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19 November 2024 | 3 replies
.- You could also try selling to another naive investor, but you don't have the infrastructure to do so easily. 2) You'll need to evict the tenant if you haven't already.3) Have 2-3 agents tour the property and take videos of their recommendations of repairs.4) Review all of these to create consensus Scope Of Work (SOW). 5) Get 2-4 bids on the SOW6) Review bids to determine cost effectiveness of what to actually do.
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21 November 2024 | 39 replies
Holding EXEMPT (from bankruptcy forfeiture) assets, holding assets in exempt entities (retirement accounts, pensions, IRAs, in some states insurance and annuities), homestead exemption, remote entity protection (LLC, Serial LLC, Corporations, Limited Partnerships,) Asset Protection Trusts, using separation of assets for married individuals (in certain states) charitable remainder trust, etc. can be very effective though can be costly.
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22 November 2024 | 7 replies
This is definitely not the cheapest way to get leads, but it is effective.
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22 November 2024 | 12 replies
Quote from @Sarah Albert: As discussed in my book, it's best to address these situations before they happen, because they will happen.My lease has an early termination clause that explains the process and penalty.
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22 November 2024 | 12 replies
While I don't know the nuances of what my tax guy does with my records each year, effectively everything goes into your "inventory cost" or "COGS".
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22 November 2024 | 7 replies
Your write offs are also not effected, so you can write off miles also as an individual owner.
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22 November 2024 | 5 replies
We’re upfront with sellers, letting them know we have no intention of buying the house ourselves but instead plan to wholesale it.This approach of honesty is so remarkably effective that we often don’t mention wholesaling until we've made the decision to wholesale rather than buy the property and flip it.What many wholesalers don’t realize is that by embracing honesty and transparency, success becomes exponentially easier and faster than by resorting to deception.With transparency, there’s no need to hide or pretend.
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20 November 2024 | 3 replies
My market is slowing down.Would you mention this saying something to the effect of "I understand you are exploring other options.
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26 November 2024 | 86 replies
Glad Scott is addressing this head on and sorry to hear it came to this. https://www.biggerpockets.com/users/wealthelevator This is like financial PTSD.
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20 November 2024 | 8 replies
So at such point they would have the ownership information from the Operating agreement and the my personal contact, address, etc from my ID.