult part of the city and I wanted to get some insight from other peoples' experiences. Please let me know your thoughts and thanks. 

Any banks that don't require the 6 months?

What exactly determines whether or not a property is “in-service”?

@Ashish Acharya thanks for the response. Would you be able to explain what the de minimis safe harbor and 100% bonus depreciation? A brief explanation would be helpful to conducting my own research. Thanks again. 

Hi everyone, I am currently taking a Tax Analysis class at my university and I came across Section 179 in the tax code. Based on the discussion in class, it seems that as a business owner you can elect to immediately expense cost of an asset, rather than recover cost over time through MACRS depreciation. 

To my understanding, in previous years Section 179 only applied to 5 YR and 7 YR Personal Property; which includes vehicles, computers, peripheral equipment for 5 YR and furniture & fixtures, machinery, and equipment for 7 YR. 

So my first question: Does this mean that I can immediately deduct the cost of assets such as major appliances from my Business Income? I would appreciate any examples anyone has regarding the use of Section 179. 

Furthermore, I saw that the new 2018 tax code has expanded Section 179 to include 15 YR qualified improvements. Specifically, "any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service". 

Hence my second question: Does this addition to only relate to Commercial and Industrial real estate due to the "nonresidential real property" clause? And, is there more clarification as to what is classified as an "improvement"? 

I know this is a long post so thanks in advance if you read through it all! I appreciate any responses. 

Check out Simple Wholesaling and Nuparadox. Lots of inventory in and around Indy. 

Kind of an open-ended question (as I am not very familiar with the foreclosure process). What kind of strategies and financing options are most effective when going after properties in the Pre-Foreclosure process? Right now I’m seeing a lot of them in the area I am focused, but I am just unsure as to how to go about pursuing them. Any ideas for financing or marketing to the owners of these properties would be appreciated. Thank you!