All Forum Posts by: Richard Warren

"The only difference between death and taxes is that death doesn't get worse every time Congress meets." - Will Rogers

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Remember, it is no longer "politically correct" to call them "illegals." The PC crowd would like you to refer to them as "undocumented."

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Three things to keep in mind:

1. It will cost more than you think
2. It will take longer than you expect
3. It won’t sell for as much as you hope

Rehabbers by nature tend to be optimistic. Keep those things in mind and be conservative in your assumptions. If you are wrong and it is cheaper, goes faster, and sells for more it’s just more money in your pocket. If things go the other way it can be a financial disaster.

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General rule of thumb is that an LLC is best for holding rentals and an S-Corp is best for flipping, rehabbing, etc. However, your personal situation and local laws come into play so it’s always best to consult with pros, such as a CPA and attorney.

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You need to determine what price they would actually sell for. That will let you know if there is any kind of deal here. With the builder dumping 36 units there may not be much you can do here at the moment.

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You mention the Original Price (meaningless) and the closeout price. What is the current market price for a resale?

What is your goal here? Are you looking to flip them? Rent them? Wholesale them?

As rentals these are awful, unless your ultimate goal is to lose a boatload of money.

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Welcome to the group! I'm a former Long Islander now living in Las Vegas, NV.

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When expectations are low it's much easier to exceed them.

NY Mets - 84-78, 3rd place behind Philadelphia and Atlanta. But they could get lucky....and pigs could fly...

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Intersting article in today's (April 1st) Las Vegas Sun.

See article:
http://www.lasvegassun.com/news/2010/apr/01/investors-swoop-again-do-they-bring-stigma/

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