All Forum Posts by: Kevin Macdonald

Thanks for all the great advice.
Kevin

Thanks for the replys. The property is gong to be a long term investment, I plan on renting it out.

I just purchased a house that was never completed. The house was framed up, put under roof/ windows, siding, windows but the inside was never finished. The inside is just bare studs (no insulation, plumbing, HVAC, ETC…). I bought the house one week before the end of the year. My only expenses for 2012 are all my closing costs, and a small amount of materials I purchased to fix a couple things on the property, plus I had to pay back the previous owner 6 months in property tax because they pre paid it for this year.
This new year I will be putting about a 100k more into the property to finish the house.
My question is this is my first investment property and I am not sure what I can write off and what I cant. Should I go to a professional tax accountant, or are some of the “turbo tax” type programs helpful in walking you through what you can right off. I am not trying to get greedy or do anything illegally but want what’s rightfully mine.

Any replies would be helpful.
Thanks

thanks,
That makes sense

I am a newbee at buying reo's. I was the high bidder at an auction and 4 weeks later the bank rejected my offer. I am now looking at several reo's that are listed on the MLS through real estate agents.

My question is does the agent do the contract or should I do the contract? It just seems like he is not representing me. I have been doing tons of reasearch on what comparable houses are selling for in the area, costs of fixing it up, etc...

If the agent does the contract what should I make sure is in it? I will be paying cash for the house and I can go to settlement once I know it has a clear title. Should I give the bank a certain amount of time to accept/reject my offer? I dont want to wait 4 weeks like I had to with my last deal, if so is 7 business days acceptable. I was going to leave 10% EMD with no contingencies (except clear title).

Any help for a newby is appreciated.
Thanks

I am very handy and will do most of the work myself. I am only looking at fairly new houses (built in the past 20 years) that just need curb appeal (cabinets, countertops, paint, etc....) and no major repairs.

I thought that deed restriction (where you cant flip for 90 days) was lifted temporary due to the terrible housing sales? Do you know if this rule is still active?

I am a firt time auction buyer. I was the winning bidder for a house from a reputable auction company (williams & williams). They say I will get a free and clear title, with insurance. Should I hire a realestate lawyer to go with me at closing? I am paying cash for the house.
Thanks

I am waiting to see if a bank has accepted my offer, should know by the end of the week.

I am waiting to hear if the bank accepted my offer for a foreclosure (this is my first one). I want to get some opinions on fsbo verses using an agent.

I bought and sold my first house FSBO back in 2001 and I didnt think the process was that bad. The biggest complaint i had trying to sell my house was all the phone calls from realtors telling me I should not be doing this. I agree it took a little work but I think it was worth the savings. I did hire a realestate attorney for the paperwork/settlement. The market was also different back then, I had the house priced good and I had a contract in a week.

My plan is to pay a fee to have the property listed on MLS, advertise in all the newspapers/local internet classified adds. I am also going to list the house for about 15k less then comparable houses in the area for sale to try to give me a little edge. The house is going to be in tip top shape for a 20 year old house (new HVAC, paint, appliances, etc.....).

If I cant sell the property in 2 months I was going to list it with a realtor. I dont have any problems with realtors, they are providing a good service and they deserve to get paid. I figure i should at least try to sell it myself first.

Should I do this or just bite the bullet and let a realtor sell it?
Thanks

I have been reading the posts here on this site for a few weeks this is my first post. This site has been very helpful.

My plan is to start buying foreclosed properties giving them a little curb appeal, paint, etc.... and trying to sell them. I am very handy, have remodeled a few houses and I also hold a masters license in HVAC.

I will have several posts in the weeks to come.
Thanks