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9 November 2024 | 8 replies
Since I am focusing on cash flow I want to target B or C+ neighborhoods.
13 November 2024 | 8 replies
The job would be easier for the installer, the tenant would be happy with your assistance, and you'd be able to improve the property thus increasing the value of the home.
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12 November 2024 | 1 reply
If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.
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11 November 2024 | 36 replies
Once those are complete, rough plumbing, electrical and mechanicals can be started (rough plumbing should go first, then mechanicals as these are the larger sized items and rough electrical is easier to work around them than vice versa.
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11 November 2024 | 5 replies
It also allows you to grab debt from bank easier since there is more revenue and expenses going through this compiled LLC vs. each individual LLC.
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11 November 2024 | 22 replies
Based on 1. above determine the maximum amount your willing to pay to avoid a lawsuit and the realistic “target” amount you’d want to pay given what you learned from the attorney consultation3.
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11 November 2024 | 4 replies
A straight LLC will be far easier to get a loan or open a bank account, but doesn't provide the other benefits of a Land Trust.
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11 November 2024 | 6 replies
I would also prepare to sell it on the used marketplace but if you absolutely don’t want to go that route then I would recommend getting it included in the purchase upfront (but still use it as a bargaining chip first).3) marketing: the best target audience is going to be a savvy house-hacker for a property this style.
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12 November 2024 | 12 replies
There’s no shortcut.Hire the highest quality photographer you can, and make sure they capture the “money” shots showing what is most appealing to your target guest demographic.You mentioned that you are not looking for advice on pricing, but the questions were about pricing.
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12 November 2024 | 6 replies
It's easier to pay the buyer and let them deal with it.