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15 February 2025 | 3 replies
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
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15 February 2025 | 2 replies
I highly recommend you study this, practice it, and apply it.https://www.biggerpockets.com/blog/rental-property-cash-flow...Property Details:Type: Single-family homePurchase Price: $289,900Down Payment: 20% ($57,980)Loan Amount: $231,920Interest Rate: 6.85%Loan Term: 30 yearsMonthly Mortgage Payment:Using a mortgage calculator, your principal and interest will cost $1,515 per monthRental Income:Average Rent for Single-Family Home: $2,171 per monthOperating Expenses:Property Taxes: $300 per monthInsurance: $100 per monthMaintenance and Repairs: Budgeting 5% of rental income ($109 per month)Vacancy Rate: Assuming 5% vacancy ($109 per month)Property Management Fees: If outsourced, typically 10% of rental income ($217 per month)Total Monthly Expenses:Operating Expenses: $835Mortgage Payment: $1,515Total Expenses: $2,350Net Monthly Cash Flow:Rental Income: $2,171Total Expenses: $2,350Net Cash Flow: -$179 per monthConclusion:In this scenario, the rental income of $2,171 per month does not fully cover the total monthly expenses of $2,350, resulting in a negative cash flow of $179.
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23 January 2025 | 11 replies
A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.
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22 January 2025 | 8 replies
Generational Wealth: If your SDIRA invests in real estate, those assets can pass to your heirs, benefiting from the step-up in basis (outside the SDIRA) or continued tax-advantaged growth if inherited in a beneficiary IRA.
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16 January 2025 | 40 replies
Think of vehicles like the cyber truck where you need to sign up ahead of time to pre-order and so many people want it that the value increases shortly after they are released.
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26 January 2025 | 7 replies
Set up a basic system to manage your listing, update it monthly, and always ask guests for feedback—and don’t forget to casually ask for that 5-star review!
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22 January 2025 | 0 replies
This lesser-known strategy could help you save money and reduce your monthly payments without the hassle and cost of refinancing.
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10 January 2025 | 8 replies
We drafted an addendum to the contract and the sellers signed it to add the extra parcels in for no extra cost!!
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23 January 2025 | 7 replies
Call up a couple companies.
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4 January 2025 | 4 replies
After the demo, there really is not much you can do to save outside of thinking outside the box on fixing whatever that might be that has come up.