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5 February 2024 | 9 replies
If you pull permits and renovate, both your property taxes and insurance are very likely to increase, causing your cash flow situation to decrease.
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5 February 2024 | 6 replies
I can put down 25% considering this will be a secondary home.Reason for considering SFH - No prior RE experience, Tenant Class, Newer construction - no existing problems,newer townhomes are priced starting at 420k$'s ( higher HOA and still has a shared wall) Looking at 4000$ max as monthly expense( mortgage+insurance+HOA+ Property Tax ).I say expense , assuming the residence is not occupied immediately (Vacancy) .
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6 February 2024 | 21 replies
The net operating income (all expenses + taxes + insurance) of 12k sounds about right if this is an all-cash deal, but if financing is required, which is 25% down + CapEx, that beautiful 12k operating income shrinks down to around to 1.5k operating income which translates into $125 of monthly cashflow, and this is what gives me the 4.5 CoC that I was talking about.
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4 February 2024 | 11 replies
Also, I have found errors in my last years tax return and I guess I need to point them out to him?
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4 February 2024 | 14 replies
In the case of Pacaso, you only have an ownership stake with rights to use the property + tax benefits.
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5 February 2024 | 7 replies
If it's too thin that a property tax or insurance hike takes you too low in cashflow, it might not be worth it.Good luck!
3 February 2024 | 3 replies
The net proceeds would be the actual amount you received after deducting the payment to the program.It's advisable to consult with a tax professional to ensure that you accurately report the sale on your tax return, taking into account any payments or obligations associated with the program.
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4 February 2024 | 5 replies
Changing the deed is a sale and taxes and increases are due.
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6 February 2024 | 63 replies
You have to just go with what they give you. they charged me right away the $97 (plus tax) then I was like umm wtf?
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2 February 2024 | 8 replies
I am self-filing my taxes through TurboTax (extension in Texas due to ice storm) yet I can't seem to locate where or how I would apply the cost segregation numbers to maximize the tax advantages.