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All Forum Posts by: Ray Slack

Ray Slack has started 3 posts and replied 9 times.

Each state has its own laws about foreclosure "Help".  or "rescue" .. Personally I think if you are providing a service to an owner in foreclosure disclose it and disclose your fee.. I also think you should be required to be licensed. Too many people take a "course" and declare themselves foreclosure experts.   Agents should list a house and help the owners sell it and receive a commission.  Not take part of the owner's equity be pretending they are going to buy the house. So, many wholesalers tie up properties in foreclosure without the ability to ever be able to close on them trying to "Flip" Them to other investors. Then backout at the last minutes leaving the the homeowner with no other option but homelessness. 

@Melanie P.  You Rock!  Thanks.


Property is owned by a Trust (My mother owned it and passed away) I'm the trustee of the trust but the lease is in the name of the management company which is an LLC and I'm the only member of the LLC..

So, this is my first year having a small management company where I manage rental properties for a few owners and had a few questions.

I use zillow rent payments to collect rent for all my customer's properties and then forward the owner the rent minus my 10% commission. 

My questions.

1. With regard to security deposits from new tenants.  

   A. I think zillow has included these in my 1099 they send me.. Can anyone confirm if they do this? 

  B. Should I include security deposits I've received and then forward to my owners in the 1099 I issue them? 

2. I'm assuming I am supposed to 1099 an owner for the gross amount I receive on their behalf not the actually net amount I pay them, correct?

for example if I have a property rented for $2000 a month and I charge 1 month rent as a turnover commission and 10% of each monthly rentals as a management fee I would send my owner a 1099 for the full $24,000 and they would just line items the turnover commission and monthly management fee as an expense on their schedule E , correct? 

Thanks it..

Thanks for any input

I have a non paying tenant in Bowie MD (PG COUNTY) Maryland that I need to evict and had a few questions.

1. My lease is under my management company which is a single member LLC.. I'm the only member.. Does anyone know if I'm required to be represented by an attorney? of if I can represent myself in Court? Online it says "In some instances corporations and certain other legal entities must be represented by an attorney" not sure what those certain entities are... Any help?

2. I want to not only get the tenant out of the property but I also want to get a monetary judgement against her.. I've heard and read conflicting opinions on this.. Some say that you have to file a separate civil action (in addition to the actions to remove the tenant)  to be awarded a judgement against the tenant and some things I read online seem to imply you can do them both at once through 1 action. 

Any help? 

Thanks

Post: Trustee/Lendor Delaying Closing (MD foreclosure)

Ray SlackPosted
  • Posts 9
  • Votes 2

Okay.. I used to buy several properties per year at the PG auction.  The trustee will eventually pay the water bill..  You need to speak with the trustee and ask that they pause the interest from 15 days after the date they notified the property was ready to close.  They might need a judge's order to pause it but if you and the trustee agree it's a simple motion that you could draft yourself.  If it's a large amount of $ I do have a REALLY good attorney that used to be a foreclosure trustee for a large firm and knows all the other trustees. she will Take the case on cotingency and charges 1/2 of what she saves you .. She has saved me $10,000 in interest on 1 property in the past that took over a year to close.  If you need her name reply here or in Private and I'll find it for you.

If you find anything interesting in the Bowie MD area you can hit me up with it. I have 10 rentals now in Bowie.

Post: Newbie Investor Choosing a Market

Ray SlackPosted
  • Posts 9
  • Votes 2

Why not consider Baltimore.?  It's only about a 90 minute drive from you in Arlington and is similar to the other cities you mentioned. 

So, I seem to have made a mistake not funding a roth IRA for the last 20 years.

I have a heathy self directed 401k that I max out every year and currently own 2 rental properties under it. I'm collecting rent that all goes into my 401k..  This is deferring my taxes which I will have to pay when I'm retired and pull the money out.

I guess I should have also been building a Roth IRA over the years also. So, I think I would like to start now. Just had a few questions.

1. Am I correct that with a Self managed roth IRA I can own real estate and the rental income and capitals gain when sold just go back into the Roth IRA and if pulled out after retirement age are tax free? ( do realize I would be contributing after tax dollars to the Roth IRA)

My plan is this contribute the max to my solo 401k as usual and then the max of $7500 to a roth IRA (i'm over 50) before 2024 and then contribute another $7500 in Jan 2024 to then have $15,000 in my account. I am currently investing in tax sale properties where I can buy a tax sale property for about $15k and "Flip" it for $25k to $30k.. Then I would have 30k in my account. I could then buy 2 tax sale properties with that $30k and rent them out for until I'm of retirement age and put the rental income back into the Roth IRA for the next 5-6 years .. Bringing the value of assets in my rother up to about $100k.. Then when I'm 60+ the entire value of my Roth IRA plus any capital Gains and rental income can be taken out tax free??

This seems to good to be true..  Am I missing anything here?