All Forum Posts by: Michael J Scanlon

Okay so I am considering buying my house from my dad and renting out the extra bedrooms when he moves out. I have lived with him for the last 3 years.

But if he sells to me and then hypothetically someone comes to me and offers me a large amount above what I bought it for: hypothetically say I buy for $225k and 3 months later someone offers me $300k

Do I have to pay taxes on that even though I’ve lived in the house for two of the last 5? Or is it 2 of the last 5 since I took personal ownership?

If a grandfather passes away and the grandmother now owns the properties, is there a step up to current value for tax purposes? Would it depend if both names were on the title? Or would it not count because it’s not technically an inheritance?

@Jack Martin

Thanks Jack. I am definitely going to make that and j. Scott’s book on estimating rehab my next set of books I read (always do two at once).

I definitely don’t know enough but I know the valuation was so low (but it very quickly went under contract unfortunately).

@John Jacobus

Thank you! Very good info.

@Chris Pellicone

Thank you! Learning everyday here.

I’m looking at a 31 unit with double the open land to expand. The deal seems too good to be true so I’m wondering what I should do differently for a mobile home park in terms of due diligence?

Do I calculate my numbers different to a typical buy and hold?

Are there special factors within mobile home parks that I should be aware of that would make it a bad investment?

Thanks!

@Charlie Cameron I’m more than happy to bring people deals as often as I find them in exchange for mentorship. It’s a win-win for both sides and the more they teach me, the better job I can do for them and then for them, it becomes somewhat passive. So I’m happy to do that if I can.

Hey guys!

Thanks for the responses.

So basically what I’m looking for is to be a part of all of my deals and be mostly commercial but do some residential for myself.

I am fortunate to have some good connections to high level investors that are happy to work with me and allow me to be part of their larger deals by reinvesting my commissions for equity splits.

I was hoping for a boutique firm that is willing to help teach me the business of properly evaluating deals but to essentially work almost exclusively on only the deals for myself and the multiple partners I’ve garnered, which, I understand, may limit their willingness to mentor me.

I can potentially find a mentor in one of the investors I’m working with but they typically take more limited roles and simply provide capital and don’t work on the analysis side, though I understand that doesn’t mean they’re oblivious so they could help mentor potentially.

Hi,

I just passed my Illinois broker’s exam and I want to find a more investment-specific sponsoring broker in the Chicago area. I don’t want to go to one of the big companies because my aim is to focus specifically on my own investing and investing with my partners, more so than buying and selling houses.

Does anyone know of any or have any tips of where to find one? I want someone who has done plenty of investing and can be a mentor who benefits from the commissions I bring in after they’ve taught me.

Thanks!

Mike