All Forum Posts by: Luke Saglimbeni

@William Lees

Please note if you default in the 401k loan the tax benefit is lost and will have to pay taxes on the 401k balance.

@Anita Parsa. The sellers maybe scaling up and 1031 into more unit building

@Mitchlyn D.

I’d look for a better deal. Dogs will scare tenants and buyers when it comes time to sell. Was it j Scott or Matt faircloth that had a story on that in the webinar

@Michael Doherty. Good afternoon Michael. I look forward to meeting you and others there as well. I plan on attending! Have a great day

@Geoffrey Fellner. Not sure I follow in how it’ll lower property taxes. You just need to find the sweet spot # that works for both of you. Run it through the brrrr or rental calculator. Do some research on installment sales on irs website and educate your parents that you could save thousands in taxes via installment sales aka seller financing. Just make sure you offer then a high enough interest rate for stated interest (see irs website). If interest rate is too low they will lose their tax favored income classification.

Good luck

@Joshua Gordon I would double check to ensure everything you want to do is legal.  And as another poster mentioned, see if you negotiate that discount % lower.  Run some #'s.  Good luck and let me know how it goes.

@Natalie Kolodij  since when does rental real estate have to be on the accrual basis of accounting?  He can be cash basis?  I am making logical educated assumptions on facts given, and if put in the same situation would basically do the same thing.  I am sure the OP is smart enough to invest in only cash flowing properties.  The biggest assumption is if it is legal to do so, consult with a local RE attorney.  The biggest lesson in this post is regarding time value of money.  Don't forget the basics of this and the power of compounding 8th wonder of the world.

@Anthony Dooley you can also say abide by state AND federal laws; marijuana is legal in MA but not the good ole USA

@Natalie Kolodij OP quoted,” I intend to use immediate profits to purchase a new property.”

He also has this whole year in write offs to offset rents as well. If he is not a real estate pro, I’m sure he has some Carry forward write offs too as well as the new property regardless if it’s rented or not.

I would be interested as well.  I was thinking about starting one in East longmeadow too, but we will see.  keep me informed if you start one!