All Forum Posts by: Scott Johnson

 Aye! My favorite part is that we can take the percentage of the structures assessed value (assessed improvements value / assessed total value [including land] = Percentage) and the play our purchase price by the percentage to get our depreciable basis (not including acquisition/closing costs, of course). That's why I like condominiums so much. There's no land involved so they're 100% appreciable in most cases.

Did you have your broker post any reports that prove the mold was remediated? While I can understand that people would run away from mold, as long as there is solid, written proof that it has been taken care of they really shouldn't be any issue.

If you wanted to, you can also pay for inspector to go through and show that there is no mold on the report.

That's funny that Home buyers are running because it's listed, lol. I hope this helps!

I believe you do. Go to the real estate listings page and if you do not see " my listings" you probably do.

You're Welcome 😉

IRS Publication 544

How many negative cash flow properties can you buy before you go bankrupt? Unless I'm missing something, the property(ies) you are purchasing is a liability, not an asset. Assets put money in your pocket and liabilities take money out of your pocket.

I am not a fan of appreciation, and in my opinion it should never take the place of positive cash flow. That's because I have zero control over it. Consider that any proposed sale price (Comparative Market Analysis) or value opinion (Appraisal) is calculated using comparables sales for similar single-family home. How much control do I have over how much those comparable sales sold for? None. They were separate people making their own separate decisions.

If your lender is recommending that you buy multiple properties that have negative cash flow then you either have a ton of cash flows that you need to offset for tax purposes or he's an idiot and isn't taking into consideration your needs and goals. I certainly hope you didn't find them on bigger pockets if the latter is true…

Hope this helps!

 I'm with @Alecia Loveless 💯

Take the time to sit down with him. He may or may not have an issue with you're making a profit on it, but there's always a chance.

Mideast would most likely take that property on, but I would call their office first. Have you done any additional research into the requirements? A few years back I help someone so their portfolio and most of their properties received Mideast assistance. 

Just let me know! I'm local Greenville.

 @Melanie P. is spot on, brother. Here you go

Greenville, NC REI Meetups
Greenville, NC REI Facebook Group

Let me know how I can add value!

Go get’em @Elijah Combs!! You’ve got this!

Mine is the unpopular answer, but in my opinion it's the best one. Read and familiarize yourself with these:

Residential Rental Property
Business Expenses
Business Use of your Home
Travel, Gift, and Car Expenses
Schedule E Instructions

Primarily focus on "Residential Rental Property", "Business Expenses" and "Schedule E Instructions". After you familiarize yourself with these, you'll be able to decide whether or not you want to employ a CPA at first, but if you do you'll certainly know how to speak their language.  

Come join us Every 3rd Thursday of Each Month and play The Rich Dad Company's CashFlow the Board Game! 

Whether you're an experience investor looking to hone your skills/network or a new investor wanting to learn the ropes, we'd love to have you out! CashFlow helps you develop a firm foundation for your Financial Education! Failing is the best way to learn, but make those mistakes with FAKE money whenever possible!

Each session will have a 5-Minute "Smidgen" which gives you actionable information you can implement in your Real Estate Investment business right away!

Agenda
7:00 PM Pledge of Allegiance (If you don't like it, don't come)
7:01 PM Prayer
7:04 PM "Smidgen"
7:09 PM Play CashFlow Board Game
9:00 PM Cleanup and Networking
9:30 PM End

BE ADVISED

*** WE ARE AN EDUCATIONAL MEETUP AND DO NOT PROVIDE INVESTMENT ADVICE! Please speak to a qualified Financial Planner or CPA prior to investing ***

*** PLAY MAY BE LIMITED BY THE NUMBER OF GAME BOARDS WE HAVE! If you have a CashFlow Game, feel free to bring it, but YOU are responsible for keeping track of it! Players who do not respect other's games will be asked not to return ***

*** NO DEAL PROMOTION DURING GAME TIME, so everyone can focus on having fun and learning! If you have a deal to promote, please do so in the designated Networking Time ***

*** If you're a Real Estate Professional (insurance agent, private/institutional lender, broker, contractor, etc) and would like to do a Smidgen and join our Alumni, please contact Scott Johnson to get scheduled! Alumni in good standing will have the opportunity to be on our future Local Investor Referral List ***