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29 June 2024 | 12 replies
I started out flipping and then transitioned my business to wholesaling so I can easily close on any transaction if I have to.I don't like the bad reputation that wholesaling has because of people jumping into it with no idea or understanding of best practices, but hopefully, with regulations, we can clean out the bad ones.
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27 June 2024 | 10 replies
Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..
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26 June 2024 | 19 replies
I would give them the red carpet treatment.
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28 June 2024 | 46 replies
To even counter with an offer of $2 is too much for the amount of filth I would need to clean out.
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30 June 2024 | 54 replies
Not asking you to dog on your listing, but I'm interested, because I do see the middle-of-the-road homes -- clean, but not updated, nothing special -- sitting for longer and the nicer ones with a little something extra going quickly.
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2 July 2024 | 108 replies
Find a deal, close, clean it up and get it ready to flip, and market it to investors.
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25 June 2024 | 10 replies
first tenant ruins the carpet and breaks windows and your property manager sends you a $6K bill 7 months in?
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25 June 2024 | 6 replies
The carpet and counter tops will be my most difficult ones to work on.
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28 June 2024 | 21 replies
He watches some flip shows with me but still gets disgusted by dirty carpet (even when I point out it's only a $2000 replacement expense).
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26 June 2024 | 8 replies
Let's say they spend 20 hours a month on marketing, phone calls, maintenance coordination, cleaning coordination, tenant complaints, or whatever.