25th
June
2008
As a house flipper, you should be constantly looking for ways to raise money. Friends, family and associates can be a great avenue to get started. However, you will want to be careful on the amount and the terms used for the money you receive. Lets say your grandfather wants to help you get started in your house flipping business. He offers to give you money for this duplex that you just got under contract. This doesn’t mean that he can just write you a check for any amount and of you go. Uncle Sam may want his cut.
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posted in Financing, Property Acquisition, Real Estate Investing, Taxes |
29th
March
2008
My contractors are all pretty good, so they don’t need me watching over them all day. When I’m not flipping houses, I’m usually looking for the next flip or rental to add to the portfolio. Well, actually I should say when I’m not physically at any of the properties… Of the houses I saw today, this property looks like a decent deal. The asking price was $69,900 and has been reduced to $53,900 in just under a month! The details are as follows:
- Legally zoned for Two Units
- Each unit currently rented for $650/month
- Separate entrances
- Separate meters for Gas and Electric
- Both renters are subsidized by the city
- They are both 2 year tenants
- Needs new roof
- Rat problem
- Possible termite problem
- Needs new flooring
- Needs new deck
- Needs new bathroom fixtures (both units)
- Needs new kitchen sink and fixtures (both units)
- Walls need to be cleaned and painted
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posted in Financing, House Flipping, Landlord, Mortgages, Property Acquisition, Real Estate Investing, Renting, Taxes |
26th
March
2008
As a real estate investor you need to be well versed in tax laws. Well at least if you are not well versed, youde better have a good tax accountant. Tax deductions are available on your rental properties and also for your house flips. The tax laws are fairly straight forward when renting property. Typically maintenance and depreciation are the main deductions. What about those of you that own second homes for vacation getaways or just another place to go fishing on the weekends? This is where the tax laws get a little trickier. The IRS classifies additional homes as either Investment property or Personal property.
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posted in Real Estate Investing, Renting, Taxes |
