All Forum Posts by: Spencer Barker

Thanks for clearing up the $600 is not new for 3rd party only for banks that Biden is trying to push thru. If companies like Cozy, Apartments.com and others have been required by law for years to send out these 1099 for over $600 and I've been using these for couple of years now, why haven't I ever received a 1099 nor been asked to give my SSN or tax ID number until now? 

I received the email too. I thought the $600 (now recommended to $10K) was just being attempted to be pushed thru congress, not that it has yet. So if this is the case, why is apartments doing this already? And my deposits go directly to my bank account which would be governed by the laws anyway. All my income is documented in my taxes so not worried about being 'found out' or anything but I still do not agree with this. Wonder if all the other rent collection companies like Innago will be doing this before it has even passed congress. BTW: I've not been happy with apartments since I was originally with Cozy and forced to switch over. I've been thinking of switching to another but hadn't since my tenants are already setup here but maybe this will be the push I need to make the change. ?????

I have my '07 Prius with over 400K on it or if I need my truck its an '04 Silverado and yes I've had many a tenant with nicer vehicles than mine. I remember once when I had old Ford Ranger with no AC and my tenant was on HUD and struggled constantly to pay her rent. I find out from the neighbor that she just recently received over a $10,000 check from SS and did she use it to get her rent caught up? Living expenses? NO she went out and bought a new truck for herself!

@Jeff S.

Awesome!!! Standing up for America, wish we had more that would do it!!

Hey, I'm just north of Indy in NW Hamilton Co, small town of Sheridan. Is there RE Investor Group around this area that I'd be able to start attending? I've only done this by myself for the last 24 years and now thinking I'd like to be able to talk to some others near me that love RE investing! Thanks, Spencer

He's brought that option up and he's also not trying to make the big return but help his children in REI. We haven't all sat down and discussed but I wanted to present it here first to get my options before we do. Thanks !

Thanks for your response. Right now I am trying to generate some cash to help me get in a better position to buy more properties to hold. I have 9 total units at this time but I'm cash strapped so looking at alternatives to releave that problem.

Myself and a co-worker would like to get a house to rehab in the next few months. We both have rentals and have done a flip or two ourselves. His wife is a licensed realtor so no or minimal fees will have to be paid on 1/2 of each transaction if bought and sold through the MLS. His father-in-law has had his own business for years and would like to put up the money to fund the deals with my friend and myself taking care of all the labor (unless it's in the field of hvac repair or something specific that would need completed). My question is, what would be a fair split between the 3 groups? 1/3 ? I've done the 50/50 with one taking care of the financial and the other taking care of the labor. But with a 3rd party involved I'm curious if the financial side would get 50% and the other two doing the work would split the other 50%. And if that's the case, would my 25% be worth it?