All Forum Posts by: Allan Smith

I think Courtney is actually the council member for the district I'm in. Or at least she was. I did not know you could request a virtual inspection. How do you do that? I've been waiting on electrical to pass at a property for two and a half months now because the electrician failed it twice.

I'm looking for wholesalers as well. On the hunt for a few more flips and a couple builds this year.

FAE = franchise AND excise taxes

there is a tax on holdings as well as income in TN.

this is the primary reason I believe LLCs in TN should be used strategically. I have had many rentals in GPs and land trusts.

if your llc only holds rentals and all owners are blood related, do FONCE exemption from FAE.

Haha yes you have to pay income taxes on that. 

if you have a business, you can find things to spend money on that reduce taxable income (note that you are then spending money and thus dont have it anymore, whereas paying taxes only takes some of your money). Some industries even have "paper losses" where your tax return shows less taxable income but you actually got to keep the money. Depreciation for example.

Yes you'll need "big boy" software. Buildium is entry level, appfolio is all you need. Yardi is for giant companies. There's others in between. All of them do owner stmts. 

I do my backgrounds checks on buildium for $15. Includes credit and eviction check of course.

They will increase value but not likely to go all the way to full market value. I've seen this cycle a few times in counties around me.

I've always used templates from fellow local investors. I did some snipping and pasting to make it what I wanted.

Only new investors think that a deal can be found on the MLS that nobody else saw. It is a nationwide listing service, if it's a good deal somebody would have bought it. I have seen dozens of MLS deals blast out on the wholesalers list, and every time they are way overpriced and don't sell. The wholesaler just didn't know.

All signs point to this buyer being up to no good. Emd goes to title company.  Odds are they will not close and waste your time. The contract will always specify the title company. What does yours say?