All Forum Posts by: Tony Roddenberry

I'm fairly new to real estate and have quickly learned that the IRS gives us investors a lot of breaks but it comes at a price. The last few hours have been spent wandering around in a quagmire of IRS Publications that have caused the death of extremely valuable brain cells. (I'm running on a deficit already)

My rentals are all BRRRRs and it seems some of the cost of the (R)ehab fall under the accelerated depreciation category. So far I have not found a list, suitable for those of us that are brain cell deficient, that lays out what can or can't be put into this category. I'm thinking things like the new appliances are in the 5 to 7 year category and the new AC can be straight lined for 15 years?.

Does such a list exist? 

Is there a nuts and bolts article on BP that has applied the KISS (Keep It Simple Stupid) method to the IRS Publications for those of us do not view the IRS Codes as a challenge?    

If so I would really love to see it before I go completely  numb from the neck up.

Thanks for taking the time to read.

Tony Roddenberry

Hi Mark. 

Thanks for taking the time to reply.  I have some good friends that will be moving to Winston-Salem  within the next year.  Would love to get you guys together  and see if you can help him find a place.  That is actually one of the areas that we are looking at as well. Look forward to talking to you  more about that area and hearing what you're doing in real estate.

Thanks for the North Carolina vote Eric. I have a friend that is moving to Winston-Salem area in the next few months. As soon as he gets settled in we plan on  going up that way and spending some time there.

I'm looking for recommendations on places to live in North Ga., North Carolina or South Carolina. We live in a midsized (80,000 people) now and love the small town feel with all the conveniences of a bigger city and hope to find the same a bit further north. 

As an investor the real estate market will play a huge roll in determining where we will live. I flip single family homes to support my rental habit so I'm looking for strong market for both. We have 5 rentals now and have flipped 3 houses so far this year.  

There are three things that are a must for us:

(1) As a dad I'm looking for a great place for my wife and I to raise our two children. The town I'm in now has a crime rate that seems to grow every year and welfare is way of life for a high percentage of the population. Sadly this is not a new trend and has been to norm for years. 

(2) We are christians so a good bible teaching church is important to us.

(3) We are foster parents and have learned we need all the help we can get for our foster kids (All the foster parents reading this are probably bobbing their heads up and down about now). Most of the children we take in have needs that hard to fathom. ALL of them have experienced some level of trauma. Many have been through things it's hard for us to get our heads around. Finding a place where counseling and support groups are available is a must. There is only one counseling service where we live now and it's not up to par. 

I know this is a bit of an odd post but I could not think of a better place to start that here. No one knows there area better than investors and no other group is quicker to lend a had or share info than you guys.

Thanks in advance for your insight.

Tony Roddenberry

Thanks Marilyn Mike. It sounds like a good deal for buy and hold but a bit iffy for flipping due to the title ins issues that can pop up. 

Glad it went well for you and your son. Thanks for the post.

Great read. Thanks for taking the time to post and answer questions.

Looking at my local paper I found several properties listed under the "tax sale" portion of the classifieds. I have had people to tell me it takes up to a year to get possession.  If you have bought a property through a tax sale I would love to hear your story. 

I am looking at a rental property here in Ga. owned by another investor that is a section 8 SFR. We will be putting in an offer close to his asking price and I'm pretty sure he will accept. The tenant is running on a month to month lease and I plan on doing a Dispo then renovating it for a flip.

Will be my first buy with a section 8 tenant in place and I don't know where to start with negotiating//navigating the transaction. My realtor suggested we put in the contract that the funds be held in escrow until tenants are out and can take possession.  Ga law says the tenants will have 60 days to vacate. So the question is what are some good strategies and the best way to negotiate deposit/rent, price and property condition until we take possession?

Times like these I wish I had a mentor!

Thanks Matt. I have listened to all the BP podcast. Several more than once. I have tried to find other podcast on stitcher but none of them compare to BP. 

I will check with the library and see if they have any. I had no idea libraries were doing that.