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26 March 2024 | 2 replies
I'm getting good at sniffing them out thanks to these common red flags: they often have a foreign accent, they can't meet in person, they are looking for a quick cash sale so they're okay with me listing it below comps, don't want a "For Sale" sign placed at the property, etc.
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29 March 2024 | 99 replies
Checking most recent tax year for tax prorations, instead of most recent mill levy (big difference since taxes went up 30-35% last year, $10k screw up I saw in real life by a buyer last year)3.
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27 March 2024 | 4 replies
Your greatest challenge is going to be running this management company without the appearance of co-mingling all of the LLCs together.Bear in mind that one of the things that you'll be doing here is converting Passive Income to Earned Income via the Mgmt Company and that will be subject to self employment tax whereas had you left everything in the property LLCs, you'd have only passive income.
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27 March 2024 | 0 replies
Basically trying to get the most tax benefits and protection as possible.
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27 March 2024 | 1 reply
My tax lady said it’ll be considered a loss and not to worry about it.
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27 March 2024 | 12 replies
For example the last rental property we purchased we owe on it about $86K and if paid off would cashflow an additional $600 per month.Because of our household income I am worried that paying off properties would bring us into tax brackets.
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28 March 2024 | 8 replies
From what i have heard, taxes 2% of the sales price, insurance varies between $3-5k, and HOA also varies.
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27 March 2024 | 0 replies
Some are saying that by adding me to the trust, we will have to pay the transfer tax (for my portion only) because I am not on title.
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27 March 2024 | 7 replies
Insurance has gone up quite a bit, property taxes and HOA fees as well.
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27 March 2024 | 4 replies
@Kevin Drouillard most PMCs do not pursue collections after a tenant moves out.Check the eviction judgment to see if a money judgment was included.If not, you will need to pursue small claims judgment.Once you have a money judgment you can try to garnish (another court process) wages, bank accounts or state tax refunds.