All Forum Posts by: Leigh C

@Dan Stewart  Always deal with the listing agent....

@John Thedford    

Wholesalers=shortcuts

Shortcuts=mostly dead ends

@Tyler Stephens Have them write a letter saying you are funded by them, use their POF+letter. If anyone asks why they are funding you, just say it's your sugardaddy and grin at them.

@Kelvin J.

Have you shifted all possible costs to this rental of yours?    Maybe you can shift enough to make it not profitable?    

@Suzanne P.

If you ever pull the trigger on a property can you PLEASE PLEASE PLEASE PROMISE (Pinky swear promise) to keep an online journal about the process.      It will be the most frustrating hilarious painful read ever.       I'm DYING to sit back seat and watch you slowly lose your mind.

To answer your question....

This depends on the scope of work.   An easy flip (carpet paint and  a little handyman work) can be babysat by the realtor.    Otherwise a GC might be best.      We pay our PMs 5% of our net and they typically complete the tasks within 12-20 hours of actual work.     Average flip makes them lets say 1500 means they back into a pretty decent hourly wage.  

@Kelvin J.

Be happy it's not taxed as normal income.    

However to answer your question, please first consider I'm not an account or lawyer.   This is a google copy/paste so take it for what that's worth.

If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income.

@Lucky B.    No you can't negotiate taxes.       If the person's name is long and unique keep in mind mistakes when recorded happen and even if there is a misspelled name in the recording the mortgage is still recorded against the property.    You also should search a few deeds back to be certain.

The nanny angle is i suppose something...    Good luck on the gamble.     What you are describing isn't investing.  

@Lucky B.    If i could get my title company to still close files without having to pay for title insurance/search I would.    We typically buy a few dozen properties a year without title insurance/search.     Anyone who typically buys at the sheriff sale is doing their own title searches.    It's not that extreme of a learning curve, nor really that complicated.     Most of what you need is in your local court clerk of the court.    The only exceptions are when bankruptcies or estates get involved into the mess.

However, if you are only doing this for 1 house that you intend to hold for any length of time it is silly to consider learning this skill.    

@Account Closed

When their offer turns into an executed contract the bid results will be posted on their site as to the brokerage and bid amount.     If you are so convinced wait for the property to close and go knock on the door and ask how the process went for them.       

World doesn't revolve around you....everyone isn't out to get you.       Move on, thousands of people are watching their screens to see what you do next.   Oops..i didn't say that.

@Peter Schuyler

Buy the little house after she graduates in her name, have her get some type of internship or work experience in the field she is thinking about getting a major in.      Have her keep switching jobs till she actually likes what she does, then she can go to school for it. 

So many switch majors and waste their degrees....