All Forum Posts by: Huy N.

i'm also looking for a good and reliable GC in Houston. We are in shortage for these guys here in Houston...

Thanks @Richard F. ! Same to you. This proved the book concept that it's not necessary to have money to make money. It's action, enthusiastic, and a strong financial education that attract money.

Hi tax expert!

This question screwed me around all night! i couldn't find an answer for it!

I want to claim my mother as a dependent for this year. I know that her gross income need to be below 3900$. Her total rental income this year is 15,079$. However, with depreciation and expense, property tax and insurance, etc..her Schedule E income on line 26 came out to be 589$. TurboTax put that income as line 17 in form 1040.

So, does she still qualify for me to claim has as a dependent? (given other condition such as providing more than half support is also passed)

Does anyone in the community have similar situation here? I really appreciate the answer!

Best Regards

Huy

I would start by reading some real estate book. Like Rich Dad Poor Dad series. especially the "Real Book in Real estate" by Robert Kiyosaki. Those book will get you pumped up and set your mind straight. Then save up some money for down payment, go out to local real estate meeting club and connect with a Realtor that is also an investor and go hunt for your 1st property.

At least that's how i started, and the wealth keeps on snow balling from then.

And remember. When it gets hard, don't quit! Consistent and Persistent will be your friends.

Good Luck!

for 130k, ROI is 10%, with traditional 20% down. I just offered him 110k. Love the house but the tax is just too high (4500). I'm not sure if there is a creative way to finance this to still give him 130k and i get like at least 20% ROI. Market Value is 150k for this house.

*How do I structure this deal

Hi Fellow BP,

Out of the blue i had a buyer contacted me because he grab my business card somewhere.

He has a very nice house in the neighborhood that i like. Rent are going for 1400$ with very quick Day on Market. House is in good shape, need minimal to no repair. Market Value of the house is 135,000$ and the sellers still own 120000$ to the bank. he is asking if i can buy his house for 130000.

I don't think a traditional 20% down for of 130000 and rent at 1400$ is a good way to go with this. tax in this area is high 3%, not including insurance

Is there any good way i can structure this deal so that i can get a ROI of at least 20% a year? the seller is semi-motivated. he is not in a desperate position

Thanks Expert!

Huy

you come to the right place @Eduardo Huerta , check out the bigger pockets tenants screening guide. that's pretty much everything you need to follow

http://www.biggerpockets.com/renewsblog/2013/01/27/tenant-screening/

Or just let an experienced property manager handle it for you.

Thanks @Sabrina C. , I'm looking forward to visit your state soon. those Florida house that they are flipping on TV right now really excited me!

Hi @Cuong Le ,

Unfortunately, not. No written agreement for this deal, although i should. This deal is setup base solely on the trust relationship that i won't take the money and run away one day :d.

the ironic thing is that i just ran into issue with a different family member although we have a signed written agreement, on a different deal! Oh well, that is another story to tell....

Thanks Everyone for the complement! Yes, @Martin Zawarski I'm lucky to have a supportive girlfriend and family. It would be foolish not to take advantage of that!

However, every person has his or her story, I had mine as well. The important is that we must not take it as an excuse and rather use it as an "unfair advantage" to keep pushing it toward our goal.

i try to kick myself every time i start whining or about to say "because" to excuse myself to do something that i should! I would love to encourage people to get rid of the word "because" in the head and stop the habit of whining. It will help not only in investment but every aspect of life!