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26 August 2024 | 3 replies
I'm looking for the a platform similar to this, where I can get daily leads, and a deal where every time I close on a property the lead company would take a portion of the wholesale fee.
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26 August 2024 | 6 replies
And uses all of the proceeds allocated to the investment portion he will defer all tax.
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27 August 2024 | 2 replies
Hi @Rhea Jeong,The situation you're describing is actually pretty common, especially for first-time investors looking to maximize their purchasing power.You’re correct that some lenders will consider a portion of the rental income when determining how much you can borrow, typically in the 75-80% range especially for FHA loans.
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27 August 2024 | 10 replies
The tax authority may have only assessed the value of the completed portion or the property for part of the year.
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27 August 2024 | 13 replies
Definitely, correct tax preparation is vital, and there could be a huge difference in your bottom line if your CPA is not a real estate expert and does not do it right.
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28 August 2024 | 23 replies
They're looking for a quick close within 30 days so they can get the cash in hand to purchase their next primary residence.A solution would be to withhold a very small portion of funds in escrow, but the seller would have to cover the rent as well.
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26 August 2024 | 3 replies
Your portion will be deducted from your proceeds.To your question, however - if somehow you managed to avoid paying the taxes and closed without the taxes accounted for, then the new owner would have to pay all of them or would have a tax lien placed against the property.
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26 August 2024 | 3 replies
Future rental income is not able to be used.Keep in mind that retirement assets (401K, IRA, etc) are eligible towards reserves, and so are any other investment accounts.Rental income is only used towards the income portion of qualifying, not towards assets.Hope that helps.
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26 August 2024 | 20 replies
I gave my portion from the commission so nothing out of pocket for me.
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25 August 2024 | 2 replies
How would I advertise the spaceI was also considering buying a few tiny homes and placing them on the empty portions of the lot.