Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jeremy England

Jeremy England has started 21 posts and replied 275 times.

Post: Average Home Builder Commission?

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

Ive actually been thinking of getting licensed again to build my own small multifamily rentals.  And pull permits for my own rehabs

Post: Average Home Builder Commission?

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

It varies.  I was a builder from 2005-2008 and it depended on how much i was risking.  If it was a cost plus contract. I would tack on between 12 and 15 pct depending on the customer.  If it was a fixed price contracT i woulD estimate high and also figure for a bigger profit margin

Post: Reducing tax liability with f/t work and one rental property

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

Good morning all, so I recently did my taxes. I used Turbo tax deluxe. Anyway, it was a good year money wise. Better than usual obviously because we owe the IRS about 2800 dollars. I have 1 rental property and believe I have maxed out the write offs I can take without just flat out making them up. I had almost no expenses from the property this past year. I manage it myself, rehabbed it back in 2018. Advertising is free, software I use is free, computers I use are personal and prof use. I have an LLC specifically for the rental property.

Anyway, my net income from the property according to TT is -600, this is after depreciation and write offs.  

I decided to play with the numbers on TT to see if I could reduce my tax liability.  I wanted to see If I did any capital expenditures how much that would influence my bottom line.  The AC in my rental is pretty old.  Installed in 06, so I figured if I spent 3000 on that, what would it do.  My tax liability decreased by 500.  So I would "save" 500 on taxes if I spent 3000 on an AC.  

I've heard of retirement accounts for self employed people. I've maxed my IRA and 401k this year. But isn't there one where you can contribute like 50k or some ridiculous amount. Would that reduce my overall tax liability?

Thanks

Post: Excess inventory in the near future

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

https://www.washingtonpost.com...

This article highlights how millenials are not buying property like their parents did. In certain markets this could mean an excessive inventory of housing.  

Prices will take a hit in some markets.  What will this do for rental rates?  I didnt own any rentals back in 08 when the market crashed so i have no idea.

It makes me think about asset allocation in the next 15 or so years

Post: Can I invest my IRA and/or Roth IRA funds in real estate?

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142
Originally posted by @Nathan Shankles:

@Jeremy England thanks Jeremy! Ok, rookie question - where would I go to lend that money out?

 You need to set up an sdira and roll the funds into that. I havent done it but there are several recs on this forum. Just do a search

Post: 401k vs Invest in real estate for early retirement?

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

I've been maxing my 401k for the past 8 years.  Did the match for the previous 3 years.

When one considers the match, and the market gains in the total ROI. Right now I have about a 145pct ROI.

If you want to compare that with a REI, if you plan on BRRRR the property, then your ROI will be much greater. However, Risk is higher as well. If you lose on a REI, your losses tend to be larger.

I look at my 401k as my "low risk" investing (even though its entirely in common stock funds).  I'm comfortable with a great deal of risk.  Plus I look at market dips as means to purchase more with my money.  


I've managed to get this far with maxing the 401k and rei at the same time so my advice is to do similar

Post: My first Investment Property!

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

Knocked it out of the park, what are you? like 23?  You'll be rich by 30 keeping this up

Post: Credit and Background checking prospective tenants

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

I use Cozy.  I also list my property with Cozy and collect rent through cozy.  It has been an awesome tool that costs me nothing.  Its pretty idiot proof to set up.  

Post: Can I invest my IRA and/or Roth IRA funds in real estate?

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142

My advice would be just to lend another investor your IRA funds. Maybe as a transaction loan or something until you build enough to purchase a property. Then your ira can own the property and make payments, all profits go back into the ira. Keeps everything separate.

Post: Wholesaling (starting out, Pensacola area)

Jeremy EnglandPosted
  • Contractor
  • Pensacola, FL
  • Posts 278
  • Votes 142
Originally posted by @Greg Morris:

Eric you brought up an interesting question concerning the use of VA. You said:

"I own two homes right now using the VA loan (maxed out)". How did you get two places with a VA loan and How did you manage to rent one out when VA states you have to live in your house for a VA loan? thank for the info.

 I would also like to hear how this works