Julian Sanchez
Real estate lesson of the day:
11 March 2024 | 6 replies
He'll review next week and let me know if it's worth pursuing.on the roofer I sent an email with everything to the city so they will remove his license and/or forbid him from every pulling a permit again.
Mel Park
Do Rehabbers buy expensive houses?
12 March 2024 | 41 replies
I recieve countless texts, emails and calls each week from wholesalers.
Kevin S.
What would you do?
12 March 2024 | 75 replies
That is still a 17.5% return(capex not included).
Denise M. Tschida
How to set myself up for retirement from my day job in 5 years at 65?
12 March 2024 | 10 replies
Other costs include $1,100 for taxes and insurance, $580 in HOA fees, and $200 for lawn care, totaling $1,880 per month.These rental properties are situated in desirable locations, and I have enjoyed consistent long-term tenancy with minimal turnover.
David Ounanian
What tax benefits or implications should I be aware of as a real estate investor?
12 March 2024 | 4 replies
.- 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.
Michael Oliver
Lending options for 77k off market SFH
12 March 2024 | 7 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.
Nick Hosmer
First time using private money(Aloha Capital)
12 March 2024 | 6 replies
This includes the C/O refinance once you complete the rehab.
Kate Brown
SCAM Six Figure Land Flipper Kris Thomas
10 March 2024 | 20 replies
I have mailed DOUBLE their required minimum number of mailers per week.
Pradeep Velugubantla
New to BiggerPockets
13 March 2024 | 14 replies
An example is deeding a property valued at $100k from your name to your LLC or vise versa, you're now writing a check for $4,278.00 just to cover the tax payment to record the new deed, not including the recording fee and any fees collected by the title company or attorney representative who facilitates the transfer.
Darnell P.
Chicago Landlords, Fellowship with other that get what we do.
12 March 2024 | 7 replies
Books I am reading currently include "One Thing" (re-read but for sure top 5 book of all time) and the "The 7-day weekend" which is a contrarian way of thinking about business.