All Forum Posts by: Kurt A.

@dancox Did you ever find any wholesaler's in SE PA? 

Additional note if not understood, these are federal taxes. Not sure about IN state but never heard of any state taxes that you mentioned.

The tax on unrecaptured Section 1250 gain — the portion of gains on depreciable real estate (structures used for business purposes) that has been or could have been claimed as depreciation — is capped at 25%. Most other investments are subject to a preferential rate of 0%, 15%, or 20%, depending on the tax rate that would be assessed on the same amount of ordinary income. There may be taxes in addition to the tax rates shown in the above table. Taxpayers earning income above certain thresholds ($200,000 for singles, $250,000 for married couples filing jointly) pay an additional 3.8% tax on all investment income.[3][4] Therefore, the top federal tax rate on long-term capital gains is 23.8%.[5]

Need help with a line of credit or refi. 100% equity in a row home in Port Richmond, Pa Philadelphia, FMV 165k. Annual lease signed with a 15yr tenant. Any suggestions on a loan company or getting at least 50% out? Thank you.

Great idea and it gets that family involved. No matter if you are a 100k or 100mil dollar broker, there is a home for your wife. You'll need to do some research in your area, I'm not familiar enough to know any specific broker but any of the breakaway or affiliated "with" brokers will always help. They usually have a minimum of 1 closing/year. Just keep in mind, the less you sell/buy the less you get to keep from the commission.

In most cases in my area, we sign up for MLS and pocket listing access. At the end of the day, with 1 or 2 deals a year we are breaking even on commissions with the cost of MLS and hanging the shingle. If she closes with a friend or family member, that is a bonus. The better benefit, is the access. Goodluck and let me know if this helps. Search for some contacts in your area.

haha... No politics here. Just want to make $$

Hi with some help...

There are some great electronic options out there to pay rent but the owners have to be willing to accept it. 1. PNC, and many of the larger banks, have POP money. Where you can send money to someone and all you need is their phone number or email. 2. If the landlord has an address, you can have the bank setup a bill pay with their name and address. 3. You can post date, say 3 checks, and they can pick it up for each qrt- 4 stops. 4. If the owners setup some type of online payment---there are plenty for a small service fee.

5. And for your daughter, I would move away from wiring the funds and just do an ACH. They don't need verification by using the RTGS system- Wiring is for large institutions and verification. The owners might not understand the difference between wire and ACH. (I've working in finance for 14 yrs) Hope this help you and your daughter. 

Please don't forget to vote

Hi,

This happens more than you think. I've never had this issue in my area, Zillow has been helpful for a starting point. One alternative would be to ask for a professional appraiser to help. Before you write the check, make sure you know how they are going to appraise the property (comps, walkthrough...) and what their experience would be in that area. Ask another real estate agent that would have more experience in that area. And finally, look at the deed book for the county to find some starting value. If you can't value it or are uncomfortable in the appraisal, move on to the next one but keep an eye on the house. 

Goodluck and don't forget to vote. 

Hi Pete,

If you have already signed the documents or put the money in, there is not much you can do. But don't worry you can refi with money out after you make your "upgrades" to the home. If you own the home personally, not in an LLC or Business, you should be able to refi fairly quickly with a signed tenant lease agreement. The key would be to make upgrades to increase the value above the OPP. Currently, some banks, private lenders, and RE lenders (higher points) are allowing refi with money out above 20%.

I would note, most successful investors including B. Turner like to keep 25% in each of their rental properties. B. Turner did several podcast on this...look around #150+ for the latest reason you are doing well with 20-25% in equity. Also, research his podcast on creative financing, if you need additional $$ for your next home. 

Goodluck and don't forget to vote. I couldn't find your previous post to review. 

If you purchase "the book of rental property investing" by B Turner, he supplies just about every document you will need for purchases and tenant. he supplies a bonus section for private purchase.  It's awesome a great book and you get the extra book, "managing rental properties" both are a must read...really. And no I'm not on the payroll of biggerpockets...

Goodluck. It's well worth the value to get the documents. Check it out https://get.biggerpockets.com/rentalbook/

Don't forget to vote.