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8 August 2024 | 17 replies
It sounds like the transaction is close to closing, which means instead of finding a new buyer, they'd likely be open to reasonable concessions.Included full clause below...FORCE MAJEURE: Buyer or Seller shall not be required to exercise or perform any right or obligation under this Contract or be liable to each other for damages so long as performance or non-performance of the right or obligation, or the availability of services, insurance, or required approvals essential to Closing, is disrupted, delayed, aused or prevented by a Force Majeure event.
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8 August 2024 | 22 replies
I would suggest watching some youtube videos, come up with your own variation of someone elses script and practice it until it sounds natural.
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7 August 2024 | 12 replies
They will all have essentially the same product as you, BUT they will have purchased at a much lower price point.
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7 August 2024 | 0 replies
Value was added to the Stowers Road property through strategic renovations, including essential upgrades and aesthetic improvements.
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7 August 2024 | 1 reply
So having safeguards in your loan docs or safeguards/plans outside of loan docs is essential so both parties know what the plan is if and when such occurrences take place.
7 August 2024 | 3 replies
Building your "Core Four" is going to be essential.
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8 August 2024 | 22 replies
So essentially, you can't move out and then rent a house by the room.
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15 August 2024 | 86 replies
I would add have an unbiased party (maybe another experienced local investor, someone not involved with the sale of the property) do a detail video walk-through and pay them $100 or $120 before submitting an offer.With overextending yourself and leveraging too much, I've decided not to buy anymore and take out more mortgages at 7% rates for now.
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8 August 2024 | 17 replies
I watched a video/podcast once that showed a tool/site which allowed you to see what amenities the most offered amenities were in any given market/area ranked from highest to least (like A/C, pool, grill, etc).
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7 August 2024 | 8 replies
However, the remaining gain not covered by the Section 121 exclusion is taxed at your ordinary income tax rate.Here's how the calculation typically works:Calculate the Depreciation Recapture: The $9,000 of depreciation would be recaptured at a maximum rate of 25%, which is $2,250 (25% of $9,000).Calculate the Remaining Gain: Subtract the excluded amount (Section 121 exclusion) from the total gain: $100,000 (Total Gain) - $9,000 (Depreciation Recapture) - $250,000 (Section 121 Exclusion) = $0Tax the Remaining Gain at Ordinary Income Rate: Since the remaining gain is $0, there would be no additional tax on the gain.So, based on this calculation, it seems like there should not be any additional tax owed after taking into account the Section 121 exclusion and the depreciation recapture at a maximum rate of 25%.It's essential to review your calculations and ensure that you are accurately applying the exclusion and depreciation recapture.