All Forum Posts by: Patrick Brooks

Investment Info:

Office Space commercial investment investment.

Purchase price: $250,000
Cash invested: $50,000

Purchased with seller financing for my own office but may lease out to tenant

What made you interested in investing in this type of deal?

Business purposes

How did you find this deal and how did you negotiate it?

Wrote seller letter and called, i negotiated with his agent and lined out terms of loan.

How did you finance this deal?

seller carry

How did you add value to the deal?

renovations

What was the outcome?

still holding and using for office space for brokerage

Lessons learned? Challenges?

tax advantages of owning commercial property

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the real estate licensee

Christopher Smith would you be referring to tax form 6252? 

Yes the entire city I believe.. but there is different (outs) for single family homes where this one is 2 homes on 1 lot. From who I've chatted with its governed as a duplex when it comes to rent control rules. I obviously still have lots to learn on our rent control laws.

I appreciate the input and I do have a property manager here who I could chat with so I will reach out to them. Also will look into the housing voucher program.. I did look awhile back into what housing authority was giving for different bedrooms...I think I saw 2800 for a 4 bedroom. Ill look back into it though...GREAT IDEA. Thanks

Hi All,

I own 1 home in Yuma,AZ we rent and I have a commercial property here in Vallejo, CA that I'm renovating for my business. I'm looking to buy something else in Vallejo other than my primary to start creating more passive income. Do you believe that it's smart to invest in a city like Vallejo for rentals when there is Rent Control..over a city out of state? 

I like to look here because I know this market very well (I'm a real estate broker) but sometimes I get concerned as I do like to over think and I'm fairly new to this game of residential rental investments in California.

Any input would be greatly appreciated

Hi All,

I'm a new Pro member and excited about using this platform more and more. I've been in Real Estate for almost 8 years now and it may be bad that I don't know this but; when a seller carries a loan, what taxes do they incur? Is it just taxes paid on the down payment and income made off the payments/interest? 

Someone told me they thought the seller would have to pay tax on the total sales price even if he is not getting the money at once which I don't think makes logical sense.

Any input would be greatly appreciated.