All Forum Posts by: Mark Bookhagen

Depreciation

No self employment tax on passive income

You get to write off your mileage, interest, taxes, and other expenses related to the investment property.

If you're an agent, you should have access to your MLS's Matrix.

Pro rata based on square footage is common.

You can use the current LLC, but you'll want to change your tax election to and S-Corp for flips. Also, I don't think you need an attorney to "make the switch." There's nothing to switch besides IRS "stuff."

I'm not an attorney or accountant.

Looks terrible. You want to be "cash flow positive" at the very minimum. Keep looking.

Who is on the title now? And why do you have to be added?

@Alexander Wardell You're correct. NY (my state) laws are a bit different than what someone quoted above. MA law seems much more reasonable. I just try to avoid these situations by making the seller deal with the issue so I don't have to.

@Alexander Wardell - You want to be cognizant of fair housing laws. You cannot say, "...too many kids so they have to leave."

You'll need to have a search completed by a title company.

Sounds like a great plan.