All Forum Posts by: Benjamin Sol Ignacio

I’ll have to resend but for whatever reason my reply never posted where I laid out my buy box.

 Greatly appreciate the quick intro!

I have a few rental properties just from moving around, but I want to jump into small multi-family properties! I am trying to run some numbers in a few areas but am having trouble finding the deal within my buy box!

Good Morning!

I currently work in Land Development as a W2 employee making $200k+ a year. I had spoken with my previous CPA about possibly becoming a 1099 for my current employer to achieve Real Estate Professional status. Even though my primary income is in Land Development, becoming a 1099 for this company, does that give me Real Estate Professional status to where I can offset my passive income from my rental properties?

1099 Pros

- I'll be given more money
- I have more tax strategies available to me (S-Corp)
- I may be able to qualify as a Real Estate Professional (rental property write offs / deductions etc?)

1099 Cons

- More of a headache to manage

Is anyone aware if what my CPA said is accurate?

Thank you!
Benjamin

@Brandon M. hoping that you're still active! Would you be able to send me his info? Please and thank you!

What do people here with properties use most to value their "ROI"? Do most of you guys do a CoCROI or an ROI that includes Cash + Speculated/Conservative Appreciation + Principal Pay Down + Tax Benefits?

Hey Justin-The biggest problem that I seem to be running into, in the St. Pete area is the cost of flood insurance eating away at the profits. That might also be something to take into consideration. I like Marshall's thoughts on expanding outside of St. Pete into Dunedin, Safety Harbor, Seminole, Largo, etc. Feel free to link up, I'm also in the search currently in Pinellas County. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I am brand new to real estate investing and a long time reader and listening to BiggerPockets. I really would like some help with figuring out if the numbers I input into the rental calculator actually make sense. I've been scouring for deals all over the place and every time that I run it through some numbers it just doesn't seem to make sense. All forms of critiquing and questions are definitely encouraged as I'm trying to learn as much as possible through this. I am looking for a home that is mostly cosmetic work and nothing structurally as it's my first investment property that I plan on living in for at least a year before I try to rent it out.

The goal is to purchase a cosmetic fixer-upper using an FHA 203k loan, after living in it for a year, look to rent it out and continue onto the next project and learn as I go.

Please and thank you!!!

Thanks guys, I didn't think that the answer would be relatively that easy haha. Really appreciate the help!

Hey everybody!

I'm brand new to BiggerPockets and have situation that I wasn't able to find in the forums.

My cousin and I want to start planning for our first flip. His Dad said that he would buy the house in cash as long as we pay for the rehab process, which would cost about $10-15k. Together we've been saving but do not have enough capital to come up with the $10-15k. I was thinking that because I have good credit and a good full-time job, would it be feasible or something to even think about, to get a loan that is solely for the $10-15k to rehab the house. His Dad would get 50/50 of the profits, for buying the house in full. We would be the ones to take care of the rehab process. We would profit about $15-20k and use that to roll into the next house, so we wouldn't have to get a loan for the rehab process. And continue that cycle for a couple more to get experience, capital and a track record going.

Does anyone know of such a situation or something similar that I may be able to get advice from in terms of obtaining such a loan or if this is even a good deal/situation? 

Btw, please let me know if what I wrote was confusing or if I can clarify anything.

Please and thank you!

Benjamin