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All Forum Posts by: Account Closed

Account Closed has started 11 posts and replied 68 times.

Post: Im in a scary jam! Michigan kid needs some serious legal/tax help

Account ClosedPosted
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  • Posts 68
  • Votes 11

@Jon W.yes please send the information.

Post: Im in a scary jam! Michigan kid needs some serious legal/tax help

Account ClosedPosted
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@Brie SchmidtThis is a single member LLC

Would anyone suggest H&R block for help also?

Post: Im in a scary jam! Michigan kid needs some serious legal/tax help

Account ClosedPosted
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  • Votes 11

Im getting straight to the point. 

1. After reading the blog "The IRS Hit me With a $10,000 Penalty--and it could Happen to you, Too!" I literally have the same problem I have a LLC with no account history not even a bank account linked to it! Do I need to go to a lawyer, CPA, call the IRS?

2. My good friend is an accountant and he said he help me with my taxes just being a good friend who is smart. My mom always claimed me as a dependent and I never did my taxes ever since I started working for some reason I thought I didn't have to do mine I been working since probably 19 till now 22 some part time and some full time. So I have no old W2s from my old job and no proof of income idk whats going on!

If you live in Michigan and can recommend a experienced accountant that would be beautiful! 

Post: If you could go back to being 21 years old

Account ClosedPosted
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If you could go back to being 21 years old and you had 7k in cash what would you have told your old self? 

Post: Dearborn Michigan

Account ClosedPosted
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i haven't as I'm trying to look into the area also

Post: Personal Finance

Account ClosedPosted
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I agree 

Post: Personal Finance

Account ClosedPosted
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Anyone has a strategy or BP episode that talks about it well, I know how important personal credit is, and low debt, and just budgets, PFS and many other things. 

What is your personal financial strategy do you like no debt with your personal finance and stick to a budget or more freelance?

Post: Newbie Cheap Housing Detroit Investing Question

Account ClosedPosted
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Originally posted by @Bill Tyler:

I have invested in Detroit and am currently looking at more properties. As you know, investing there is not like many other places. Property is cheap, but typically requires extensive renovation. Windows, roofs, plumbing, and electrical replacement are a given for most properties which easily becomes tens of thousands of dollars. Pick the right areas, have a good team lined up. Do the renovations correctly and you will be able to build a successful business. Watch out for back taxes and water bills as well as the tons of scammers. Good luck. 

 Thank you for that! I will take the advice and use it

Post: Newbie Cheap Housing Detroit Investing Question

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Originally posted by @Richard Dunlop:
Originally posted by @Account Closed:

As a Newbie would you ever consider investing in Detroit I am from the area but would you? 

I moved to Detroit from Orange County California just to invest in Detroit.

Scroll to the bottom for examples much much lower than your budget.

Yes Detroit and Detroit suburbs will have the BEST appreciation over the next five years. Better than any other market and the BEST cash flow.

 I agree with you but it will be downtown and midtown detroit maybe southwest detroit but not in the hood or in the low income areas i don't know and thats where i would be investing in because of my little cash to invest 

Post: Newbie Cheap Housing Detroit Investing Question

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Originally posted by @Maynard Neal:

Hi Jamiel, 

To answer your question about investing in Detroit some would say that you would be behind the eight ball currently as some of the best opportunities are taken of course speaking of Downtown and Midtown however Detroit is on a comeback it's just a matter of strategy and knowing neighborhoods. Making sure that your numbers make sense that there is a good enough spread from purchase price plus rehab cost vs what you can sell for in that particular area also knowing what the market is going to do in the next month and or 6 months. Of course it depends on if you going to buy and hold or if you want to buy invest and sell right away. In most markets you can always find a deal its just being ready to pull the trigger

Im from Metro Detroit area and Im Buy and Hold strategy but if I'm using only around 7k-8k its nothing in Midtown or Downtown because those areas are for sure on the up rise but Im talking Eastside and Westside areas mainly because of my cash I have