All Forum Posts by: Calixto Urdiales

What exactly is it that you would like one of us to do for you? Please do tell so that we may get things done a bit faster and keep you from waiting any longer than you have to. Thank you for your time and have a wonderful biggerpockets day my good friend.

Some time ago I was told by an aquaitance of mine that he new a guy that could build in san bernardino for about $80.00 a sqft. And an investor that I know usually goes off a price range that is between $150.00 to about $200.00 a sqft who lives in Los Angeles. (residential)

The difference in are is making that much of a change or is someone not conveying the right information?

Originally posted by "REIUSA":

I really like the idea of paying all cash to get a better discount for properties but the main thing I am concerned about is are there any negative effects like more taxes when you sell the home? Or if you pay cash for a rental and then refi it to pull your cash out are there any negative effects?

Thanks.

You do not pay taxes on any money you pull out in a refinance so if you did pay cash for the house and refied to pull you money back out if will not have any effect. The taxes that are implimented depend on how much you paid and sold the property for. Remember that any interest on a loan that was for an investment home is a 100% tax deduction, but for the best advice you should consult a legal advisor for such questions.

And remember if you can save some of the appliances in the home that are included with the purchase you can donate them and have a tax write off at the end of the year. But as far as what to do I would say to start with flipping and then move onto your rentals. Remember that flips do come in a shapes and conditions but in some cases the more damage the more potential to make a profit.

Good Luck!

Are you speaking on the grounds of hard money?

Because what I have seen lately is between 6% & 7% and the average person that has a credit record is a 700 + in California. Believe it or not but that is what was pulled in the last year or so and it would seem that all the people with bad credit are refinancing.

Yes this is true but you do have to account for the deduction amount when you sell the property, mind that is if you sell the property.

Also if you look hard enough you will be able to find one in the forum that is about lenders. I came across a few today that might have offered some good rates and benefits to borrowers. Just go to the home page of the forums and scroll all the way down until you get to the last few forums. Note that you will need more than 10 or 15 i think postings in order to post in these threads.

Sure just shoot me your e-mail and when I get the chance (most likely in the next few min or so) I will get you all the sample letters I send out. You might want to start with the first one and if no answer by one week send out the next one and so on. But if you are able to get a phone number via 411 or www.whitepages.com then I would suggest to give them a call instead of mail.

Yeah look in the newpaper they will run ads on FSBO's and most of the time when some one is doing a FSBO there is a good chance to make money if you know what your doing. Also check around your neighborhood for abandoned properties, if you can find the owners you may be able to come out with a good profit.

Hope this helps!

Dwayne I would say to do what I would do.

Hire a Management Company (one with a good reputation) and let them handle it from there. But other than doing a background check you can tell what most people are like by running their credit.