All Forum Posts by: John Lyszczyk

@Lucero Galvan My first thought is you have to go with what makes sense on paper. Not sure if being cash poor with no reserves is a good idea for a first time investor. If the 0% down SFR route cashflows when you "rent by the room" that would be a great first investment. Don't force a deal just to get in the game if you're not financially ready, but make a game plan to get to where you need to be as quickly as possible.

@Izac Sheforgen If you find a 3-plex or 4-plex to house hack with FHA jump all over it. Even if you barely break even or have to tap into your person income to cover cost of living it's worth the experience gained. Aside from saving a ton of money, you'll learn a ton about landlording and you'll find out if you enjoy it or not.

I agree with the many that have posted about financial education. I am related to immigrants that came here on a boat with absolutely nothing, worked hard and have become very successful real estate developers. Having the knowledge and work ethic is the foundation to success. BiggerPockets is affordable and accessible to anyone, which is why I love this website and community so much. Anyone can change their life here. 

As a Real Estate Agent in a county with a 95% Caucasian populous, I have had the conversations with local municipal board members (so have others) about making our cities more attractive. How do we bring culture and more young people? There is a high percentage of older folks in our county, and many of us are having the conversations of "how do you bring cultural and demographic change? How can we make this community a younger more thriving community?"

 Hey Wendy,

Looking for general real estate at this point. Someone who is well versed in contracts. I've been revising my lease agreements and landlord docs, and I'd like to have them reviewed by an experience real estate attorney. Any recommendations would be greatly appreciated. 

I think the juice is worth the squeeze. Having done it myself, I can tell you there are multiple benefits other than the obvious. Buying a duplex with an FHA loan allows you to get in the game early with very little money down. Most importantly, renting out the other unit of the duplex will offset the cost of living for you significantly. This will help you save money to buy more properties. In addition, you'll learn how to be a property manager and that alone is an extremely valuable experience, especially for first time investors.

Continue to learn and educate yourself so you can be ready to jump in when you find that great house hacking deal. Good luck!

Watching this thread as I am searching for an attorney as well. 

Is this what you're referring to? Found this on the IRS website. I'm not familiar with conservation easements, but it sounds like taxpayers have abused this deduction or blatantly disregarded zoning laws and misused the land for what it was intended for. 

Background - Abusive Transactions Involving Charitable Contributions of Easements

In recognition of our need to preserve our heritage, Congress allowed an income tax deduction for owners of significant property who give up certain rights of ownership to preserve their land or buildings for future generations.

"The IRS has seen abuses of this tax provision that compromise the policy Congress intended to promote. We have seen taxpayers, often encouraged by promoters and armed with questionable appraisals, take inappropriately large deductions for easements. In some cases, taxpayers claim deductions when they are not entitled to any deduction at all (for example, when taxpayers fail to comply with the law and regulations governing deductions for contributions of conservation easements). Also, taxpayers have sometimes used or developed these properties in a manner inconsistent with section 501(c)(3). In other cases, the charity has allowed property owners to modify the easement or develop the land in a manner inconsistent with the easement’s restrictions."

MAJOR ELEMENTS OF THE PROPOSALS

"Former vicepresident Joe Bidenhas proposed an increase in the income and payroll taxes of high-income individuals and higher income taxes on corporations. His plan would also reduce tax subsidies for commercial real estate and fossil fuels;provide additional tax subsidies for investments in renewable energy,energy efficiency, and electric vehicles;and restructure tax incentives for retirement saving.Key elements of the plan are as follows."

So the plan is to increase taxes on corporations and then subsidize them in the areas the government wants to "invest" in. Why not just reduce taxes for corporations so companies such as Tesla can grow? Why does the government have to subsidize everything? It's like they're breaking our leg so they can say they helped us get our crutches. 

@Eric McAvoy Nice job man! I like the numbers. How many bed/baths are the units? What is the average rent in your area?

??? 

I'd like to be able to do a 1031 exchange one day or take advantage of any tax deferring strategies for that matter. 

Sincerely,

Turd Sandwich