All Forum Posts by: Scott Johnson

Hey! I guess I have to understand what you mean by a deal tracker first 😅

Blue state. Yuck. Those don't sound too positive. I'd talk to your broker on what it'll sell for after the fact and where the market is heading over the time you plan to own it. 

Won't be perfect, but if its a dying city they landlord don't want to be in, you need to know.

@Patrick Roberts a buddy of mine has used iFundCities for two flips. Seemed to have a good experience with them. Not sure about the new build side.

My thought? Use Real Estate By the Numbers as your guide, make sure it tracks the loan pay down and depreciation and have all of those numbers pour into a Schedule E.

What's up, brother! You're in Greenville too? We should grab coffee sometime 😄

It all depends. Can you give us any specifics regarding the oriwotu and loan? Possibly why you're looking to refinance? An LLC is just a body without a soul. If that LLC can qualify for the loan, it should be able to be refinanced. Unless there's an unknown factor that I don't know about 🤔

I'm reaching deep into my psychic thoughts… I see it… A majority of people who respond to this post will be real estate brokers… I can see it!

Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.

Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable. I believe depreciation on that unit that you were living in starts at that point as well.

just bringing this up because it was mentioned in another post where someone was house hacking. It seems that people are paying very little attention to it.

I'm with Nathan on that one. If there are certain areas that you're looking where there aren't any four Plexes, consider building one. That's the case here in Greenville, North Carolina.

Great to have you! There's a lot of great resources here! Feel free to ask any questions.

Step 1: RECORD IT

Step 2: Contact the developer to inform him that you own the parcel. Have proof on hand (easy enough to find) online of the missed tax payments and any documentation that supports that he specifically didn't pay his taxes.

Probably a simply mistake on his part, but now if he wants to develop on it, he either has to land lease it from you or buy it back.

I'm not sure how the whole tax deed thing works, so that would be something you have to figure out between the two of you. They don't do those in North Carolina