All Forum Posts by: Joy Buell

We own 4 properties, 1 is our home the others are leased out. But I need a tax specialist any recommendations? preferably in Florida. Thank you

Thank you all for the information,  we are not buying negative cash flow property to avoid taxes, actually that doesn't even deserve an answer. 

For thoes who provided me with direction, I do appreciate it, and the next step will be searching for a CPA.

Vlad K. 

Thank you for replying, so if we are in the same position just reporting on a K-1, how do we seperate our income from the rental property. Another words how do we make any money at having rental property. I am really confused now. 

I am looking for guidance - My husband and I own 3 properties we rent out (all have a morgage)  We thought this would be a good investment, but we found out that we make to much money to write any losses off the properties. (until we sell)

I assume starting a buisness and putting the 3 homes under the buisness would be the best thing to do.

We are really interested in someone who has done this or knows the laws.

Thank you

Joy

And we never agreed to fraud anyone Sir. If anyone was shady on this deal it was the broker. And we have reported him 

I appreciate everyone's comments but to clear things up.  This was vacation rental property. Nobody lived there. The owners lived in England and this was a broker here in th US we were dealing with

The broker changed the terms of the contract 3 times.  1st was for 129000 with furniture 

Then he said he had a investor who would buy it and help us out by selling it to us.  Would be quicker cause of the short sale. (Which we later found out he couldn't do for 90 days

The furniture was all included in all the deals except for the last where the broker came back and said he dropped the price. ( unheard of) but he wanted to sell the furniture for cash)   We were getting very Leary now and consulted an attorney.  He said no way was this legal.  

The broker then said he would not sell it to us if we didn't buy the furniture.  We tried to reach him for 3 days he never returned calls so we went to closing the broker never showed up.  We closed then 2 days later the broker text me and wanted the furniture I gave him access to the furniture from Jan 4  to the 16th he never showed even when he said he was going to be there.  

We still have furniture but I have called Salvation Army , please come get it.  Anybody.  

Okay folks before you all hang me out on this.  Let me give you some details I left out

The contract for the purchase of the property clearly stated no side deals. if any side deals were done without the banks knowledge we could be liable for the full payment of the short sale property (if I'm saying that right)  

The title company wanted nothing to do with a side deal. 

Our Realestate Rep said to contact an attorney. We did. And because we never signed a contract for the furniture and the side deal was illegal we told them to come get furniture.  For 3 weeks they had access to get furniture, but the seller still was pressuring us to buy it he didn't want it either.     

It's done now we were just trying to stay on the right side of the law.  

We purchased a vacation condo, the furniture was originally in the purchase price, but because it was a short sale they could not do this and broke it into two different contract which lowered the price of the condo to $118K  and then gave us a furniture contact for 8K .  

We never signed anything to agree to purchase the furniture.  We closed on condo Jan 3rd, and he won't come get furniture says we have to buy it. When I told him I donated it, he said he was suing us for 20K. 

So we are being held hostage and can not start our improvements till furniture is out. We have already lost $2,100K for this month.

Any suggestions?

 I have an attorney that is costing me a lot of money.

Thank you

Joy

Thank you, I appreciate your advise, that is a good way of looking at it. Where can I learn more about market value changes and possible scenarios?

Joy

My husband and I live in Maryland, but want to retire in Florida . We bought a condo about 6 years ago,  we have had 2 really good renters the last has been there 5 years and does not plan on moving. 

We are now in the process of purchasing a Vacation condo in the Florida Disney area. I am starting to worry about our deal, it is a short sale, so we have a good price, but we are taking the money for the down payment out of the condo 30K. With HOA fee's and morgage we are breaking even.

I would really like to hear some opinions on our plan, or direction.  We are looking for guidance and things to watch out for.

Thhank you

Joy