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All Forum Posts by: Ian Saingarm

Ian Saingarm has started 10 posts and replied 52 times.

Originally posted by @Michael Plante:

As you know that is a tough one

try these places 

  • Cascade,
  • 21st
  • Center state
  • Vanderbilt

Will do, thank you!

Hi guys, we own a piece of property with a really nice manufactured home (newer, HUD) and having trouble finding a bank who can refi it. We currently have private lending on it but looking for a more conventional 30 year note to lock in the good rates. LMK if you have any leads! We are located in Oregon.

Post: Looking for contract attorney in MN, IA, ND

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15

Mobile Home Park PSA for purchase of a park.

Post: Looking for contract attorney in MN, IA, ND

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15

Hi, looking for an attorney with experience in MHP contracts in these states: North Dakota, Minnesota, and Iowa. Thank you in advance!

Post: Tax strategies for house flippers

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15
Originally posted by @Jay Hinrichs:

flipper , new home builder , wholesaler  all these are selling inventory.. and taxed as such.

you can buy rental property to have depreciation that will help you..  the section 179 as you mention. 

I E buy an airplane you use in your business ( new one ) to fly to your projects will give you substantial deduction.

Buy a back hoe or bulldozer for your business  :)  and in some instance that new big Truck you wanted.. Truck sales are always booming end of the year for this reason.. but those things you go into debt for and you do have recapture.

Flipping  building wholesaling  real estate sales income.. its all taxed.. ergo you need to do pretty well at it. but you need that income so you can buy depreciable real estate that hopefully pays for its self and then goes up in value then you can 1031... also in Oregon think about timber lands in the right area.. you can grow those trees then you can 1031 a timber deed that works slick we have done that.. and still own the land..

Thanks for the ideas!  Sounds like I'm already doing the standard things.  Will look into the timber lands.

Post: Tax strategies for house flippers

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15

Yes you're that's what we did, income minus cost of goods sold was our net.  It has been a while, and I always let an accountant sort it out.  I was wondering about strategies for RE as our accountant is not super familiar with RE tax strategies.  Thank you!

Post: Tax strategies for house flippers

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15
Originally posted by @Nancy Zhao:

For flippers homes are treated as inventory, basically think used car dealership.

I have never run a car dealership but in other retail businesses I have run, anything I purchased during the same tax year offset the gains from the sale of other items.  So that's essentially the root of my question.  If I dump the money from the sale of one property into the purchase of another, that should offset my "net", right?

Thank you 

Post: Tax strategies for house flippers

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15

Let's say you made a couple hundred thousand in net taxable income from house flipping and you're holding some of that cash through the end of the year until you find another property, so 1031 is off the table.  Other than expensing tools, and using sec 179 for larger equipment, are there any other strategies commonly used to defer taxes?  Of course we will run it by our accountant.  Thanks!

Post: Replacing windows; where to purchase?

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15

To follow up on this,

For the replacement windows we ordered direct fit replacements from home depot and they were very reasonably price.  For the new installations where there were not windows we went to Habitat for humanity and got some nice quality brand new windows in the sizes we wanted and now the house has new windows for penny's on the dollar.  Install was not hard at all, people made a big deal about it but you just get slightly smaller windows and *firr* (not sure how to spell it) them in to the correct size.  

Ian

Post: Replacing windows; where to purchase?

Ian SaingarmPosted
  • Investor
  • Bend, OR
  • Posts 52
  • Votes 15

@Jim K. good idea on the foam.  The replacement ones have been easy and we've done them ourselves, but we have our handyman frame in the new windows, which doesn't seem so hard so far.

Than you!

Ian