All Forum Posts by: Veronica Thomas

@Jesus Roman this is what I want to do. I guess I’m mostly worried about having a large tax burden if we flip it.

My husband need a tie breaker.  We just purchased our fourth single family home.  It's a total gut job and remodel.  Paid $32,500 for it, looking to put $20,000-$30,000 into it and if we put it on the market in 2 months, get $100,000-$110,000 (this market is insane).

I want to keep it (for a total of 4 rental properties).  He wants to flip it.  We both work full time W2 jobs and are considered passive investors for tax purposes.

How do we decide?

Thanks for the feedback.  We've only done single family homes thus far, both flipping and renting.  But this old building speaks to me!  I plan on researching building codes and zoning rules for this area.  I really appreciate the detailed information.  This place at a minimum would take $50,000 to rehab.

Just curious if someone could explain to me how the 20% tax credit works for an old building. My husband and I are looking to invest in a 100 year old 2-story building in the downtown area of our small town. The building is $100,000. We would obviously run things through with our attorney and CPA prior to buying, just need a rough idea how it works.

Just got off the home with my Mortgage Broker. I told her I have the 20% down for adding our 3rd investment property and she said none of her lenders are touching property investment. My husband and I both have w-2 jobs combined $250,000+....what am I missing? Is my only option getting another commercial loan using my LLC (have already done this once for our 2nd property)?