All Forum Posts by: Greg P.

Hello, I've made some money through flipping properties for 2012 and wondering if there is a way to offset some of the taxes? Would it be a good idea to buy a commercial property or keep a house for rent before 2013 to offset some of the taxes? Any advice or strategies would be appreciated. Thank you.

Yes a broker

Hello, I'm brand new to notes and wondering if these look like good deals.

Non-Performing -
#1 - Principal Balance - $30,062.77 at 11% purchase at $8k - ARV - $135k

Performing -
#2 - Principal Balance- $155,745.61 @2% purchase at $60k - ARV - $100k
#3- Principal Balance - Principal Balance $119,062.23 @3.5% - Purchase price $60k - ARV - $135k

The benefits I think compared to rentals is that there is no tenants, but I'm not sure if banks are willing to refinance notes since I know banks are willing to refinance rental property?

Also, I'm assuming the note holder gets a check in the mail and that is there is no holding costs like taxes, insurance etc like if I was a landlord?

Any advice is appreciated.

Thank you.

If they are redoing ceiling because they are tearing out the ceiling tiles for example, wouldn't it be worth it to just do the recessed because of the exposed ceiling? Or for a unfinished basement? Thanks guys.

Hello, I am currently rehabbing a couple lower end houses where the ARV is $135k and $175k. There are a lot of iffy items like the siding that could be replaced, but "might" pass with it being painted. Most of the siding is good, but there are parts where there is rot. I'm wondering if I am going over board on these rehabs. For example, in this price point, I am doing granite counters, stainless steel appliances, gutters, asphalt driveways (most cases), new cabinets, recessed lighting, new baths, new trim and doors, and the list goes on. Typically they are gut rehabs and I am spending around $45-50k on each. The spread is ok, but getting thinner as the market has slowed down. Am I going over board on these rehabs in the 135k ARV mark? Is there anything I could to save costs or thoughts? Thanks.

J, if you don't mind, is this labor + material? What do you usually do to these houses on average? I'm figuring we normally spend between 40-50k for gut rehabs.

Thanks.

Great question. I'd like to know this as well.

Wouldn't it be more profitable and make more sense to just do a nice townhome development than mess around with a new concept like this?

Bryan, you gotta be kidding me 70 rehabs at once? Cmon lol

I like this idea. How does it work? Would you need a association and how much would you sell each cottage/home for?