All Forum Posts by: Maugno M.

sell !

@Charlie Moore I feel you Charlie, 10k property hardly gives a benefit to depreciate. Not much money honestly over the 27.5 years so i understand your reasoning. But you have to do this, I have mobile homes that i rent out and i have to take depreciation. its a small amount like 100 or 200 i depreciate from every mobile home but i still do it. Turbo Tax is what i use, and it calculates it based on your cost basis.

Don't budge. You'll do fine @Stephanie Jamgochian. You budge on this, they'll start trying to pull your leg on more issues. 

@Stephanie Jamgochian OF COURSE ITS A NO ON THE RENT REDUCTION! Why are you so afraid of turnover ?

Or a better question is why are majority of BP members afraid of turnover ? It is because they are over leveraged to the max and cant afford two months worth of mortgage, that's silly. I have nothing but MTM terms on my rentals, and they are paid off so letting tenants go is not a big deal to me, ill fill it back up in no time. Probably a couple weeks to fill. But then again i do mobile homes, class C / D tenants but it works for me. I don't think I am ever going to have rentals where i owe such a huge mortgage on the property and hardly make positive cash flow. That is"drip money"

Update: The house was listed with an agent. I chose an agent that responds well and quickly. Doestn't take her time to get back to you. I like to be in the loop. Her office is a couple years new, so they are on HUSTLE MODE. 

My house is under contract after being listed about 14 days.

@Phillip S. Man don't listen to these guys. Why the hell would you pay 300 or more for an estimate. That is nonsense. Keep asking GC to give you bids, perfectly fine to get an idea of what you will spend. If anything go to property yourselve, take lots of pics and send it to them. A GC that want to make money to just give an estimate is overly priced right on the spot. Trust me, there are plenty of handy men out there. Just keep looking around, and you'll find them. 

Now to just keep trying to get estimates and not doing anything , will eventually black list you. So try to make it happen on one of these deals. I'm not with the contractor, i'm with you. Let's hustle out here, lets not get hustled. Dont pay for an estimate !

Everyone disparaging MHP investors needs to move on. This is an investment website, that's what we are here for. Its a dog eat dog world, get over it.
If you don't like that then leave BP, because you are obviously not an investor.

Time for you to find another agent. and how the hell are you gonna make money at 80% value? i shoot for less than 50 haha

Evening BP,

Time for us procrastinators to start doing our taxes ! I have tried to reach out to several CPA'S and of course are all booked to take me on. So will probably stick to using Turbo Tax like ive done several years. If I want to report the income I made from house flips, where should I report it ? Turbo tax is telling me to put it on a schedule C under just self employment. Should I instead list under investments or cap gains ? Short term gains nothing I hold over a year. 

Also, I opened up two LLC's last year toward the end of the year. My flipping LLC has been dormant, I deposited some money to the bank account and purchased properties. But they carried over to 2019 and I still have yet to sell those. DO I have to report even though I don't have profits in 2018?
I also have a rental LLC where I have my holdings. I put November and Decembers rents in that LLC. I suppose that one I should report as income ?

Any feedback is much appreciated. Like I said, I know I need a CPA, so I don't need to hear that again lol. 

is this with material ?