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19 November 2024 | 7 replies
In my experience, the turnaround time is fairly short and can be done in January/February and still leave enough time for your accountant to file taxes.
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17 November 2024 | 9 replies
I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.
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15 November 2024 | 15 replies
Quote from @Luis Maza: Hi all, returning to the game this year and would like to pick your brain a bit, we started working with a wholesaler that will send us properties here and there with the "wholesale" price, but every time we check the properties and add the numbers, the margins are, well, I am not sure, too low perhaps, maybe we are getting to picky, but this is my dilemma for example...Today we got a property, wholesale price 300K, rehab about 50-60K, ARV is about 440k, but with the cost of hard money, we have about 100k cash, hard money interest at 11%, keeping the property for 90 days while we finish the rehab, closing costs, commissions, we ended with 30k profit before taxes, while it sounds appealing, adding up all expenses and cost we ended up expending 50K on rehab(labor/materials) and about 50-60K with cost of the loan, interest, commissions, etc, everyone makes money, happy with that, but it seems that we are working to produce a 100k for everyone else, while we make 20-30k if everything goes well...In my opinion, we are not really getting "wholesale" price, it seems that we either buying to expensive, rehabs are much more than we would like to spend and the cost of borrowing that money is too high...We came up with thoughts as: lets fund it ourselves with money from a close friend/partner that we will bring in, and that would save us 10-15k here and there, but still, is that the norm now?
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19 November 2024 | 11 replies
If so, your IRA will most likely need to file a 990t tax return annually and pay this tax.
19 November 2024 | 15 replies
Whether it's mold, COVID, or a non-paying renter, a quality PM acts quickly and decisively to protect people, property, and the landlord.If you feel the PM was negligent in their response, you can file a complaint with the state commission.
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16 November 2024 | 3 replies
However, managing multiple LLCs can mean higher costs and administrative work (separate bank accounts, annual filings, etc.).It depends on your risk tolerance and ability to stay organized.
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16 November 2024 | 6 replies
Also there could be a good chance the borrower files BK if they are still alive.
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13 November 2024 | 5 replies
Everyone is looking for a market predictor tool for MTRs and so far no one has produced one.
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15 November 2024 | 16 replies
They sent me the Excel files over and I was made to believe it was optional.
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14 November 2024 | 4 replies
There are some really great podcasts that talk about different things, and there are actually quite a few vendors that produce content (podcasts, blogs, webinars, etc) that can educate you a ton.