All Forum Posts by: Roy D.

Hi Alexis.  Be careful with rehabs.  There are much more lucrative ways to make large amounts of money in Real Estate.  When you flip a property, you earn a one time income, which is taxed as ordinary income.  And your investment is tied up for months.  Never mind the aggravation of dealing with contractors and the such.  There are actually 6 ways to gain from an investment, but flipping only utilizes one.  Ways such as earning appreciation of the property.  Paying down principal on loans just to say a couple.  You can utilize all 6 strategies and have someone else paying your mortgage.  Just food for thought.

Laura.  You may want to consider another business model.  The rehab market is Very slow with little profits for the time and effort involved. Myself, I got tired of chasing arrogant cash buyers. You may want to consider "Subject twos" and Lease Options.  There is much profit in these strategies with no money down.

What are you planning to do with these properties?

I have a question reference tax preparation.  I have spent tens of thousands of dollars on my business including training in 2015.  I have a Zero profit margin and am in the hole approximately $30K for the year.  Should, can I file these losses for 2015 or should I wait until I have a profit to write off?  Thanks.  Roy.

Aslyne, please do not put all your eggs in one basket.  Rehabbing, and wholesaling is a very difficult if not a loosing proposition.  I attempted wholesaling and found I was at the mercy of the cash buyers, I tried to convince to buy my proprietaries.  Remember asking price X .07 - repairs-your profit= cost.  Sounds like a way  not to make a living.  Plus, any funds earned in wholesaling is taxed as ordinary income.   It was a losing proposition.  The  reality of dealing with CASH BUYERS is a nightmare!!!  Trust me.  Been there done that.  Find another plan of action for your investment.  If what you are following a program that has the name "Yancey" anywhere, beware and run away.  Again, been there done that and lost my shirt.  Wholesaling is NOT where to make money in real estate.  Please, look else where.  Roy.

Hello to both of you.  I tried "wholesaling"  and flipping houses thing.  Very hard to make money doing same.  Remember, any money made flipping properties is taxed as ordinary income and there is NO future income.   I am now using a different strategy, which seems much more lucrative, less work and no dealing with contractors, cash buyers or anyone else except motivated sellers.   If you are in a program and the name "Yancey" appears anywhere, beware.  I was in the program and lost my shirt,  had no deals or real support from the mentor program.

Also, don't give away your "SDIRA".  Don't just jump at the shiny proposal. 

Roy.

Thank you for your feed back.  I'm still looking for my niche and am going in all directions chasing my tail so to say.  Roy.

Is there REALLY money to be made in junk mobile homes.  I cant see how a $3,000 mobile home can be turned into a $12,000 mobile home for example.  Tx.  Roy

Thanks Mindy.  I have done that.  I have cards and I pass them out or leave them wherever people could find them.  I just don't seem to be able to get going.  Roy.

I have heard all the old this and that for locating buyers and properties.  I find these are just not working.  PLEASE!!!!  Can anyone give me creative ways to locate buyers and non-listed properties.  I seem to be chasing my tail and going nowhere.  Help!!!!  Roy