All Forum Posts by: Mark Leclair

Thank you all guys for sharing you professional knowledge and insight on this topic. Rather prepare and be prepared for when it comes down to it ahead of time. 

Thanks for the insight everyone. I’m definitely going to look into it more and of course talk to a CPA and see what would help me the best for sure. 

Has anyone done this strategy, I know tony Robbins talks about this on his book money mastering the game book and google it and I find the same results. So have you done this with flipping a house profits, rent roll profits and avoid those taxes on the mo way and if you need it you take it as a loan. And that loan doesn’t need to be payed back. Thinking of setting one up that way I am ready to use it to my advantage if I can. Thoughts?....

My second option would be to refi the property, and my plan before i purchase would be to talk to a lender/ appraiser on the refi of the property. How long i will need to wait for the seasoning period, and how much i could get based on this property area comps when i do refi. All in i would be in for around 28,00 and the property would be worth based on my comps 180-200k minimum and the purchase price is for 128k. That would leave me with 8,000 in my bank and a savings rate of 1200 per month plus the cash flow i would have on the property, and a free and clear 20k on credit cards only for lastttttttt resort options and dont plan to spend that at all.

i have a property i am deciding wholesaling or keeping myself. It is 3 hours from me but the pros seem to outweigh the cons on this property. if i buy it i can use some cash/some 401k/some credit card ( would get a new one 0% interest for a year and only borrow 33% max) and use the refi or sale when i sell in a year to pay all of that back and should net me around 60k profit total. Downside if something breaks obv i have to fix it, will try to increase the rent as they are way under market value( current rent 1400, market rent min 1600), covid may effect the renters paying or being vacant but i feel like those are small issues when considering the upside. Also if i have this for 1 year exact does that null and void capital gains? I mean the goal would be to 1031 exchange this into something else but i always looks at it from multiple exits.

So I have an assignment of contract and buyer is interested in doing the deal. I am out of state for the residence so how can I get them to electronically sign it so I can get the deposit and wholesale this deal?

what do you all use for this any suggestions? Need helps ASAP if possible 

I am looking for a painter subcontractor who have  1) Liability Insurance and 2) pay workmen’s comp on themselves and their employees in Northern Connecticut. Looking to build multiple long term partnerships with subs to sub out work too. 

If you or anyone you know is a painting sub please let me know!

my pictures were taken with my iPhone and I am trying to upload them to the marketplace to post a deal and if won't let me. have you had trouble with these and any tips?

About to lock up a contract on a property. Does anyone who where I can get a legal contract for the owner to sign contract on the home with me?  Does staples have these or anywhere like that?

@felipe pereira the property is 8 north main st. Went for the showing and couple of problems I encountered there are it is currently a single family and in the process of a multi switch. The top unit has everything also to be a multi. Also has knob and tune in the basement and maybe something with the foundation not sure because there is water that leaks down there. I could see some water that was wet on the concrete floor there. And everything else seems to be just kind of cosmetic eye stuff that would need to be done for the most part from what I could tell. It is listed for $169,900 but the other thing in my mind that’s holding me back is not having 6+months reserves and or personal cash after DP on House is made.