All Forum Posts by: Parth Patel

Hi all,

I’m currently in a situation where I’ve got a Tax Burden of approximately $2 million.

I need to reduce this with real estate investments before the end of the year. What can I do?

I’ve been trying to develop a game plan before going to my CPA & financial advisor next week. I have family who is significantly involved in real estate, but I’d like to get some other points of view before diving in.

I had an idea where I could bid on foreclosed homes and then rehab significantly to trim away from my massive tax burden. Is this a viable option?

I’ve always wanted to invest in real estate but have absolutely no experience in it.

What are your thoughts? What would you do if you were in a similar situation?

Some important information:

I’ve got $3,500,000 in cash.

I’ve set aside $2,000,000 for my estimated tax burden. I’ve calculated the tax correctly.

I’m 26 years old

I have $0 debt

I have no financial obligations at all.

Thank you!

@Marsha Rost ahh I see thank you!

@Anthony Wick I live in our summer home, which is way nicer than anything i’d buy as a rental property. I was just looking to see if I could capitalize on a house hack while living where I currently am. Some people have advised against it though.

@Anna Buffkin ahh I see, thank you for the input. Definitely not trying to do anything illegal haha.

@Theresa Harris ahh ok I see. I’m in a bit of a unique situation, so I was just exploring my options. I appreciate the input thank you!

Lets say I were to purchase a 3 unit home, and I were to set my primary residence to one of the units, but I lived elsewhere....is this illegal? I’m not trying to break any laws, was just curious.

Are there any consequences if 2 units get rented out, and the 3rd just sits there empty?

Sorry for the dumb question!

I was looking to get my license, but there are just so many companies offering courses i’m not sure which I should choose. Do any of you have any experience with a specific company? Thanks!

Looking to get my real estate license in the state of PA but there are so many different companies offering course. Anyone have any experience with a certain company? Thanks!

Hey guys I was wondering how much time some of you spent learning the industry before closing your first deal?

Ive been reading quite a bit, and have a long list of books lined up. I don’t want to paralyze myself from closing a deal, but at the same time I don’t want to make a mistake.

when do you know you’ve acquired enough information?

Any advice is appreciated thank you!

@Jacob Gelinas what did you do to overcome that barrier?