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15 March 2024 | 20 replies
You're a sucker and allowing fear to dictate how your business is run.Market sets rent.
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14 March 2024 | 7 replies
-Easy for tenants to come and go as needed-Bulk pricing allows for you to provide internet at a lower cost per person.
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14 March 2024 | 13 replies
By partnering with other investors, you can leverage their knowledge, resources, and experiences to help you achieve your financial goals more efficiently.Here are a few potential benefits of partnering with others:Increased Capital: Partnering allows you to pool financial resources, giving you a stronger position to pursue larger investments and potentially increase your positive cash flow.Shared Expertise: Collaborating with experienced investors who have achieved similar goals can provide valuable guidance and insights.
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14 March 2024 | 13 replies
If growing your SDIRA is the main game, think about mixing it up with other allowed investments in the SDIRA world, like stocks or bonds – it's like having a diverse set of cards in your deck.
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14 March 2024 | 7 replies
Allows for a private living space.Cons: May involve renovations to create separate entrances.
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14 March 2024 | 4 replies
Also having a full-time person has allowed me to not only manage 4-5 rehab projects at once, but also eliminate paying a General Contractor.
13 March 2024 | 2 replies
Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.
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12 March 2024 | 4 replies
.- Utilize depreciation deductions to reduce taxable income.- Understand passive activity loss rules limiting deduction of losses from passive activities.Capital Gains Taxes- Be aware of tax implications when selling property, considering short-term and long-term rates.- Explore strategies like 1031 exchanges to defer capital gains taxes.Deductions and Expenses- Know eligible deductions: mortgage interest, property taxes, insurance, maintenance, and management fees.- Maintain detailed records of all real estate-related expenses.- Use cost segregation studies to expedite depreciation of your properties to offset large income gains.Entity Structure- Choose appropriate legal structure (LLC, partnership, or S corporation) with consideration for different tax implications.Tax Credits- Explore available credits, like energy-efficient or historic rehabilitation credits.Qualified Business Income (QBI) Deduction- Check eligibility for QBI deduction, providing up to a 20% deduction on qualified business income.Record Keeping- Keep accurate and organized records for tax compliance and audits.State and Local Taxes- Consider varying state and local tax implications, including property and income tax rates.Tax Planning- Engage in proactive tax planning, consulting with professionals for a comprehensive strategy.Tax Changes- Stay informed about changes in federal, state, and local tax laws affecting real estate investments.Remember to consult a real estate tax professional for personalized advice based on your specific situation.
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14 March 2024 | 9 replies
I also already expanded my driveway which will allow 7 cars to be parked now in the driveway. the bigger focus for me is just to keep refining the operations for the tenants and making the environment closer to what you have established with your properties.
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13 March 2024 | 5 replies
If I was a tenant I wouldn't allow a landlord to connect to my wifi network for free.- Tenants should be wary of a landlord freely allowing prospective tenants to tour their occupied units without supervision.