All Forum Posts by: Matt Dabek

Do you know the area Kerry? 

What do you think about the FEMA "problem"?

@BJ Ralphs

The point is to not to use the REA. I'd like to know if my comps are "equal" with yours :)

I'm trying to not to tell my own opinion yet to not to influence answers.

So here is fema.

I'm not even sure how do I read this. But you are right. I wasn't even thinking about that. Good point. Do you think insurance is necessary? Is it going to be harder to sell?

And same here. I don't know the area, I'n in East Berlin :)

So...

here is a house for sale:

https://www.realtor.com/realestateandhomes-detail/...

I was thinking about buying it for F&F, but I wasn't sure. What do you think it is worth if it was finished like this (ARV):

https://www.realtor.com/realestateandhomes-detail/...

how much would it cost to fix it?

what would the profit be?

Your thoughts?

Will. 

I ended up leasing SUV under 6000.

I still don't know how is it going to work, I decided to try it.  I guesss you won't know till you try it.

I'll find out more after meeting my tax guy sometime soon.

Pat.

So I understand that 100% deduction was in the first year?

Thank you much for your answers. It's really hard to find complete information on that subject. I will contact my tax advisor on that.

Happy new year!

I need to change my old SUV that I used 100% for business and I have a couple of questions that I need answer on before I will make my decision.

I base my thoughts on fact that president signs $500,000 section 179 deduction for 2015.

There's four possibilities I take in consideration:

1. Buy SUV (under 6000 lbs gvwr) 

I can write off only 11,160 under section 179.

Q: is this first year only or over few (how many) years?

2. Buy SUV (over 6000 lbs gvwr)

I can write off full amount of purchase under section 179.

Q: is it 100% in first year?

3. Lease SUV (under 6000 lbs gvwr)

I can write off 100% of lease payments.

Q: is there any additional write off related to section 179?

4. Lease SUV (over 6000 lbs gvwr)

I can write off 100% of lease payments as well

Q: is there any difference with leasing SUV over and under 6000lbs?

Thank you for any answers and/or comments.

And Happy Holidays :)

So...

I want to try to analyze the flip of the house that I found to see if I'm missing anything.

There it goes:

This is the house

http://www.realtor.com/realestateandhomes-detail/2...

it is under deposit not by me.

Zillow price history:

http://www.zillow.com/homedetails/23-Kent-Ct-Middl...

Zillow comps: (I checked, It's pretty accurate)

http://www.zillow.com/homes/for_sale/58853980_zpid...

Target selling price $160000

Purchase price $60000 ( I would use HELOC cash from my primary residence for purchase and rehab)

closing cost 3%  ~$2000

estimated rehab cost $50000 (I'm contractor so I should be pretty close on that. High end finishes - granite, porcelain tiles, stainless steel appliances, new deck. Roof and siding need only cleaning)

holding cost 2 months rehab + 2 months for selling ~$2000

closing cost on selling ~6% so $9600

total:

$160000 - $124000 = $34000

Of course I would have to pay tax on that 34000 (how much would that be?)

Am I missing anything? Or maybe I'm wrong about something?

I will appreciate any hints and responses.

Matt

Welcome everybody.

It's good to be here.

I am a contractor. I do construction for a living and I'm about to start flipping houses locally. I have done one flip so far, but I didn't sell it yet :-) I decided to stay in the house that I've purchased. 

My plan is to HELOC from my house and use that to purchase my first flip. Whatever money I would do I want to invest in multifamily rental, potentially section 8.

Well that's a basic sketch of my plan and the reason of being here.