All Forum Posts by: Kip Cline

I recently purchased a home at a sheriff sale. The standard redemption is six months, but I was told that it could be shortened to one month with an affidavit of abandonment. How do I go about filing this form and shortening the redemption. The house has been empty for at least a year and the owners had passed away. I live in Michigan.

I would also be interested in purchasing. I went to the conference last year and want to go again. My schedule just freed up where I can go and I was disappointed that it has been sold out. Please let me know if it's still available. 

If I make payments over $600 throughout the year to contractors via CashApp, PayPal, or other online payment platforms am I required to file a 1099, or do they receive the 1099 from the platform?

@Mindy Jensen

If we catch Covid between now and the conference are we able to get a refund?

@Tiffany Bildson

What area of Michigan? I invest in the eastern upper peninsula.

@Joel Bongco

Hi Joel! I lived on big island for almost 5 years. I have considered going back there and trying to invest there while having my Michigan properties help support me. I’d be interested in meeting up and discussing Hawaii at BPCON

Hey Everyone!

I'm from the Upper Peninsula of Michigan. I've been investing in single family and small multi-family since 2015. I currently have 16 properties, 23 doors including my primary residence. This is my first conference. I am looking forward to being surrounded by like minded people for a few days and make connections. I'll be in New Orleans Saturday morning 10/2 and leaving Thursday 10/7. I'd love to hang out before or after the conference.

@Christian Stoecklein

Is the real estate professional election optional? I do meet the requirements, but was wondering if it would be beneficial or detrimental in my circumstance.

Would my rentals be considered active income or passive? I spend more hours on my rentals than the other streams of income combined. My other streams include real estate agent commissions and I do property preservation for bank foreclosures. I have not had real estate losses, primarily because the properties I invest in are under $50k and cash flow well. I do not feel it would be cost effective to have a cost segregation on them.

What are the downsides of electing to be treated as a real estate professional for taxes? Would this make my real estate rental income become active income instead of passive? Is this taxed differently? I do not have high income from other areas of work and my rentals all cash flow positively even after depreciation so I do not show any real estate losses that would offset income from other areas.

I am also a real estate agent, but only do half a dozen deals a year. Would this automatically make me have to be treated as a real estate professional?

@Jason Tougas

For sure I’d love to meet up!