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30 July 2024 | 5 replies
I live locally so I drive over to the property call police and she is speeding off just as I pull up with officers.
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30 July 2024 | 3 replies
The IRS wants you to pay taxes on the depreciation you previously claimed as deductions since it reduced your taxable income.
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28 July 2024 | 31 replies
Do you use FF message, or do you text/email the client off the platform?
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30 July 2024 | 12 replies
This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.
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31 July 2024 | 2 replies
It's also currently on the market, so assuming I'd take it off the market before any of this.
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31 July 2024 | 5 replies
Just provide a cushion for the inevitable "rookie" tax that will hit.
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31 July 2024 | 3 replies
Manny,First off I have to say "ouch" $680K and only 738 sqft?
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30 July 2024 | 1 reply
It seems to me that in Germany, being wealthy is a disgrace (seeing that from a tax and legal perspective).Now I don‘t want to post here about how „difficult“ it is living in Germany, but instead I am looking for people that think the same way.
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29 July 2024 | 6 replies
(If so they will require you to submit forms every year until you sell so they can collect their state income tax on top of any state income tax where you buy.)
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31 July 2024 | 11 replies
Sure it will cost more and take longer but consider it the price of your education.Other than that your option as others have point out is to find the money to finish it off the books of the hard money lender, sell it or refi it and pay off the lender and move on.