All Forum Posts by: Tami R.

We are supposed to close on a foreclosure on Tuesday, just received teh Preliminary Opinion of Title and we have a problem...
Under TAX SALE PROCEEDING DEFECTIVE
It states The Tax Sale Proceedings are defective and title is not marketable. My commercial loan officer is contacting the realtor right away I am not that great reading the Preliminary, but has anyone ever had this happen and do you think this will be an "easy" fix or is there a strong possibility we will lose the house?

We are closing on our first property either Friday or next Monday. I made a spreadsheet with our budget on XCEL but I have like 12 tabs - Bathroom has a tab, flooring has a tab, and so on, then I have a recap that shows Budget, Actual, Balance.

Do you guys think that's ok or do you recommend something else? I have it saved and here at work, if you want I can email it to you and you can give me suggestions or if you have a spreadsheet that has been successful for your business and you don't mind sharing it, my email address is [EMAIL REMOVED]

Any suggestions on a great software program for this?

Why do you allow smoking? HEHE!

Thank you so much for the advice. So are you incorporated at all and do you keep your properties or flip them. I know Dan and I will be very successful we are thinking long term and not expecting to generate a ton of revenue right away.
I might still look at the 1031 Exchange.
Any advice or suggestions are great... do you ever posts pixs of your properties, I wish I could see some before and after shots.

Jon -
Would I be better having me pay Dan - he can pay for material, labor, etc... with no taxes and "make money" which looks like I have more into the property and then I pay less on taxes.

What are things besides repairs do you put on your taxes = mileage looking at properties, etc...

Do you have S-Corp and do you suggest it?

Yes that is federal plus state/local. 46% wow... that's a big chunk - I might want to look at keeping the properties for 366 days then it should drop or since we are going to do more flips look at a 1031 exchange.
So if I am understanding correctly:
I buy a house for $40k
I put $15k into it
I sell it for $80k
I am taxed 46% of my $25,000 profit so instead of having $25k I would have $13,500.

It seems like with all the "stuff" you get taxed on how do you make a profit for your next flip.

On the pix section on the main page, do they ever show before and after pixs or is there a section on the site that shows that?

I have CPA and his offices have a great reputation but I think he's awful... it's his boss the main CPA that gets great reviews.

Tell me more about SET and what I need to do?