All Forum Posts by: Ahmad Omar

Quick question for those who are familiar with Alabama tax laws...for an LLC partnership that has done no business in 2017 (it was started last year but no deals were done underneath the LLC) is it still required to file taxes for that year? I've read in a few places that single member LLCs or partnerships that did no business need not file a federal return. However, I believe that the Alabama Business Privilege tax must still be paid and I do not know a way of filing it without filing form 1065 and going through the whole process of a federal return. All responses welcome! Any advice would be much appreciated.

Thanks.

Sub30k investing is definitely a thing. I do it in lower AL and it has proven to have significant returns, much larger than most traditional investing methods. You can get 20-24% ROI with relative ease due to the low capital investment. However, I would advise being as hands on as possible on the first few deals atleast (visit the site, meet with contractors, discuss floorplan changes, add ons, meet with prospective tenants, etc.). That experience will be vital later on. After this, find a GC that can manage the entire operation for you, so all you'll have to do is a weekly/twice a week call to discuss progress and updates. Sometimes these people know the area well enough to help you get a tenant in. A good property manager will be necessity and likely wont be too difficult to find.

Highly recommend section 8 programs if it is strong in the area. Nothing like guaranteed rent. Look for full voucher holders and you should be good. Its still very important to screen properly though. Contrary to popular belief, there are plenty of good section 8 tenants that will actually take good care of the home. The risk you run with section 8 tenants is equivalent if not less than a traditional tenant in those types of areas. In addition, some areas will have higher section 8 rents than traditional rents. So definitely worth considering. 

HMU if you have any questions!

Hey Johnny. I'm from Mobile, AL and I'm familiar with your area. Welcome to BP!

@Ayodeji Kuponiyi thanks!

@Brooks Conkle thanks, I will be in touch!

Brooks Conkle thanks for the advice. What attracted me to wholesaling was the fact that, and please correct me if I'm wrong, I can do a lot of the marketing/advertising/searching for deals after hours and not have that interfere with work. I can take phone calls at work but I will not have time to leave work every time something comes up. I'm also very interested in fixing and flipping however I'm not sure I'll always have the time to deal with contractors while working full time. Those were my concerns..however I'm open to all ideas.

Greetings from Lower AL. I am a full time engineer working in the Mobile, AL area. I am currently looking to begin investing in real estate and have done quite a bit of research on the several different methods of doing so. Im very much interested in wholesaling and I am actively looking for my first deal. Any advice? Anyone on here wholesaling in the Mobile area? I would love to get someone's take on beginning in wholesaling in the lower AL area. 

Thanks.