All Forum Posts by: Michael J.

Ok got it thanks.

How do you link to someone's name, I received a email. Apparently just using the @ symbol doesn't do it.

@Toby Johnston,
I would like to do that at some point to defer taxes some.

Hello, I have posted some on here over the years and sort of faded away coming back every now and then and now I am getting back into the swing of things and have been reading a lot on this great site.

I live in Louisville and am thinking about joining the local REIA and was wondering if this site ever hosts a conference or seminar or if there are other yearly seminar's that you all recommend that I can look up?

Also what are some good REI books you recommend? I read the Rich Dad Real Book of Real Estate, How to Become a Real Estate Millionaire (favorite), How to be a Real Estate Investor, and Lonnie Scruggs MH books, as well as several other general business and financial motivational books. I am really digging audio books too, I read/listened to more books in the past two months than I did all of last year.

The past several years I have lost focus on REI and was focusing on a unrelated business venture and now I am ready to kick my REI into high gear and make it a business, I have a few rentals now that have worked out very well and that was with me over paying.

My main focus for the next several years is on SFH REO rentals, maybe some small multi's and I would like to do a few buy, rehab, sell deals a year to bring in some extra quick cash, or more if it works out well enough.

Long term I hope to buy at least one large apartment complex and some modern retail or office commercial rentals.

Thanks for the info. Any tips on what can be done other than legally deduct every single possibly thing I can? Is there much of a difference if I do my first property under my name vs a LLC or S-Corp?

Would a S-Corp be better compared to a LLC for reselling since some of the money could be taken as a dividend instead of income?

@Jacob Allen

Can you expound on what you wrote? Thanks!

I found this on the IRS site. So if my income from job is over $106,800 and I sold a rehab for $20k profit does that mean I don't need to pay the 12.4% just the 2.9% for Medicare on anything over the $106,800?

I'm having an aneurism thinking about paying 47.3% in taxes, 34.9% still hurts but is much better.

Right now I don't have a LLC for rehab properties yet, I have not done any rehabs yet but I have some rental units. If it works out well enough for me I will get a LLC going or should I just start one for reselling anyways for my first property?

Mainly I am just trying to get an idea what to expect as far as total % goes for taxes so I can factor it into my numbers to see how the numbers work.

What I was planning on doing is using a separate LLC for reselling properties and another LLC for long term holds.

Thanks for the tips. Anyone know if Oxiclean works as well as the bleach will?

Will the diluted bleach kill plants and grass?

Hello,

Just wanted to ask this to make sure I understand the tax ramifications correctly before venturing into a buy, fix, sell property.

If I owned the property and sold it in under a year, lets say 6 months would it be considered Short term capital gains tax?

If my tax bracket is 28% and state is 4% does that mean I would owe 32% on all profit or do I have to pay self employment taxes also?

I am just trying to get an idea of what my total tax burden will be on the profits of a short term fix and sell deal. Thanks.

I have a pressure washer that will go down to car wash level pressure. It has a tube for cleaning solutions.

Does anyone have any tips on the best stuff to use to clean off dirt and mildew/mold? I need to clean a duplex and it isn't too bad but starting to look dirty.

I am hoping there is a easy way to just use a cleaner and the pressure washer so I don't have to scrub it all down.

I was thinking about trying the house siding version of Krud Kutter or Simple Green if anyone has advice there. Should I add something to it to help like Ajax or OxiClean?

I also read a suggestion to use laundry detergent, a cleaner like Ajax and bleach. I want to avoid using bleach so I was going to replace that with OxiClean.

My idea was rinse the vinyl soak it with the cleaner for 10 minutes and then use the pressure washer with the cleaning tube feed.

I also need to clean the aluminum gutters.

Thanks for any help and advice.

I'm thinking about looking at the one for 15k, it says motivated seller, land value is at 11k.

It's about 35 minutes away but I guess it isn't too bad where I live.

Pic's look clean but I can't tell about the neighborhood.

I've never dealt with a MH before. Are there any things I can look for that would help indicate I won't have a problem in the area?

It's in the country but in a neighborhood with .25 acre lots. From google maps I can see several other large buildings within the are and it is right off a major highway in the area.

Hello, it's been a while but I am back on the forum. I have been playing with the idea of buying a MH to rent but would like one on a normal lot of land that I could use for a house or something later on if I want.

Just to see what was available I asked a agent to give me a list from the MSL and there was one that might be good for $15,000 but might be able to offer cash for lower amount but most of them seemed really high priced like $50k to $130K when the land value was 8k to 10k.

Are these people on drugs or is that pretty common for a MLS listing? Maybe I am just too used to reading about the $2k - $4k MH deals in the great books that are available. I have other rentals but this is my first foray into MH's.

How do you go about finding a better priced MH on land? Is there a way to find REO or forclosures for MH deals?

My other thought was to buy a pice of land as cheap as I can and then buy a cheap MH and move it to the lot. I would probably have to run utilities and don't know what cost that involves. Has anyone done this or not? Another idea is divide a lot up if it can legally handle more than one MH and move another one in and rent them both out.

I still don't know if I am going this direction, I have seen several SFH in low income but decent areas for ~$30k and rent for $850 so in my area at the moment SFH may be a better option than MB, I have just read a lot about people getting MH on land really cheap like 6k or 8k and renting them for $650 - $750.