All Forum Posts by: Jimmy Nguyen

Hello,

My wife and I are at the point with our rentals and airbnbs and inherited assets to need a good tax attorney.  Would anyone be able to recommend one in the Manassas, Warrenton, Culpeper area?  Thanks so much.  

Hello, 

I am doing my taxes and I want to deduct the cost of my swimming pool.  I rent out two rooms on my property where I also have my house which I live in full time.  One room is in its own smaller building.  The other room is an in-law suite.  I have a couple of tricky questions.

- Since the house where I live has 3 bedrooms and I essentially rent out two rooms, do I deduct 2/5 of the cost of the swimming pool?  We will be using the swimming pool along with the AirBnb guests.  

- Should I take the one time special depreciation allowance, which would allow me to deduct the expense of the swimming pool in one year?  

Thanks for any advice you can share. 

Sincerely,

Jimmy

Thanks @Brad S..  I'll have to definitely give this to a lawyer to review.  They sent a contract over and under additional terms it says, "Seller to owner finance.  Buyter to put $13,500 as down payment.  Balance of $76,500 to be divided into 8 monthly installment payments of $9,52.50.  Monthly payments to be made by buyer the 5th month and begin April 5th, 2022.

Seller to pay a 3% commission"

There is no language in there about penalties for late payment of failure to make final payment, which I believe should be in there.

Yes, the other thing I have been wrestling with that you mentioned is developing the property myself.  I believe I can make a good profit from building a spec home on it, but the negatives are having to risk the $250k into build it and dealing with volatile building costs.  I do have my Builder's license, but it would be hard for me to be on-site as it's far from my home.  I have talked to some builders and they are quoting me $150/sq ft - $200/sq ft.  If I was the builder, I could probably do it for $125/sq ft. as I would cut out the intermediary.  But that extra cost might be worth it to avoid headaches.  I suppose this is a good problem to have.

@Brad S. Incredible information.  Thank you so much.  That's why I love this community.  The buyer sent me an offer that was for 15% down and then 8 monthly payments for the remaining principal after that.  No interest included into the 85% balance.  I have to pay 3% buyer realtor fee.  I'm not sure if they could have just went with a lawyer to do this transaction to save some more money.  This is the first offer I got and people usually say the first offer is the best offer.  I'm thinking of asking for more to get compensated for having to wait 8 months.  

I am selling a piece of vacant land in an urban area that can be used to build a single family home.  I got an offer on the property, but the buyer said they could do 15% down and pay off the rest in 8 months.  I am not really clear how that works out.  I'm guessing they need to build the house on the land and then use the money from the profits of the sale to then pay me the rest.  Is this standard practice?  Is there any questions I should be asking like should I get any interest for those 8 months.  Thanks for any help you can give.  

Thanks, Jacob.  I'll look into the benefits of depreciation.  I forgot to mention that I would be getting tax credits for this rehab and I can only claim the tax credits if I pay a company to do the work (e.g. my company and subcontractors).  

Hello BP rental investors, 

I have an LLC with a Residential Building Construction Class A license. I purchased a rental property under my personal name so that it would be easier to refinance. I want to be the General Contractor for the renovation on the rental property. Has anyone done this before? I suppose I will just have to write invoices to myself from my company and keep all necessary paperwork.

Thanks for any tips on doing this and any things I should look out for.  

Sincerely,

Jimmy Nguyen 

Hello,

I am looking to invest in properties or land lots in the Richmond area.  Are there any Richmond wholesalers that I can work with to see off market listings?  

Thanks,

Jimmy 

@Ernest Fernandez Thank you.  Look forward to talking more.  

Hello,

I live in Virginia, but my investing partner is in San Antonio.  We are looking for an investor realtor to help us purchase our first property to fix up for rent or flip.  Our upper limit would be $150,000 all cash purchase. Or if you have a recommendation.  Thank you.

Sincerely,

Jimmy Nguyen