All Forum Posts by: Jason Wilson

 Hey Franc,

I appreciate your response! I would definitely be interested in chatting with some of your contractor contacts.  You can post them here or send me there info over direct message.  Whatever works for you.  I'll tell them you recommended me to them when I call.

Thanks,

Jason

Hey Clark,

Looked through your profile and I've definitely driven by some of your properties. Small World! I appreciate you replying to my post.  I will reach out to soon to talk.

Thanks,

Jason

 Hey Alberto,

Thank you for providing these contacts.  I will look into each of them.

-Jason

Hi all,

I am currently starting to bid out work for a full gut duplex rehab project. It is located in Pottstown, PA. If you are a GC or know of anyone who runs residential BRRRR projects like this, please direct them my way.

Background of the project

- Located in Borough of Pottstown

- Duplex: first floor(2 bed/2bath), 2nd and 3rd floor (2bed/2bath/flex room)

- I have all the drawings (architectural, structural, electrical, plumbing) for the entire property I can send to anyone, and am also available to schedule a time for you to come tour the property

Scope of Work:

- Getting permits, licenses, insurance to the borough

- Possible patching of roof 

- Demolition down to studs through entire property

- Structural work in basement to provide extra support to weight bearing walls above

- Framing for new layout for both units (including new exterior door and window locations)

- Full rework of electrical, lighting, and plumbing

- All of the finishing work (i.e. drywall, fixtures, cabinets, counters, doors, flooring)

Thanks for the taking the time to read!

- Jason Wilson

Heads up: Your two comps are both 2bed/1bath duplexes, so they don't match up quite with your deal with 1bed/1bath units.

@Matt N. Yo why you have to subtweet me like that? Lol jk...
I agree though, you have to keep it real with people and part ways sometimes when it doesn't make sense for you to continue the business relationship.  I'm sure you have plenty other clients that are more worth your time.  Talk to you soon, brother.

 Following on top of what @Matt N. was asking... If I just do a deed transfer, there shouldn't be any tax issues I need to address. I'm not worried about my cost basis or future taxes if I sold as I plan on holding onto forever after I fix it up.  OR 1031 into something else if an opportunity arises.

I was worried I need to report this on tax return as a gift and then keep reporting as income for whatever the FMV is of the house going forward.

Thanks,

Jason

Thanks for all the advice. Yes, I do not want to do anything illegal by avoiding taxes on FMV of the property. I will keep this in my mind when I am doing the transfer. Not sure if buying it from my dad or him just gifting it to me is the best plan. I need to consult a lawyer most likely as others here have psoted.

My dad bought the house for a dollar and I was planning on buying it from him for a dollar as it is a vacant property that needs over 70k worth of renovations to make it livable. He does not have the desire to get a HML and refinance and do all the leg work himself. Therefore, he said I can have it for free. He owns it outright. How do I achieve this without screwing up and owing tons of taxes or something.

Thanks,

Jason

As a new investor that sounds awesome.  How did you manage to only need 15,000 down for that property? With my calculator at 5% down, all of you closing costs came out to be only 1.3% or ~$3000.  that seems so cheap as usually my analysis and lenders project closing costs upwards of 4% of purchase price. Maybe I am getting shafted by my lenders pre-approval estimates.  Anyway, great first investment.  Hoping to join you soon with my first deal as well.