All Forum Posts by: Basit Siddiqi

If you are looking for a mentor, attend a local networking event and chat with the people who attend the event.

Mention to them that you are new and mention to them what value in return for their knowledge.

Best of luck

It is harder to DIY property management when investing long distance. It is possible but I think it is difficult.

Your success will normally depend on how well your property management company is.

I used to live in New York and now I spend most of my time out of the country. I feel like I do well with my rentals in Florida.

Who is the company servicing the note? or are you paying the seller directly for the seller financed portion?
Have you had a conversation with them? 
What are they saying about this?

If you are living off unemployment, you should consider selling the land and that way you have some money.

Did you close with a title company or an attorney?
Have you checked the assessor website - are you listed as the owner of the lot?

Have you asked what the fees are in relation to and if there is anyway to avoid it?
I had a mortgage company where they tried to charge me a convenience fee if I made a payment online. However, they removed the fee if I sent a check via bill pay.

All of the above sounds really wierd and fishy.

What are you seeing as the cost to set up an SDIRA and what the custodian charges on an annual basis?

Since depreciation is not factored into a SDIRA account, it removes some of the benefits of rental real estate.

Therefore, i would need to make a considerable amount more(atleast 2.5% more in appreciation / Cashflow) in real estate over the stock market if I wanted to use the SDIRA to invest in real estate.

From what I understood - Infinite banking does not require an overfunded whole life insurance policy.

If this is your first investment, I would suggest making it moreso about learning and something you see long-term instead of from a tax perspective. 

I would value making a good investment where you do multiple deals in the future over something that you make a lot of money because of a large tax refund but it was so draining to you that slow down your investing or get turned off entirely. 

This is what I am seeing happen with a lot of people who got into STR's for the tax benefits. They brought one, got so tired with the furnishing, managing, tenant reviews, etc that they stopped real estate investing entirely or didn't get anothe deal for many years after.

Best of luck

I like paying off the $25,000 car note that is at 6%

Even if you 8% to 10% return in the stock market, it might be 6% or slightly above 6% after taxes. Furthermore, the 8% to 10% isin't guaranteed, you can make 0%

Furthermore, there is a great feeling when you have less debt.

Your best bet if you have a non-communicative Sponsor / CPA and you can't get past K-1's is to document your conversations where you tried your best to obtain the documents / K-1's.

You should then recreate your basis by your contributions / distributions / amounts reported on past tax returns.

If you want to completely write off the investment, you likely need some sort of support / evidence that you will not get any more money from the sponsor. A bankruptcy letter would suffice.

There are certainly a lot of benefits that the OBBA brings to MA residents who are looking to acquire a STR.

The first conversation you want to have with your accountant is what you need to do to treat the property as active instead of passive(if that is what you are looking to achieve).

The other benefit of the OBBA is the increased ability to write off state and local taxes as part of the itemized deduction.

Best of luck to you in your search!

If you house-hack, which is buying a property where you will live in and also have renters, you have both a personal residence and an investment property.

Therefore, you have to split costs as personal deductions and rental deductions. This is normally done by allocating costs based on square footage or amount of bedrooms.

Best of luck!