Halil C.
How to split duplex even further?
18 March 2024 | 0 replies
C) Or, do you just keep the door, still keep it as one unit, but basically separate your renters' and your space with a lock?
Konstantin Komkov
Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale
20 March 2024 | 11 replies
County keeps money due to negligence.
Kristina Jensen
Tax deduction when using Reward Points for travel
20 March 2024 | 19 replies
So I talked to a very good tax attorney and he told me I would lose at tax court so there was 30k i could not write off and penalized for.. so now my SOP for all my travel is save all airline receipts and boarding pass's.. the airlines only keep stuff for about 18 months on line..
Brendan M.
What are the tax implications of paying myself to property manage?
19 March 2024 | 22 replies
I wanted to confirm what you said both for myself and for other people who read this with the same question, so I did a bit of research to come up with the below example:If I make $10,000 a year from my property, do not pay myself to property manage, and I'm taxed on income at a rate of 25%, I'll owe $2500 in taxes on that, and keep $7500.If I instead pay myself through an LLC to property manage at a standard rate of 10%, I'll pay tax on $9000 at 25% ($2250).
Hayden Thomas
Flipping and wholesaling
19 March 2024 | 4 replies
Cover all closing cost and keep difference.
Account Closed
Some of The Biggest Mistakes Investors Make in Real Estate
19 March 2024 | 6 replies
Code Chapter 47 - Fraud And False Statements, which is a very boring read, unless it applies to you.Please don’t do that.Make sure your Proof of Funds source has the funds and that you are authorized to use those funds and the source will vouch for you in court.If you are going to buy “Turnkey” it is recommended you visit the actual neighborhood and actual house before closing.Things can be very different in person.Afterwards is too late.You may not like what you seeGo with the Math, not the emotions or hopes of the futureIf you are losing money with the hopes of making it up later, you should seriously reconsider.Wishful thinking is a poor investment.Interest rates are going upAnd interest rates are going down.And interest rates are remaining the same.There is no clear direction for rates and there are arguments for going each direction – buy so that your property cash flows, even if you are wrong.Ignoring your workers.Always serve your workers pizza on the job.It keeps them on-site so they don’t wander offThey will think you actually care and will work harderYou get to become “one of the boys” and they will tell you things you need to knowHmmm, out of space, but not out of mistakes.
Fred Kahn
Is using Turbo Tax ok for rental properties
18 March 2024 | 9 replies
Just keep track of all your costs, expenses, etc and at tax reporting time enter all the information.I found it invaluable as a tool to learn more about tax law and play with "what-if" scenarios.
Andrea Harper
DSCR, Rural, STR, Log Cabin
18 March 2024 | 5 replies
The problem I keep running into is finding a lender who will allow a rural STR.
Randall Cornelison
Rubbing my chin . . . contemplating a new course . . .
18 March 2024 | 10 replies
You could also keep those SF's and do a refi/HELOC.
Ryan Marble
Cash on cash return
20 March 2024 | 21 replies
I’d keep searching until you find that golden opportunity at 15-20% COC from cash flow alone.