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21 February 2025 | 2 replies
They are known as the Winthrop Factors-The purpose for which the property was initially acquiredThe purpose for which the property was subsequently heldThe extent of improvements made to the propertyThe number and frequency of sales over timeThe extent to which the property has been disposed ofThe nature of the taxpayer’s business, including other activities and assetsThe amount of advertising/promotion, either directly or through a third partyThe listing of the property for sale through a brokerThe purpose of the held property at time of sale; the classification as an investor or dealer is determined on a property-by-property basis.To me intentionally buying a property to renovate it to resell it for profit, twice in the same year, and opened an entity to do it in ....is going to be ordinary income and not capital gains.
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18 February 2025 | 8 replies
It's clear they are not willing to even talk about it and we would have to make a big issue of it - threaten to pull out of the lease or bring in lawyers, and that doesn't seem to make a lot of sense because it will just make our lives hell and cause our business to suffer.
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14 February 2025 | 2 replies
First, focus on building a strong network—relationships are key in this business.
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20 January 2025 | 7 replies
If you don't plan on allowing 4+ cats in your rental in the future you shouldn't start now.
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7 February 2025 | 6 replies
When you learn the business after a year or two you can either go out on your own or stay with them.
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30 January 2025 | 6 replies
Quote from @Doug Teasdale: Quote from @Dustin Tucker: Hello Doug, Here is the Arizona Association of Realtors Forms page.https://www.aaronline.com/manage-risk/sample-forms/residenti...You will probably need to use the Residential Resale Contract.For the Buyer as an example use "Doug Teasdale and/or assigns" This allows you to assign the contract to your wholesale buyer.
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16 February 2025 | 6 replies
When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.
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11 February 2025 | 11 replies
Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.
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10 February 2025 | 5 replies
You will find that every PML has a different business model.
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2 February 2025 | 13 replies
In CA, you are legally required to have a CA LLC if you are "conducting business in CA".