All Forum Posts by: Michael Gorence

Thank you all for your input. I will definitely reach out to a tax specialist (appreciate it Natalie)  to confirm where I am at with this K-1. Ron- I'm not sure on the cost segregation, however, I will research. 

Justin- Yes, I have invested my IRA funds. I am researching ways to avoid the UBIT tax.

Again, Thanks very much. 

I invested in a syndication deal last year and unfortunately it looks like it will generate UBIT tax at some point. My plan at some point is to transfer this asset into a QRP and avoid the big tax bill. While the investment was made last year in May, we have not received any distributions as of yet (looks like net rental income was a loss). I did receive a K-1 from the asset manager (after I filed my taxes last month). I'm not sure if any UBIT tax was generated. My box 20 on the K-1 states STMT. Can anyone guide me with info to help with making sure I don't need to follow up and add a for 990-T to my taxes. Also, has anyone else had success avoiding this UBIT tax by switching to a QRP?

Thank you for your time and knowledge

Michael G

Thank you everyone for your insight and helpful comments. I will consider each comment thoughtfully. I agree that the value is in what is actually generating income. This was a discussion about a park my brother and I were looking at a ways back and we weren’t sure about the empty park owned homes. I’m sure this scenario will come up again and now I think I have a good idea how to evaluate them.

Thanks to all

Mike 

I've been trying to analyze mobile home parks. I'm not sure about how to consider a park with a large amount of vacant park owned homes. I realize it would depend on the condition of the homes and vacant homes would probably be in need of rehab. With a park of 90 spaces, 25 rented and 25 vacant homes I have to wonder is this situation an upside or a liability? The broker stated that the park was in this condition do to neglect by the owners. I was hoping for someones opinion on this situation.  

Jack, 

Thank you very much for your input. I will continue to digest all of the information I am bringing in. Very kind of you to weigh in and I appreciated the time, effort and thoughts. I don't want to re-invent the wheel and I believe much can be gained from other's experience.

Happy Tuesday Sir

Mike

Hello,

I've recently completed both podcast series by The Mobile Home Park Academy and Mobile Home Park Mastery and found them both extremely informative. Both podcasts have tons of great content and I'm convinced that the mobile home park space is right for me. I'm considering the home study courses and or boot camps offered by both The Mobile Home Park Mastery team with Frank Rolfe and the similar courses offered by The Mobile Home Park Academy with Kevin Bupp and Charles Dehart. Both are appealing to me, however, these both come with a decent investment cost. I have no problem investing in my education and I would love to hear any personal opinions about which way to go. If anyone has taken these courses and found them valuable, please let me know. I want to get started buying a park. 

*I've 

Hello Bigger Pockets community,

I am a CA investor looking for recommendations on great cash flowing cities somewhere outside the state of California. I am ready to choose a city and begin my out of state investing career. In addition, after reviewing any recommendations, I will be looking for my core-four and boots on the ground. The numbers don't work here in southern CA and I have hopes of doing something long distance. Please let me know if you have any insights into a great area where I can buy an hold properties that cash flow. I'm really excited to start applying all the wonderful knowledge I'v taken in from all of the bigger pockets podcasts, books, and forums. 

Kenneth, 

Thank you for your response and information. I will look deeper into the need for an LLC and have something drawn up. I too agree that 50/50 sounds reasonable. I'm definitely taking a passive approach at this point.

John,

Thank you as well for your response. In answer to your questions:

I will be funding the entire project, rehab, purchase etc

The team on the ground will do everything else including acquisition, rehab, even property management 

Sherwin,

My goal would be to get some cash flow, refinance out my costs and do the process again with the same team, preserving my investment money to keep on repeating. I've only read a bunch of books mentioned on BP and tried the calculator on a few properties as far as analyzing deals. I would like to do my own deals eventually, however, I'd like to get the ball rolling and team up to see what happens. Its seems like everyone agrees that 50/50 sounds reasonable. I'm in San Diego which is probably easier to find deals in that San Fransisco.

I think I should find some insight on how to calculate the profit on a deal where I hope to hold the property, rent in out for cash flow, refinance my investment cash out and re-use it to finance the next deal. All with having my teammates do all the work elsewhere. I guess I need to figure the profit generated from the deal to fairly spit it with the team. 

Hello, I'm just begging to invest in real estate. I've researched via podcasts and BP recommended books and webinars. With my limited time and experience, I decided to attempt to network and partner up on a deal. As my contribution, I have a small amount of money I can bring to the table, and found a team out of state that has experience and boots on the ground to do the deal. My hope is to BRRR a deal out of state ( I live in California and the numbers don't seem to work here) and continue to utilize my same cash to obtain multiple cash flowing properties, over time, via the team out there. I trust and have faith in my friend and his team out there and I am looking for a win-win scenario.They have experience and a proven track record. I feel blessed they they are willing to do a deal with me. Does anyone have an idea of a win-win structuring of deal that I could use with this team that would make sense for both parties? I want the team there to have incentive to do these deals for me and also do well for myself and my future. I want to buy and hold these properties, and somehow share the profits to provide incentive for our win-win scenario. I'm looking for ideas on how to structure these deals to make it stupendous for all. Thank you for your thoughts