All Forum Posts by: Rene Owczarski

@Grayson Wright Have you voiced your concerns with the attorney in question? Because if you've done 6 deals with them and said nothing to this point, why would the attorney think you've got concerns with the format of the land contract. Also just because you see a contract on Google, doesn't mean that the clauses are allowed in your state. Bottom line, you can call the attorney and voice your concerns point by point, but it sounds like you don't think this attorney is capable/has the experience you are looking for. So then just end the relationship, and go with the attorney from your state that drafts the types of land contracts that you're looking for from the samples.

@Anthony Salgado You're welcome. Glad I could help.

@Rob Wetzel Option 1 was definitely very clever on your part, since you were able to secure good long term financing to make the deal cash-flow. And then with you HELOC, you can tap that remaining equity on demand as purchase money/rehab funds/or lend it out as hard money/transactional funding to other investors. Good job on this one.

@Angel Perez So let me see if I understand this right. You've got rental #1, it generates $36k a year (don't know if this is you're gross or net) and it's got some kind of financing attached to it. And you're thinking about selling some/all of your stock market investments to pay off the financing on rental #1, so that you'll then own rental #1 free and clear. Am I understanding this right?

@John Mazzella Have you tried using the BRRRR calc on BP? Since I see that you are a PRO member, so you have unlimited uses of the BRRRR calc. Here is the link to the calc: https://www.biggerpockets.com/...

@Dayrone Edwards With owning the property free and clear. There is nothing stopping you from calling a bank to see if they'll give you a loan on the property, to recoup some or all the the purchase price. But from your question, it's also tough to tell what you've got (productive farm land, empty warehouse, raw land in the path of development, etc.), what if any income it's generating, and what skills you bring to the table, since that'll also dictate what/if any kind of loan you can get.

@Lan Phan I'm not a CPA or tax professional, so this is just my personal opinion. And since it sounds like you didn't live in the home for 2 of the last 5 years, then it wouldn't be considered the sale of your personal residence.
1) Since you owned for more than a year, at the federal level it would be long term capital gains. And then you would probably also owe state taxes for TX and CA.
2) You should have gotten a 1099-S from the sale.
3) If the IRS catches you, you'll have taxes and penalties to pay on the gain.

Also within Turbo Tax, I thought they had a feature to ask a live CPA by phone or in a chat box. So that might be an option for you as well.

@Anthony Salgado Working at a high end dealership, is a great opportunity for you to have exposure to people involved in real estate, and to help solve their problems. So now's the time for you to keep you eye's and ear's open, about what people are talking about, especially if they are complaining about something having to do with their real estate. Be that problem solver for them, maybe you know an area of town better than they do and can give them an insight, maybe you know of an abandoned house by one of their investments, maybe they need trash hauled away and don't know who to call, maybe they need something picked up and don't have the time, etc.. You've got to give, before you can receive. And good luck on your journey.

@Reco Collins It really depends on the rules in your area, on what's allowed as a use and occupancy for a single family home. Since some cities allow group homes in SFH's, but others don't. So I would say, before you start to filing any paperwork to change the zoning, would be to call your local zoning office, to find out what's allowed in the zoning/U&O on that property.

@Shannon Hogan This doesn't sound like your normal kind of build. So probably a first step you could do is a search on Google Maps of the area that you thinking of building in, to see if there are any other assisted living facilities in the area. Then from there, kind of look them over in street view/aerial view to see if they are new builds, and if they are call the local permit/planning office, and they can tell you who the GC/Builder was, since they would have pulled the permits on the project, and then just start cold calling the GC/Builder from their.