All Forum Posts by: Account Closed

@Jake Hottenrott, so does that mean I can use my business account and therefore deduct the expense of my full purchase as a business expense?

I currently have a single investment property that was in full use for 2019 that was in an LLC. I will be doing my own taxes as I have for the past 10+ years and will be using TurboTax as the software. My question is the following: Is the cost of purchasing the tax software a business expense or a personal expense?

I would probably run a background check on anyone who is currently the age of 18 or over.  Have anyone who is above the age of 18 complete the application along with an application fee to cover the cost of a credit/background check.

@Jermyn Brown, that sounds like a weak answer.  At the least, the home should be worth what you paid for it plus the material you put in to it (kitchen cabinets, tile, bathroom vanity, etc.).  It could be argued what you paid for labor should not be considered, but the material cost itself should be added to the cost you paid for it.

I am getting ready to purchase my second rental property in the Kansas City area.  While I am familiar with the city after living there for the past 4-5 years, I want to look at crime trends in different areas of the city (both MO and KS side).  With the money I will have for a down payment, I will probably be in the C grade neighborhood.  I want to know if anyone has a good source they look at to determine the crime level in an area.  I would like a tool that is a map, but also can download the information so I can review trends of a particular area.

@Sai T.I would recommend using wire clips you can nail in to the side of studs for the ceiling wires.  This will keep them away from any nails or screws going up in to the ceiling.  For the wall studs, cut holes in the studs and fish the wires between the studs that way.  Now the key for the wall studs is to buy Nail Plates and place them on front of the stud where the wires are.  These will protect nails and screws from piercing the Nail plate, and ultimately the stud and protect the wires.  To install the Nail Plates, you should just be able to nail them in to the stud as they will have a small nail on both sides or triangle that will secure it to the wood on either side.

I used Nail Plants for my kitchen.  When I was hanging the cabinets, I didn't mark on the walls where the nail plates where, so when I was hanging the wall cabinets, we hit some of these causing damage to the inside of the back of the cabinet.  So they work at intended.  We eventually had to drill small pilot holes in the cabinets and use a small nail to test to see if we would hit a Nail Plate before screwing in the cabinets in to the studs.  

To me, that sounds more like you want a loan from investors rather than a syndication.

If the numbers work out where your portion of the mortgage payment is reasonable for your to pay (or maybe you even make a little money), then it should be considered.  However, there are risks to that much leverage, such as default on your loans.  

Some people on this board will use a loan in order to secure a down payment for a house that they will rehab.  Once the rehab is done, either sell or refinance it so they have money to pay of the loan used for their original down payment.  The down payment loan is just a temporary loan in this strategy.

One think I would consider doing, wait until you pay your taxes, so you are not left with a tax liability more than you expected.  The 20k you won from the lottery still has to be used to pay for Federal tax, state tax, social security tax, medicare, etc.

While you are waiting for taxes to be taken out of your lottery winnings, you can read the books and start acting on the recommendations listed above.

Simply financial freedom to be able to do the things I want to do, and not what someone else tells me to do.  I want to get to a point where I can quit the corporate world.  Once I leave the corporate world, I want to continue to invest in real estate and possible other ventures to continue growing my wealth.