All Forum Posts by: Brian Boyd

You are getting good advice. If you DM me, I can send you some information that will bore you to tears but it has some good nuggets in there for you to learn. 

Best of Luck!

Have your attorney review the contract and demand the lease. If these were part of your inducement to the contract, then you may have a reason to terminate the contract and get your money back. You need to get on the phone with your lawyer now and sort this out. Otherwise, you may have a disaster on your hands. Don't freak out, just call your attorney and agent to get the details.

Good Luck.

This could be a boon for you. Call the local court's clerk to find out what their local rules are pertaining to tax sales, read the statutes they point out to you and be ready to wait the statutory amount of time on the property, typically 1 year, before you can foreclose on the property and title it in your name. 

There are books out there that can help you with this but call the Courthouse first and ask to speak to the clerk. 

Good luck out there!

You are experiencing the growing pains many of us go through. I'm a tax lawyer by education and training but I invest in real estate (I have a closing next week for our 22nd door). I went through the same thing you are dealing with, I had a highly reputable accounting firm and was paying an hourly rate of well over $700 an hour and they missed some very obvious things on my return that I had to point out to them. Then, when I changed firms to a National CPA firm, they did a worse job and I have had to amend three years back to clean it up and truly realize the benefits of RE investing. 

There are books out there that can help you understand the tax implications for RE investing, including Cost Segregation, LLCs (series and single members), Section 179 and Bonus Depreciation, and how to work with your bank to utilize the equity in your property from appreciation and paid down principal from your Mortgage make cash free purchases. 

With that said, it takes kissing a few frogs to get your team together and that is really what your post gets to the heart of. I am a lawyer so I can draft and execute my strategies but I have had to find the right book keeper, the right accountant, and the right banker. It is tough, but there are people on this forum that will gladly point you in the right direction. 

Good luck to you and don't get frustrated. It sounds like you are doing great so far. 

@Dusty Laurin I worked with our CPA and our book keeper to follow the IRS guidelines to qualify as a Real Estate Professional. DM and I’ll talk you through it.

If you have a contract on it and have complied with your obligations under that contract, you have a beneficial interest and/or a contractual interest. Should something go awry, you could file a suit for breach and place a lien lis pendent on the property- notifying the world of your interest. But, I think @Jay Hinrichs has given you solid advice which is don't always believe the wholesalers. Good luck with your endeavors!!!!

You do you. Best of Luck to you and I hope you find the answers you are seeking. 

No good deed......

Capital Gains on a property will be treated as one bucket of income; then your W2 job is another bucket. And we are going into some detail here, but, the Real Estate investment profit and losses will not be counted against your W2 income if you are not "active" in the real estate business. The IRS has stated rather clearly, that if you are a full time employee of someone receiving a W2, then your investment income or losses will be treated as Passive and not deductible against your ordinary income. Please go speak with your accountant on this topic. What you are suggesting above strikes me as an audit flag from the IRS.

Good Luck!

I think you misunderstand what goes in the Capital Gains Tax bucket and what goes in the ordinary income tax bucket. Please go consult with a CPA or Tax Lawyer.

Good Luck !!!

The attorney doesn't control the money. The trustee controls the money. 

You do not control anything about the trust if it is irrevocable. 

Given your questions, I think you should go meet with an attorney to get a better understanding of what lawyers do.