All Forum Posts by: Ryan Kephart

Hello,

I just bought a property for 160k in 2022, spent roughly 40k on it, and sold it for roughly 210k in 2023. 

I'm confident I will be able to figure out how to write off the 40k on my 2022 tax return. I think I can write off more than 40k actually including commissions and another few items. It might turn out to be a loss or a break even when I add up all the deductions.

I sold the property in 2023 but spent money on the rehab in 2022. Will I have a capital gain in 2023? That's my first question. My apologies I don't know enough about RE taxes. Im uncertain of the capital gain calculation and which form to report. Would it be the 210k sell price minus the 160k buy price for the capital gain calculation? Or do I get to use my deductions against the sale price for that calculation?

Let me know if you have any ideas or if you are an RE tax professional. I'm trying to file my taxes soon!

Thank you so much,

Ryan Kephart

Colin Corrington Review

I'd like to leave a review and referral for Colin Corrington. I'm a rookie real estate investor and I set out on this journey looking for an agent who would add as much value as possible to compensate for my lack of experience. I was lucky enough to find and have the pleasure of working with him. Here is why I have valued working with him so much.

Skilled and Experienced Real Estate Investor

Collin owns and has rehabbed several properties so his input was highly valued throughout the process.

He advised on asset selection and offered me the idea of doing my own underlayment project to level the floor which was the primary improvement needed in my flip project.

He was familiar and experienced with flip formulas to derive a good purchase price.

He advised on municipal codes for each house we looked at.

Advised on all construction considered for each property.

Advised me on removing a massive amount of dust from my condo. He's the dust king.

Industry contacts

He called an A/C person and a Hot Water Heater person during the purchase and got these fixed for me in a short period of time.

I didn’t have to waste time looking for someone or get gouged by Jon Wayne. He got it done for me on the cheap.

Negotiation skills

It was a nightmare with the Title company. Colin quarterbacked getting a proper title commitment. Without his expertise I would have fired the title company.

Reliability

Colin showed me houses at all hours of the day and was responsive the same day or even within the same hour of wanting to look at various properties.

Friendliness

Offered to buy me cup of coffee.

Pleasure to work with.

Professional

Flexible work hours.

Saw houses late and often.

Patient

Walked me through entire process of the purchase and rehab and was patient throughout. I asked a lot of questions because I am a first-time homebuyer. My previous mortgage broker told me to just buy a house already when I asked several questions: )

He went Above and Beyond

He picked up a check from my office and delivered it to the title company. I didn’t have to do anything.

Colin called an AC guy for a thermostat fix and paid for it himself.

Paid for broken window on his own without me asking to ensure a good appraisal.

Summary

Colin is fantastic. I like Warren Buffet approach to business. Tap dance to work and enjoy the people you work with. I am accomplishing this goal in working with Colin. I highly recommend him to anyone who is buying a house.

Hello,

Does anyone have any title company recommendations for San Antonio? Trying to close on a deal now but hasn't gone smoothly because of Title. First time RE investor. Just trying to get a good group to work with moving forward.

Thanks,

Ryan

Hello,

This isn't a technical real estate question but if you don't have a hold on your personal finances, making money won't do much for you! That's my problem. I'm having trouble sticking to a budget. I overspend almost every month. I take out all cash and try it that way and that sometimes works but I usually end up pulling out my card. I try to set spending limits for myself, but it usually doesn't work. 

Can anyone offer any advice on how you control your spending and keeping a budget? Would love any help.  

Thanks!

Ryan

Hi, 

Thanks for the responses. Yeah it says on the city site that they are allowed anywhere. Maybe I need to direct this question to the city, I'll try that.

thank you!

ryan 

Hi, 

Does anyone have any experience with ADUs in San Antonio? I'm thinking of buying a quad and then living in a ADU on the property. Or even buying a SFR and putting an ADU on it, or even find one with an ADU already on it, that would be great.

Just curious if anyone has first hand experience with it before I just do it and get in trouble with the city for doing something wrong lol.

Thanks!

Ryan

Hi,

I am also looking at developing a detached quadplex or a 5 unit complex in San Antonio. My problem is I know very little about the permitting process. Can anyone help or offer and resources or advice? I looked online at the city's site but that's not enough info for me to dive in and start the project. I just don't know what I am up against on getting those permits and also am not familiar with the code in San Antonio to build to. I looked at the unified code but didn't get much clarity. 

 I have found a few properties I like zoned for MF or a quad as well. We have kicked around hiring someone to build it or do it ourselves. We think we can pull it off ourselves but again don't know how to navigate the permitting. We originally wanted them to be tiny houses, but 500 sq ft would be great too. We have a vision of creating a bougey small house community. I looked for a few builders if we go that route but am not too sure where to start there either. I might just start calling them. I guess a recommendation there would be amazing as well.

In summary, I would love any help on the permitting process or a recommendation to a reliable builder who can accomplish the permitting themselves. Any help would be much appreciated : ) Appreciate all the support, thank you so much!

Ryan

Thank you everyone for your help! Much appreciated. Still swinging away trying to acquire my first property. Appreciate all of the advice. If this helps anyone, Legacy lender in San Antonio has lenient rules on seasoning for renting. Just a FYI, I figured that out so far. Again, thanks for the help!!

Hello,

Here is my ideal BRRR situation in San Antonio, TX and the problems I am having/trying to figure out. I am a little bit of a newb so please bare with me : ) I would just call around to the banks today but it's veterans day and the banks are closed. I am just looking to advice if my idea is feasible. Any help would be appreciated!

Ideal Situation: Buy with 5% down, Rehab, Cashout Refi when rehab is done, Rent it out when rehab is done, Repeat. Get to 10 mortgages and then refi into a commercial loan. Then repeat.

Here are my problems:

Goal 1: Buy -  Buy with 5% down on each purchase and do over 6 deals a year

      -Initially not a problem, but what about the 2nd and 3rd purchase? Would that have to be 20 percent down? My idea would be to buy with 5% down and refi as an investment property and then with the next purchase, consider that my homestead and put 5% down and not 20%. Is that feasible?

Goal 2 Rehab - OK

Goal 3: Refinance  -  Refinance with 80% LTV as soon as rehab/renting it out is done

              Problem: Seasoning. Do some portfolio lenders not require seasoning? I'd like to do many deals a year and not wait 6 months : )

Goal 4: Rent - Rent it out immediately  

                Problem: Seasoning. I might need to research this more, but I have run into a few problems with seasoning here.             

Goal 5: Repeat - Repeat 

          As mentioned above, seems like I would have to put 15-20% percent down. Would like to just repeat with 5% down if possible.

If I could find a portfolio lender to do my ideal situation that would be great, but haven't found one yet. Any help is appreciated. 

Thanks,

Ryan