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All Forum Posts by: Arlan Potter

Arlan Potter has started 9 posts and replied 1480 times.

Post: Claiming rehab expenses on taxes

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
For a new property that I purchase to make a rental, I usually capitalize everything until the year of completion. Then add to the purchase price and then start a schedule E that year. For rehab and repairs after that I just write it off in the year that the money was spent. I don't capitalize after the first year that the property was started as a rental. I don't suggest or give tax advice.

Post: Claiming rehab expenses on taxes

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
For a new property that I purchase to make a rental, I usually capitalize everything until the year of completion. Then add to the purchase price and then start a schedule E that year. For rehab and repairs after that I just write it off in the year that the money was spent. I don't capitalize after the first year that the property was started as a rental.

Post: I want your suggestions for Investment Team Members!

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
@Paul 1. Anyone can do TurboTax, and a CPA is not needed for rental properties. 2. I never had a real estate lawyer. Until I bought some multi family units and needed LLCs set up for 48 multi familys and 50 single family homes 3. Any independent insurance agent can shop your portfolio around for the best rates. 4. If you have cash, and the ability to look at a property and make a buy decision in 5 minutes, then any realtor will bend over backwards to help you. All the above if you ever get into real estate investing. It is really pretty simple. Your best team is you.

Post: Requirements to get started

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
I bought my first house for $2,900.00

Post: Investing in low income areas

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
@Nick Eldridge I have made a lot of money in these areas, c- to D- properties. Have been for 18 years. I have seen it all. You name it. You could not name any evil, disgusting, foul, dirty, stupid, or crazy that I have not seen.Even found one hanging in a closet this past summer, after almost 10 days. (The nightmares have subsided) I have made a lot of money, got stiffed on rent countless times. I don't really fault the people, they are just poor. Sad really. FYI I am selling all my single family homes. Worn out

Post: Best way to start relationship with hard money lender

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
Hard money lenders are out for blood. Use banks.

Post: Best way to start relationship with hard money lender

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
Hard money lenders are out for blood. Use banks.

Post: How can I raise a lot of money for a commercial property?

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
If someone hasn't already purchased it, it is probably just a fire breathing dragon lying in wait to devour an unsuspecting wanna-be real estate investor.

Post: Why or why not: Personal home LLC

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
I have heard that you never want to turn your home into a rental. You have your heart there, and when a renter tears it up you will die.. Plus you are probably better off selling it and buying several cheap properties

Post: Required amount of exits

Arlan PotterPosted
  • Investor/Accountant/Builder
  • Meno, OK
  • Posts 1,603
  • Votes 918
Talk to code. Probably ok but, egress and escape issues have to be up to code. No exceptions