All Forum Posts by: Account Closed

Hello, I have a couple questions reguarding selling a property through a wholesaler. Am I paying capital gains tax on the amount I receive from the wholesaler or the sale price recorded on the deed? I asked someone at the title company and they told me I may have to pay higher taxes because the deed only transfers once and I may pay taxes on what the wholesaler sells the property for. 

Also, the wholesaler is located in the UK, but they claim they have a local buyer lined up already. I am hesitant to move forward with the transaction because of this. Anything I should be aware of or look into? Thanks

Anyone looking for a contractor or advice on Cleveland market.. feel free to hit me up. Looking for a few leads on jobs or deals. You help me I help you? Cheers

shoot me a DM!

Hi there, I am a motivated, hungry (newer) investor & contractor looking to make connections in the Cleveland, Ohio area. I currently have a two family (will be converting to 3) which is occupied and a SF which I am renovating. In the process of finding my 3rd deal. Also looking to start working for myself full time, and potential leads will help me move forward quickly in starting my own business.

I feel I am in a great position to work with or for investors, locally and out of state. Also looking for a good investor oriented agent to work with. Also would love to chat and network with more experienced investors. I feel I have a lot to bring to the table. I am open to managing rehab projects and managing properties. I am a finish carpenter by trade, and experienced with high end custom work, cabinetry, trim, tile, painting, flooring, etc. I’ve been personally involved in all aspects of rehab and renovation projects, and have a lot of connections as far as other contractors in just about every trade. I also have good knowledge of the Cleveland area market. 

Please shoot me a message if you’d like to talk! Anyone can feel free to ask me any questions they may have about the Cleveland area or reach out with work leads, potential deals, or business relationships. Or just a good conversation! Thanks for reading! 

Tommy

@Anthony Dadlani

Thank you for your response. I don’t have much interest in flipping but I am open to any suggestions. I definitely feel like I am in a great position for an investor to work with, but don’t want to short myself for someone else’s benefit. 

Maybe I can use him to finance the rehab next door, but I could use some resources to figure out how to structure an agreement that would make it worthwhile. Going to gut the place and see what all I’m dealing with and get a more accurate estimate on paper. 

Hello, I am a contractor / carpenter / beginner investor in Cleveland, OH. I would like to quit my job which is pretty demanding, working 50 hours+ a week and leaving me pretty drained and without much free time to work on my properties. 

I have a two family which while living in one unit is cash flowing about $300/mo, and will cash flow about $900/mo when I move out. Rent is $900 down, will be $750 up. I just bought my next door neighbors house for $9k, partly seller financed $200/mo for the next 20 months. I need to gut half the house and do a full rehab. I also just did a cash out refi on the first house and have $15k available from that, plus my additional savings for emergency. I could get additional financing but I don’t want to over leverage myself in case of emergency. 

I also have a relative who is wants to invest with me but I am hesitant to partner with anyone or lose profit (unless the faster progress is worth it) and would want to make sure the partnership or additional loan is worthwhile. I feel like this is a valuable resource I could use if the situation / agreement is right for me.

I also work a lot on the side and could take on more contract jobs which would be better paying than my current job but I don’t want to count on that right away, to be safe. I’d rather put more energy into rental properties and building equity faster. If I keep working my current job or work for myself it will be a slow process to get everything done or I’ll be paying more to sub a lot of the work out. 

What do you think are the best options for me to consider and does anyone have any ideas how I could make this work? I’m also preapproved for $80k and as tempting as it is to buy myself a single family home and let my current unit pay that mortgage and then some, there are probably smarter ways to move forward. Thanks for reading :)

Hello, I have a bit of a unique situation. My next door neighbor has to move unexpectedly into his mother’s house who passed away. He is going to sell his house for cheap, needs tons of work, but it’s almost too good of a deal to pass up. 

I have money set aside for purchasing my own single family home soon, which I’d like to avoid tying up. I haven’t been able to get a loan for his house conventionally or through a private lender. 

He will likely sell me the house for $10-15k, the rehab will cost $40k or so. I plan to put a roof on the house immediately for around $9k. I’d like to get the roof on and the water damaged portions of the house gutted, then chip away at the rest of the repairs over the next year or two as I get more cash flow.

I may propose a seller financed deal where I give him a down payment of $5k or so, then pay the rest off over two or three years. He may be able to get more for the house, but he is motivated to sell, he likes me, and would like me to buy the house if we can work out a deal.

Any comments or advice? Is there a good way I can pitch this scenario to him? Is there a better way to do it or any other ideas people have? Thanks!!

Hello, I am considering buying my next door neighbor’s house. It’s overall footprint and layout is almost identical to my house which was built in 1900. I have a full basement, his house has a very small basement with a rounded, almost circular shape. maybe 6x10 at its widest points? The basement sits under the rear portion of the house. I know this is common in 1800s houses. A home I used to live in built in 1870 had the same type of basement. 

What do you call this type of basement? Does anyone have experiences with this type of foundation? There are a couple areas in both the front and back of the house where the floors are definitely dipping or sloping a couple inches, give or take. The house is missing most of the gutters so that is probably causing problems too. There are definitely major issues, some maybe just from settling, but the small basement area seems dry. 

I would probably run in the opposite direction if this house wasn’t right next to mine. It also has an amazing 2 story coach house behind it that is in better shape than the house. The house has needed a roof for probably 10 years, the water damage is bad upstairs but not as bad as I expected judging by the outside. Otherwise it’s a total gut job. He would let it go for next to nothing. I’m intrigued by the opportunity but it would definitely be a huge headache. Any thoughts? Thanks!

Well when I move, on paper my current house will be bringing in $1400/mo on rent. With the extra unit, it will be bringing in $1900. The mortgage is $430/mo. currently but I’ll be going from a 4.3% to 3.7%

Hi, I am still new here and haven’t been able to find a similar scenario on the forums but I apologize if this is a common question.

I bought a two family home for $52k with 20% down 3 years ago and found out when applying for a mortgage recently that I can cash out refi and pull $12-15k out of my current house. Huntington will waive all refi costs outside of $500 in my neighborhood. I believe the loan officer estimated I can cash out $12-15k based on the estimated value of my house. I’ve put two new kitchens and baths in, new flooring and carpet, two water tanks, one new furnace and one newer secondhand furnace. I closed off an addition off the back of the house and my plans are to eventually turn it into a separate efficiency unit or studio.

It seems to me like it would make sense to do the cash out. What are some things I should consider when making my decision? I have some cash savings ($15k) and could add to that with the refi. I will either be buying a single family home for myself or another multi family that I may move into if the deal is right. 

My options for financing the next property are FHA, conventional, or using a hard money lender then refi. My long term goal is to have many cash flowing multi family properties. And I would much rather live away from my tenants but I'm willing to keep sacrificing that for now for the right deal or situation. Thank you for reading! Any suggestions are much appreciated