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15 May 2024 | 5 replies
P&L sounds like it might be for self employment income.
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15 May 2024 | 4 replies
If we crush the rehab I think we can even push closer to 200Cash-Out Refi Amount: $131k (75% LTV of the conservative 175k figure) Profit if done as a flip: 60k. (175k - 115k purchase price & rehab)Cash Invested: 18k (This accounts for $7,500 for down payment to lender, $2,000 in EMD to seller, lender fees, inspection, insurance, title, projected 3 months holding costs at $1000 per month)----------------------------------------------------------------------------If I do it as a flip, from what I understand, I'll be hit with a ridiculous tax bill (24% short term capital gains + 15% self-employment tax), leaving me with roughly $36k after-tax profit. 36 - my 18 invested leaves me with 18k increase to my net worth.
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15 May 2024 | 13 replies
Maybe I'm not communicating clearly, I am employed I was only temporarily laid off.
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16 May 2024 | 20 replies
From there look at other factors like what is the alternative to renting at the subject property, is it close to shopping or major employment centers, parks etc..?
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16 May 2024 | 22 replies
In the IRS Private Letter Ruling that caused people to worry about this they said they would consider it subject to self-employment taxes (schedule c) if you provide services above and beyond.
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15 May 2024 | 12 replies
In the Raleigh Durham area we also have a strong university system that employers can draw from to support their employment needs.
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14 May 2024 | 21 replies
Good schools and low crime, near interstate access but 15-20 min drive to major employment hub may be a Class B area.
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14 May 2024 | 6 replies
He purchases a duplex primary home this year and in 1-1.5 years he purchases a nicer larger 2-4 unit, maybe in a more desirable area – that would make sense and generally get approved with primary home financing assuming of course he was going to occupy a unit.The whole strategy he plans to employ requires a “move-up” each new purchase and he already has a SFH which causes a big hurdle in the “move-up” strategy so once again selling that would behoove him.The plan he didn’t mention which is really the only plan that will work in the short term is:Sell current primary homePurchase owner occupied 2-4 unit with 5% downPurchase additional; 2-4 units with 25% down with the remaining proceeds from sale of primaryI am happy to make an introduction to Richard if you would like to discuss further.
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15 May 2024 | 12 replies
Notably, by the year 2022, I further expanded my real estate portfolio with the acquisition of another condominium, which I presently employ as a house hacking investment strategy.