I have a lot of learning to do with all of the professional talk.. like cash flow, lender's, and all the special terms that I am not fimiliar with that you guys use on a daily basis.

. ($20k 5-year asset = $4k deduction per year, times 5 houses = $20k deduction a year for the first five years, separate from property depreciation altogether) This process will save me a couple thousand dollars at least, and will probably be the deciding factor in whether or not I can afford to purchase another investment property.More cash flow now is more important than paying taxes later, all real estate professionals know this.

As long as you act professional, have some business cards, and are prepared, you should be able to wear whatever makes you comfortable.

Can you explain to all on the forum how a broker or loan officer makes money with this program.To be fair, I'll await the answer to this question.As for someone's comment on a website looking professional - this is 2007 - 6 year olds can program websites (many of older folks aren't as talented as they are) - it is not hard to build a reputable looking site, so don't judge a site on how "reputable" it looks.This has actually been quite a fun thread to read.

Our mls listings have two sections, one for the public, and one for only professionals. ofgift

But the prosecutors at the department of professional regulation or someone sueing you for it - which like the others say is unlikely, to which I agree - can probably get you with the technicalities of the law.

SoBeRei,I would strongly suggest consulting a tax professional.

I've heard being classified as a "real estate professional" (ie 750 hour test) will avoid cap gains tax.

Hell, I've been an independant consultant for 30 years.My point in criticising the MLM "foreclosure help factories' is that in my professional experience (investigating allegations of predatory practices for the Mortgage Bankers Association, Washington DC, and serving as Plaintiff's expert on mortgage loan servicing in several Federal Bankruptcy Courts, plus running my own NonProfit preforeclosure counseling org for a decade) is that the offer to "help" evaporates the instant the so-called services provider realizes there isn't a buck to be made.... leaving the distressed homeowner in worse straights.If you are an exception to the generalization, that's great as you are one less businessman in need of oversight.

Yes I am a professional and damn good at what I do.