All Forum Posts by: Thomas Jackson

@Kevin Powell well if you have a lot of cash stacked up, I’d buy into self storage. That can be completely passive once you have the right people and systems in place.

No it was in Ohio 

@Dalya Mcneil you can drive 5 mins from Firestone and be in the worst parts of Akron. You undoubtedly will have trouble with tenants buying $20k houses in Akron or in any class C or D neighborhood. Guess it’s just all about what you want to “deal with” and what you want to avoid. Best of Luck!

@David Maldonadoalfaro or anyone in the thread know anything about "lot splits" if you have enough space for ADU's, what about splitting the lot and then being able to sell the "property" or Formerly ADU....separately from your primary dwelling? I have experience with this in Ohio, but usually much larger parcels of land to split. Not sure how that may or may not work here.

Secondly I think eventually a bill would be passed that would allow standard financing for these types of properties if it indeed becomes some what of a norm...

Great thread nonetheless, good info to know moving forward.

@Melody E Bergloff thanks for the input. All they did was purchase the property. They paid cash for it and I did all the work and paid for all the materials. This was also over a 3 year period of time. Home was purchased in 2015. So sounds like they will not be subject to any capital gains and I get paid in escrow I will just pay my regular income tax on what I made minus my costs of materials. But it doesn’t benefit me one way or another to be on the deed. That was the main concern I guess......

@Aaron K. Yes, we have an written agreement, so I’m not worried about that. It was actually just their concern that they would get hit with a capital gains tax for the whole amount, even though they are making zero profit, they are just getting back what they paid for it.

Hello Fellow BP’ers I have a question that I’m sure someone can shed some light on. I’m in the process of selling a home that my ex-in-laws purchased.....I did all of the rehab and put all of my own money into the flip. We have agreed to sell and they just want X amount of money paid to them and the balance goes to me. I am not on the deed currently but could be added if needed. So my question is does it matter if I’m on the deed or not for tax purposes after the sale. We just plan to split the money at title.

Thanks in advanced!

@Andrew Ratterman with the changing laws, sounds like a bad business for me. I guess it’s very low overhead so you can probably make some money doing it, but probably not a long term thing. I’d go for buy/holds in the midwest!!!!! Cash flow is King!

@Kevin Hoff I have a team in place in Ohio, my brother runs an awesome remodeling company that specializes in Flips. I’ll send you a pm!

Sounds awesome, I always like to know......what was your net profit?