All Forum Posts by: James Gorman IV

Ask for 2 or 3 years for IRS reported income & expenses on the property.

No question the previous replys cover the subject.

Do be cautious of condo dues, assessments, and especially COA board decisions in any Condo investment. Please due consider ROI and NPV calculations. The objective is to realize an investment gain which may be a challenge when its time to dispose of your RE condo. investment with fees & taxes.

Like State & Fed capital gains, ACA (Obamacare) , depreciation recapture, RE fees, Closing costs and the like. Also do not fall trap to thinking you did well in Condo RE without considering the declining buying power of the dollar over time.

Only a suggestion, Google the 12 Zen Things and see if they help.

Hi Arthur Davis, 

It may be a good idea for you to get a Wa. State General Contractors License, and then it may not be. My respectful suggestion  is for you to first get a real plan of action &/or a comprehensive and detailed Business Plan that could/should work. Try Amazon or even your local library for a reference or sample. RE is a hard task master and an area much like construction. Best wishes & luck. Jim Gorman 4

All the Best to you and your husband, and thanks for your service to our Country.

A couple of RE tips: #1.  Learn about all taxes on RE, especially when your selling.

#2. Learn how to evaluate RE deals based on Net Prevent Value and not emotion.

 #3. Remember that "All that glitters is not  gold", "Luck favors the prepared individual" & 

"There are more than just a few snake oil salespersons and also good folks in the RE and 

finance world." :-)

Good post, I like both BRRR & RRR. I somewhat favor RRR (Rehab, Rent, Refi)

since the R! R! R! since this reminds me of something a pirate might say in an old movie.

Merry Christmas All :-)

Merry Christmas Lauren Baker & all the best to you & yours !!

In your carrier & all you do in RE, I suggest you evaluate what you do from a Net Present Worth or Value basis. Keeping an eye on the potential impacts of taxes, fees, inflation, and deflation in the buying power of the dollar, especially if your involved in buy and hold for more than a few years. 

Good Day & Merry Christmas David M.

I have mixed feeling related to credit repositories & there benefits to the general public; but not to the banks, lenders or regulators or to credit or service companies that report to them to position themselves to assure collection, even for marginal or defective performance or services.

We also have never reported any rent/lease payments to them for fear of starting an expansion of "Control" by either banks (lenders) or government. That said, my suggestion is that you write a letter of endorsement for this young couple you'd like to help addressed to the executive officer(s) and underwriters in any lending institute this couple might be willing to provide or share with you.

Sounds like your on the right path. Best of luck. 

Try doing a net present value (worth) evaluation on your property investments, considering

your cost of money, and what will likely be your Capital Gains & Obamacare taxes,  other expenses and depreciation recapture on sale, also do not forget to consider the loss of purchasing power of the dollar.

Then see what you think of your proposed RE investments, and the importance of cash flow.

Do not be surprised that after all costs (taxes, fees & misc) on a RE sale you only realize something in the order of 65 cents per dollar of the sale amount or need to do a 1031 exchange and not take or get your equity out unless you've really leverage you purchases.