All Forum Posts by: Jake Mires

I need to write off about 40,000 in real estate sales income. Does anyone have any tips for larger write-offs that I can take advantage of before the end of the year? I took the entire cost of a new truck last year and I just have a home office. Looking for some ideas besides your basic food, gas, cellphone bill write offs. I have some ground to cover. Let me know if you have any tips! Thanks in advance 

I will be there! 

Just want to see if any other real estate investors in Redding, CA are on here. If so, let’s get together!

@Katie Huynh there are a few different factors. A house is only worth what a buyer is willing to pay for it. If it’s listed for $480K and it would be personally worth it for your buyers to pay $500K then yes, offer $20K over.

For instance, a piece of land with an oil well underneath it is worth probably $1,000 to me. Because I don’t know anything about oil and don’t care to learn anything. To an oil miner, it’s worth $1,000,000. Same piece of land, different people.

As long as the buyers think it’s worth it to them to have it $20K over the current asking price, then go for it. Depending on down payment, if it appraises for $440K and they paid $500K, make sure they have at least 60K cash to put into the deal, I’ve seen many times people offer over asking price and don’t have the cash to cover the delta between the purchase price and appraisal (because a lender will only lend based on the appraised value).

20K over ask on a $480K home is like a 4% increase. Where I am, we are offering 20K over on a $300K home and losing left and right, just for perspective

Any more questions, please ask!

@Matthew Irish-Jones Keep your W2 job and do real estate on the side for a few years until it outweighs your W2 salary. I’ve seen many people make this mistake, jump right in to real estate and burn themselves for 2 years

I am in escrow on my first deal, 2 houses on 1 lot. My in-laws are going to be partnering with me and my wife on this deal. I have my preapproval and cash for the full down payment and everything. They have a home equity line of credit but I don’t think it will be closing for another 20 days or so. It’s a 30 day escrow so I’m sure this won’t work? Can I put down the full down payment myself and have them pay me for half the down payment after closing? With the IRS see a large deposit in my bank account and make me pay taxes on that even though it was given to me to pay for half the down payment? Should I try and push the escrow longer so that we can split the down payment inside of escrow? May be a quick claim deed to put them on title after me and my wife close? Obviously I have many questions here would appreciate any help you guys have thank you!!!!

 Numbers. Nashville is blowing up, larger cities show positive population growth. Where there’s population growth, there’s appreciation. Simple supply and demand. I’m bullish on TN simply from a numbers/growth perspective. It’s very cost effective to invest there and I believe the coasts are moving inward, people who can afford to live on the E or W coast will move in and look for opportunities in an affordable market. Tenant/landlord laws are favorable for landlords and property taxes are extremely low 

@Tristan Osborne Avoid CA. Head to TN, find an agent/property manager in Knoxville or Clarksville where the numbers make sense. What that money you can do a remote BRRRR, and get your money back out with a cash flowing rental, and recycle the money again. Head to the central US, or East coast. Tenant/landlord laws alone can kill you

@Karen Margrave I’m in!

@David M. Yeah! Patience is the key I guess, not my strong suit haha