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20 May 2024 | 3 replies
One thing we know people have done is have a power of attorney so if there are docs that person could sign on their behalf if you are going to be out of the country a lot
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22 May 2024 | 31 replies
I should note that I did a 1031 INTO 2 of the 3 houses, and did a cost segregation study and took accelerated depreciation on all 3 to offset 2022 taxes because I had a very profitable flip that year and I am a real estate professional per the IRS.
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22 May 2024 | 3 replies
Located in: Trenton, NJ one thing to realize and talk to your accountant about is if you assume it - do you assume it based on his cost basis, which could be a lot lower than the property value and then when you do eventually sell it, you could be hit with a nice capital gains bill.
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22 May 2024 | 5 replies
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
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20 May 2024 | 10 replies
Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.
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19 May 2024 | 9 replies
We have a decent amount of savings, at least enough for a down payment and closing costs on our next home, but the buying power just seems so limited in our area.
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22 May 2024 | 5 replies
We reglazed a shower to costs on a BRRRR.
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23 May 2024 | 9 replies
(Fortunately, neither of these are a particularly friable substance.)Generally, removing all substances that might have asbestos won't be cost effective.
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21 May 2024 | 8 replies
I expected it to cost 30% more than 2021, not 60% more.
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22 May 2024 | 2 replies
If it's a residential property, normally the loan will be more expensive to close directly under a LLC vs. your personal name hence the cost of debt tends to be higher.