All Forum Posts by: Tanner Carson

Hey BP community!

I was looking to get some advice on how to analyze this property.

The property has a garage apartment in the back of which I do not wish to purchase. In talks he would let that go for 79k which means he is asking around 100k for the house.

The house has a brand new roof and has recently had foundation repaired .

The internal look to have new electrical I have not walked the house yet

Please help!!!

it will be a modest flip. I will do texture, paint exterior and interior myself, baseboards and trim. cabinet install possibly

What should my asking price be you think? and how do I go about accurately estimating these cost.

.

comps in the area are going 85-90 per sq ft.. non rehabbed (80's to 90's) style houses.

so 196 sell for-ish

My question is. How do I estimate this flip from a stud on stand point. I have never done it for insulation or complete drywall job.

Please help!!!

Awesome advice, thank you! i tried to tag you in the above comment back but couldnt figure out how to do that

Originally posted by @Dave Foster:

@Tanner Carson, on the 1031 front it all depends on how you own and report that property for tax purposes.  Many people have a "partner" but the property is really owned by each as a tenant in common.  If that is the case then at every sale you each have the opportunity of staying together and doing a 1031 on the entirety.  Or you can separate and each do your own 1031 on your %.

If your partnership is registered or if you own the property in an entity like an LLC or some other critter then that entity which files the return reporting the activity of the property is the tax payer and that entity has to do the 1031. So in that case you are stuck going forward together.

Probably the most common scenario I've seen with two casual partners is a tenant in common ownership with a master operating LLC. The LLC manages the property, and dictates the outcomes and provides some shield for the owners. The tenant in common ownership ensures that each partner can separate or stay together when the time to sell comes.

@davefoster

Thank you so much for the quick response! that really helps me clear it up! I have never explored too much at starting the LLC it has always just been a "plan"

Can you explain a little deeper the tenant in common relationship, this means the property wasn't purchased through the LLC?, but through conventional financing or cash under either or both of the partners? and then management of it is ran through the LLC?

Also, if you can shed light on the options of not 1031'ing at all?

It just falls under capital gains in a short term basis at 28% and you just take the hit?

I guess my main concern is, yes i agree shelter the tax hit into a snowballing portfolio, but when is it okay to keep the proceeds. 

Good Evening BP!

Okay so I have 1 flip under my belt (net 19k)

I put all that money back into my current residence that we are deciding to make our primary residence after 35k of renovations, because we love it so much. My neighbor saw me working everynight late and came over a few times. This basically grew into him loving the work I did and wanting to invest in and with me. After a meeting today, we discussed numbers and goals. By January we want to initiate our plan. This doesnt mean rushing into a deal but being able to finally analyze deals with power to buy.

I have a bunch of questions i would love some help on.

What are some options when structuring a parntership like this, 50/50 a good route?

A major question i have is what happens after we sell the property? as far as taxes go, we plan to do multiple deals together, do we have to 1031 into the next property or how does that work?

I would love feedback and advice or even links to something to read.

If you have a loan on the property you will also need to deed that portion out of the loan, it will need a survey, just call the city and ask for zoning department, Keep in mind additional cost for sewer and other things!

I am interested as well, I'm in yoakum which maybe some of you have heard of haha, however would be willing to drive. Hoping to move to the new braunfels soon after I finish out flipping my current live in

Good Afternoon BP!

I called a for rent sign and this happened! 

Hours of conversation led me being offered an 11 property package in my hometown. Started out as just a duplex, and turned into bigger due to the seller's (off market) circumstances.

I have a partner out of Houston as well. And we are currently seeking advice on how to fund this deal.

The total package is 660k, and the seller offered to carryback up to 15% of downpayment needed.

Do any of you know lenders or private money partners you have dealt with that we can reach out to?

I have tons more details but just wanted to get feelers out there.

Well I am just a bat boy amongst this lineup, but hey something like 80% of bat boys make it to the MLB right?

My goals are light, but one of the biggest things I hope to accomplish this year is making better relationships off BP

1. By June be completely out of debt except for primary residence

2. Increase my income at my full time job to 130k

3. Analyze 300 deals

4. Figure out which market i want to specialize in Austin, San Antonio, Houston or my small town of Yoakum

5. Find a small house or something to place on the vacant lot i got with purchase of my home, a creative way to begin my      investing career 

6. Continue self-education 

7. RE License by March 1st.

Originally posted by @Scott Trench:

I'm going to get to work with @Mindy Jensen to launch and sustain a world-class new podcast helping people build private wealth and create a financial position strong enough to easily invest in real estate, start a business, or live the lifestyle of their dreams. 

Including this podcast, but not exclusive to this podcast, I hope to reach 10M people (between podcasts, new content, blog posts, etc) with work that I create or contribute to in order to help grow BiggerPockets and spread good and thought-provoking financial concepts. The goal of each of these 10M hits is to encourage great financial habits that assist in some way or other in helping folks attain early financial freedom.

For real estate, my goal is to purchase a $500,000 - $700,000 property that will make for a great house-hack in a place that I will love living in the downtown area of Denver, CO. I am not sure exactly how much cash I will need to bring to the table to make this happen yet, as a number of things may influence that number. So, more specifically, I want to deploy at least $150,000 into solid cash flowing real estate investments, including a house-hack purchase and possibly an additional long-distance acquisition or partnership.

I'm not an entrepreneur in real estate like some others in this thread, I am an employee at BiggerPockets who invests part-time for some passive cash flow on the side, so I am not ready to scale into a ton of deals like some other folks quite yet! Sticking with conventional financing and seeking easy-to-manage investments for the next few years with real estate, if practical. Thinking big and creatively with content.

I am excited for the new podcast, I literally just caught up to josh and brandon's episodes and was not liking having to wait a week for another one to come out ha. Sipping coffee and reading set for life. Scott you would be proud, instead of buying the new truck I have been wanting I took my cash from the tin can (its a texas thing) and paid off my car. 

I would say set for life allowed me to double check my actions and plan for the future there. You made me think about things differently! 

Thanks!

Let me know if BP is hiring:)

I am interested in attending!