All Forum Posts by: Krishnan T.

Just curious about the discussion of legality, What happens if it's not legal and there is wholesaling activity going on, what happens then? Who from the gov is going to come after the wholesaler and what are the punishments/enforcements?

Yes, and a college project would be to find and assist for free someone who is active in real estate of any kind.

@Salvatore Lentini Thanks for this QnA forum, it helps a lot. How can a full-time real estate investor without a W2 job (I do Shipt shopping/Uber /gig work) etc do a BRRR? wrt to the loans? I hear it's difficult for such people to do a cash-out refi or get a loan.Thanks!

@Jonathan Greene So In my example above, pls take the 170k and 20k termite repair numbers as example numbers.I started searching up "Duties of a relator as a Fiduciary " and you get the " loyalty", "confidentiality " etc etc...I came across this document that belongs to the National Association of realtors  , it is dated from 2013, maybe things have changed since 2013? : 

nar-fiduciary-duty-032213.pdf

Under the reasonable care and diligence section, the final line says " 

Simply put, this is the same duty any professional, such as a doctor or lawyer, owes to his patient or client.

So given this is what they are saying, you don't feel that a realtor should disclose to me the buyer that she feels there might be some serious damage, or at least make sure I get a competent termite inspector so it can be uncovered?

@Jonathan Greene Thanks for reply  ...lets say for example me and my realtor walks into a home that is listed for 170k . The 170k value was arrived at based on comps, demand/supply etc and the realtor is experienced and notices that there is a possibility of termite damage in one of the rooms, and the repair cost should be around 20k. Should the realtor let me know? ...OR if the realtor was hoping the inspection would catch that and she does not need to interfere in the buying process, but the termite inspection is a pass..should the realtor over-ride that?

In Florida, if a property is listed for 170k, but when you check it out with a realtor the property needs work, and let's say it needs 10k work, so the correct offer price is 160k. If the realtor knows this from her/his experience, is it their responsibility to advise the buyer accordingly if the buyer does not know this?

Sometimes I proceed to open the calculator and then I am gripped by shame, I then proceed to do the mental math correctly. Then there are other times I like to continue to swim in my own swamp of shame lol...

@Michael Plaks Thank you for the info...I sent the 1099 NEC mid Jan but didnt know I also had to send the 1096 to IRS. How will the penalty be calculated? .Is it done by the efile service?

For work done of my rental (sold 2020) I sent a 1099 NEC to the contractor. Do I have to send a 1096 referencing the 1099 NEC to IRS before I do the taxes for 2020? . The property was held and sold under personal name.

As some of you or maybe all of you may know, a reddit group called wallstreetbets used social to put a few wall street big names to shame:

How r/WallStreetBets Made GameStop's Stock Price Soar: Reddit Takes on Short Sellers - TLDR News - YouTube

Was this good for you? Did you make out like a bandit?