All Forum Posts by: Philip Watts

I have a debt deal with a developer (who is known on these forums) that’s gone south. I’m in New Jersey, he and the property are in Florida.

The property sold, he never notified me, never sent me financials, just said he lost money, needed time to come up with repayment and is now fully ghosting.

I can get into deeper detail when we speak.

@Kislay Shah

Hi, I’m hoping you can point me to a resource that explains the ins and outs of real investment estate losses and the their effects on non-real estate income for tax purposes. We were informed by our tax guy this year that since personal business income exceeds $150k, our investment real estate losses cannot be written off against our non-real-estate income but rather carried forward indefinitely until sale. That you can write off against the property investment’s positive cash flow but not against our other income. We didn’t have time to get into it deeply but I didn’t know this. I’m also wondering if it’s a function of business structure. Again, anything that can spell out these details for me would be greatly appreciated.

I read an article recently that was talking about a city I've had my eye on for potential investment and the author mentioned that some development projects are slated to move in to the area. I emailed the author for some clarity but got no response. I've always found it difficult to purely internet sleuth my way to these types of answers but perhaps you all have some better insights into how to uncover this info. Is there a particularly good source of info you turn to?

I’ve come across a multi family for sale that works for cash flow but it seems the taxes are on an assessment around half what it’s likely to sell for. I haven’t had the experience in buying a place with that much of a gap and I’m not remembering if I should expect taxes to immediately jump to the sale price level. This is western Massachusetts so it’s already pretty steep.

Additionally, Is there any way to do some homework to find out if it’s likely or automatic for this town?

Thanks

@Joshua Gorsky

Hey Joshua, I sent you an email yesterday. Let me know if it’s something you can & want to do.

Thanks

Philip

I'm looking at funding a few projects that are near the finish line with someone I know and would like to talk with someone knowledgeable with the ins & outs of hard money lending, due diligence, collateral stuff and setting up the right structure. Time is of the essence.

Thanks in advance!

@Ronny Tiburcio

Thanks Ronny, that’s the first I’ve heard that NOT being handy is a positive! I’m getting less and less handy as the years pass, that’s for sure.

@Vaughn Smith

Thanks Vaughn! I’m up for a drive if it’s not on an early weeknight evening. That’s when I have clients generally. Let me know and hopefully We’ll meet.

@Brett Baginski

Thanks Brett, I actually listened to one in my run this morning rather than my usual music. Not great for the run but was indeed very informative!