All Forum Posts by: Gabe S.

Charlie, that was going to be my point too. My recommendation is along previously stated.... if you cash flow at least a couple hundred $ after taxes, maint, etc.... then minimize the down payment needed until you get to that number. This is why a lot of folks will do a double close for fixers. They might be able to get that down to 5-10% or so if it’s a real good opportunity/deal.

I’m not aware of Morris Invest. But BBB seems to have them rated as C+. Just FYI.

Notice!

Looks like you would walk away with about $12k which is taxable. After tax (ignore 1031 since your profit is so thin). Is $8k after tax worth it to you? I agree with the other poster.... I'd kick that realtor to the curb. Looking for their own self interest in a blatant manner.

If it needs new roof and stairs and the current rent is $365 (vs what you are saying is FMR 570), then you are looking at a boat ton load more work than just roof and stairs. You might be looking at $50k and possibly higher rehab costs. It's a plex, so it goes by comparable sales.... the rents etc only matter for you in terms of whether it's worth it or not. There's a reason why the current owner is only getting 2/3 the rent he could otherwise.... it's a wreck inside. Good luck. But I can tell you... be extremely skeptical of that idea that "it only needs minor improvements". Good luck!

I never want a tenant in my prop that doesn't want to be there. I would let them leave. But keep the deposit.

Quick tax strategy question.

I have accumulated over $50K in "unallowed losses" on my tax returns over the past few years.  What happens to those losses when I sell the property? Does it get added back to the basis? Do I just lose it?    I plan to sell the property in a year or two and am starting to think about whether 1031 or not. What happens with the UL could (I think) impact that decision.  Any insights?  Thanks in advance.

Tax question- I have $50k in accumulated "unallowed losses" due to high income on my tax return. What happens to those unallowed losses when I sell the properties? Thanks!!!!

Because this is a public forum, I'll say talk to a real estate atty. but wholesaling (without a realtor license) is not illegal. Not in any state. This issue comes up again and again from time to time. Realtors tend to hate w/s-ers because they think that they unfairly cut into their market. This is why it's very important to get the property under purchase contract before marketing it. Assigning the contract is not illegal. The only thing to look for is to make sure the contract does not have a clause that says you can't assign it. But since you're the one creating the contract, you'd be foolish to put it in their. Lol.

Anyone have recommendations for reputable/licensed and service minded property management companies for SFHs in the Indy area??  Much appreciated.