All Forum Posts by: Nathan Letourneau

Hey Ben, congrats on getting started. I'm in the Hudson, WI area if you ever want to connect.

Foundation repair bids can be all over the place.   get a few quotes.  I've had bids from $7k to $38k for the same project. Usually it's more labor than anything.  I buy with foundation issues a fair amount.  The other thing to remember with 100yr old houses is that many times it needs more repairs than you are planning on. Just make sure to give yourself a cushion.

Had hail damage to rental properties in 2017. Received checks from insurance for cash value in 2017. Started to get one property repaired before winter, but it will be finished this spring. The other properties haven't been started. I know any "profits" from the insurance payout minus repairs are taxable. My question is do I have to claim the cash value checks on my 2017 taxes as income even though not all repairs have been done? I'm worried this will cause a large "increase" in income for 2017 and a large "loss/deduction" in 2018. I was thinking I was going to wait until 2018 to see what the actual loss or gain was from the insurance payout minus the repair costs and claim it then (Kind of like you would with a flip...claim all expenses in the year you sold it not in the year it was incurred). Now I'm wondering if that is right.

Not sure it matters, but another part of this is I am unable to access the "cash value" funds the insurance paid me because my bank (who has mortgages on the properties) has them "locked/froze" until the work is completed or as the work is completed). As I bring in valid receipts or invoices for work completed/supplies they will release the funds to pay off those invoices/receipts.

@Nicholas Aiola Had hail damage to rental properties in 2017. Received checks from insurance for cash value in 2017.  Started to get one property repaired before winter, but it will be finished this spring.  The other properties haven't been started.  I know any "profits" from the insurance payout minus repairs are taxable.  My question is do I have to claim the cash value checks on my 2017 taxes as income even though not all repairs have been done?  I'm worried this will cause a large "increase" in income for 2017 and a large "loss/deduction" in 2018.  I was thinking I was going to wait until 2018 to see what the actual loss or gain was from the insurance payout minus the repair costs and claim it then (Kind of like you would with a flip...claim all expenses in the year you sold it not in the year it was incurred).  Now I'm wondering if that is right.

Not sure it matters, but another part of this is I am unable to access the "cash value" funds the insurance paid me because my bank (who has mortgages on the properties) has them "locked/froze" until the work is completed or as the work is completed).  As I bring in valid receipts or invoices for work completed/supplies they will release the funds to pay off those invoices/receipts.

This this is a first for me. I was contacted by a seller who gave me some very general information about a property they are looking to sell. They said before we discuss anything in detail they want me to sign a non-disclosure agreement.

Can anyone think of a reason why an investor wouldn't want to sign an NDA to find out more about a property? Thanks.

At the very bottom of the County website there's a link that says, "real estate for sale tax delinquent". Click on the link and it will Download a pdf of the properties that were up for auction. You can just monitor the website for when they post things again.  What kind of real estate investing do you do?

It wasn't a regular foreclosure, it was a tax foreclosure...so it doesn't go through the sheriff sale like normal. Looks like it sold for $17,500.

Hey Steve- did you bid on the Polk county tax auction this morning? Had a 3+ bed in atlas (west of luck). Opening bid $7500. I'd guess it sold for less than $20.  Was actually pretty good, but a little far for me.  I'm by Somerset.

I've had people tell me both ways, but I use business days just to be safe. I'd rather wait those extra couple days than have a judge throw out the eviction later on and have to start over.

Hey Alex, I'm about an hour west of you over by Hudson. congrats on starting your journey.

How come you're looking so far away for your first flip? Isn't Green Bay around 3 hours from Eau Claire?  I've heard it's a good market for investors right in your home city.