All Forum Posts by: Sheri Ulm

@Marquis H. I researched several different areas and ended up picking YT because the price points were what I was looking for, there was good cash flow and it was a less scary option then Detroit being I am so far away.

Welcome to BP. You will find lots of useful information here. Make sure to read some of the threads that interest you as well as the blogs and podcasts. I live in CA but invest in YT.

Welcome Devon. My husband was a police officer for many years and we invest in Youngstown. Good luck on your journey :)

Welcome to BP. What part of Ohio are you in?

Welcome to BP. I too live in CA and I invest in Ohio. You will find a ton of great information here.

Welcome to BP. I'm in the Norwalk, CA area and I invest in Ohio.

Welcome to BP

As a licensee in CA that is not actively working as an agent I simply add a statement to the purchase contract which reads "Buyer holds a real estate license and is buying property as a personal investment". That is what the legal department of my former company told me to include back when I was an agent buying my personal residence.  I also was taught " when in doubt, disclose " so I still use it even though I'm no longer an agent.

*NOT LEGAL ADVICE, just my personal experience

On my land contract we started with a regular purchase agreement which stated the financing terms as a land contract etc... Once the offer was accepted the attorney drew up the land contract which was basically just an exact copy of the information we had in the purchase contract. This property was in Ohio and I live in CA.

First of all I am not a tax person or lawyer and don't play one on tv so you shouid consult a professional in your areas.

I'm sure someone with more properties may be able to better answer your question but here is my experience:

I live in CA where we DO have state income tax and I have rentals in Ohio. I file my rentals on my federal & state returns but Ohio requires that you file an Ohio state return if you profit a certain amount (I want to say $3500/yr of the top of my head but don't quote me, I would need to go look to be sure). It's my understanding that here in CA I could offset on my CA return anything that I pay to Ohio but I haven't had to do that yet as my "on paper" profit has been below the minimum after write offs. I'm assuming (never assume, lol) that since you don't have state tax in TX you would just file an Ohio return if you make over the amount required to file.

Also, the state tax for Ohio would only apply to the income earned on the rental properties in Ohio, not any income you make in TX.

Again, no tax or legal advice given. Good luck and success on your real estate endeavors.