All Forum Posts by: Merrill Delimont

I have been building wealth through investing in properties, and now I am wanting to get into the flipping business.  I need some good contractors who can help out.  If you know someone, or fit this bill please let me know.

Thanks,

Merrill

 I did a rough schedule E for next year's projections, and it looks like on paper I will make $4032. In order to not get taxed on that amount what can I do?

One of my reasons for coming to this site. Last Monday I sat down with a tax guy, and he told me that is what I should do. 

My last tax guy was turbo tax...not much of a conversationalist. 

I guess it is a good Lippmann's test for a good tax guy.

I actually need a long education:) I wish I would have payed attention more in accounting classes during college

I actually need a long education:) I wish I would have payed attention more in accounting classes during college

I have recently bought 1 property, and am in the process of buying the second one.  The first home collected rent December 1, and I earned 500 over what I owe.  My second property should make 700 each month.  

My plan is to save the income from the two homes and use that money to invest in the next homes.

I have heard, but have not seen it in writing, can you save the income and "reinvest" into the next homes without having to pay taxes on it?

Thanks,

Merrill  

My friend has been investing for a couple or years and has 4 homes. He is using a different strategy than me, but I was able to tap into his contacts, and used them as a resource. 

In this game, it is a matter if having the right people working for you. In my industry we call it multiplying your self. I can only do so much, but if I have 4 people doing the menial tasks for me, I can focus on building a strategy and making money

Something to think about, when the pro's are doing this they often do not even talk to the tenants. They have property managers and teams in place to do everything. My first property was on the east coast, and I live on the west coast. I did have a good group that I found through a friend. they make my life easy, and I collect a good check every month. I don't feel the need to be close to your house as long as you have the right people on place

Hello Timothy,

One option you may have is finding an investing partner. Someone who has experience, credit, and leverage. Message me back if you want to hear some additional thoughts on this subject