All Forum Posts by: Maugno M.

if it cash flows yes. I bought about 6 acres here in Tyler TX and have two mobile homes renting. They cash flow pretty nicely but I do have to be doing a lot of maintenance. I get several calls a month. Not huge things but little things here and there.
They are older mobile homes that were remodeled. But so far my tenants have been good on the rent and I hope to keep putting more mobile homes on the land.

Does Cozy charge the tenants ?

I call BS.

@Steven Hamilton II so dont do them with the "Rental Real Estate" Depreciation ? i should put them as land improvements instead ? If i put them down as "Land improvements" instead of "Rental Real Estate" they get depreciated over 15 years instead of 27.5 years.

@Mindy Jensen You are doing Mobile home rentals and so am I. I had a question I put on the forums but no one has answered yet hopefully you will :)

Back in the end of 2015 i bought 6 acres that i have been developing since. This past year in 2017 i placed to mobile homes on the land, did the septic sytems, electric service, water service, etc. I officially was done developing in November 2017 and had both trailers rented by December.

I am using Turbo Tax to do my taxes and what i am doing is i am adding the land as the rental real estate and adding Assets to that property(the mobile homes). All under one rental income basically.
I was listing each mobile home seperately but an AE agent from Turbo Tax and i got on a video conference and he explained that was wrong. That As i kept adding mobile homes to this land, that i would simply keep adding on "Rental Real Estate Assests" to the property. The mobile homes are going under the tab "Assets/ Depreciation Property, improvements" So i have both Mobile homes under this as well as some improvements i made to the land. I wanted to list all my expenses i incurred(Water meter, septic tanks,electric,propane) under expenses but they said that wasnt the correct way. That i had to add it to the cost basis of the mobile homes. So i added all that up and added to what the trailers cost me. So now all that is being depreciated over 27.5 years. Does that sound right ? If i place all this under expenses i get a better refund it seems like but according to them that isn't the right way.

Also, IF i put my Mobile Home rentals under Land improvements instead of Rental Real Estate, I get a huge deduction and instead of 27.5 years of depreciation i get a 15 yr depreciation. If i put the Mobile homes Under Land improvement the cost shows up under Special Depreciation Allowance. They said the correct way to do it was to list them under "Rental Real Estate" which give me $0 dollars under these two things below.

Special Deductions Section 179 deduction$0
Special Depreciation Allowance $0

I have my full time job and they took almost 10k from me in Fed Tax Withheld. So i am trying to get as much refund as possible. But i want to do it the right way. Correctly from the start. I do not want to open up a can of worms with the Tax Man.

Back in the end of 2015 i bought 6 acres that i have been developing since. This past year in 2017 i placed to mobile homes on the land, did the septic sytems, electric service, water service, etc. I officially was done developing in November 2017 and had both trailers rented by December. 

I am using Turbo Tax to do my taxes and what i am doing is i am adding the land as the rental real estate and adding Assets to that property(the mobile homes). All under one rental income basically.
I was listing each mobile home seperately but an AE agent from Turbo Tax and i got on a video conference and he explained that was wrong. That As i kept adding mobile homes to this land, that i would simply keep adding on "Rental Real Estate Assests" to the property. The mobile homes are going under the tab "Assets/ Depreciation Property, improvements" So i have both Mobile homes under this as well as some improvements i made to the land. I wanted to list all my expenses i incurred(Water meter, septic tanks,electric,propane) under expenses but they said that wasnt the correct way. That i had to add it to the cost basis of the mobile homes. So i added all that up and added to what the trailers cost me. So now all that is being depreciated over 27.5 years. Does that sound right ? If i place all this under expenses i get a better refund it seems like but according to them that isn't the right way.

Also, IF i put my Mobile Home rentals under Land improvements instead of Rental Real Estate, I get a huge deduction and instead of 27.5 years of depreciation i get a 15 yr depreciation. If i put the Mobile homes Under Land improvement the cost shows up under Special Depreciation Allowance.  They said the correct way to do it was to list them under "Rental Real Estate" which give me $0 dollars under these two things below.

Special Deductions   Section 179 deduction$0
Special Depreciation Allowance $0

I have my full time job and they took almost 10k from me in Fed Tax Withheld. So i am trying to get as much refund as possible. But i want to do it the right way. Correctly from the start. I do not want to open up a can of worms with the Tax Man. What do you all think? Tips, Advice, constructive criticism welcome :)

Damn, who does their first deal in the millions range ? Wholly crap ! It's almost funny. Good luck.

You are taking it to personal. An Investor is an investor ! Sounds like you need to try and sell on the actual market not to a flipper. Most flippers want a much higher return that is why you are getting those offers. 

@John Thedford The Wholesalers I've dealt with tell the customer exactly what they are doing from the start. Alot of people use wholesalers because their properties are distressed so listing it by regular means would not be efficient. Wholesalers fill in that gap. Cash, quick, gone. I understand there are probably some out there that manipulate and fraud, but that is in every industry. Like I said, the ones i know here in East Texas that send me stuff, disclose everything to the sellers.

When i fist created my account with BP, I think there was a glitch and that is what i had put. I never changed it till now. I have never actually done a wholesale deal, Ive bought two deals from a wholesaler though. And they turned out well. Like i said in the post, eventually when i have cash reserves i would like to wholesale. So far, ive bought 4 deals, and then sold them for profit. 2 of my properties now Ive turned into rentals.

I still don't understand how this is not legal. In the state of Texas it is perfectly fine to 'reassign' a purchase contract. You intend to buy the property, you find someone that wants it, you sell them the contract for a small fee. I personally think though, that whoever is putting that property under contract, should have the funds to buy it in case the reassignment doesn't go through. Turning people into the law or real estate commission is just going out of your way to do harm. Why would you waste your time ? Just ask the person not to send you the stuff. If it isn't affecting you, why point the finger. I sense a little bit of jealousy or bad vibes from brokers or agents that feel this way towards wholesalers. Not everyone has to get their license just because you all did. Real estate strategies are endless. I have only flipped not wholesales I am just defending this because at some point when I have enough CASH I would like to wholesale. Having said that. I don't do my real estate thing because I already have a bachelors In Business. A broker once told me the way I am doing it, just being an investor is even better because I don't have to be upheld to the same standards and ethics realtors do. My little brother is actually the one in school right now for his real estate license. It's his last semester. We are working on finding him a real estate broker to sponsor him. Something about him needing an internship. Once he is licensed, I think we can team up and do great things in RE. I know you all are wayyyyy more experienced in this than I can prolly ever imagine being but just my opinion.