All Forum Posts by: Bruce Scannell

@Keith Jourdan

Can you post some of your pre-rehab pictures, to see what 18k got you? 

Thanks

@Jimmy P. in my experience, small lenders will refinance before the seasoning period has expired, but only based on purchase price as opposed to appraised price. If you bought at a steep discount, then it might not be advantageous to pay the closing costs, but then again, it depends on how much you have tied up.

Bruce

@Account Closed

No problem. I'm assuming it's in Michigan, what city?

@Account Closed

It sounds like an interesting deal. Why is the seller to sell so cheap if the appraised value is high? Also, what are the units rented for? Where is it located? And what utilities is the landlord responsible for?

Thanks,

Bruce

interesting issue @Nathan Yaun. I have a similar issue in my duplex, but I've only owned it for 3 months. I'm not sure how involved to get. I try to put myself in their shoes but sometimes I'm not sure who to believe. I'm thinking of instituting a quiet noise clause in the lease to help, but outside of that, that's it I think...

Interested to hear everyone's input...

Bruce

thanks @Wayne Brooks. i know its difficult, but theres a lot of talk about depreciation and write offs. i've read the rich dad books on tax savings, and its all well and good, but i was just wondering if theres some seasoned investors that can share what their average tax liability was as a % of their earnings, even a range would help. maybe something like 10-20%, as compared to my 30-40% as a w2 earner.

I'm wondering, with all the tax benefits to REI, what is everyone seeing as their annual tax responsibility? I know everyone will have something different, but I'm currently a W2 employee paying high tax and am trying to determine what I need to produce on a monthly/annual basis to invest full time. Obviously, the tax benefit will help, so as a buy and hold investor what amount of taxes are people seeing compared to their gross earnings? Thanks

you're living the dream @Account Closed, congratulations! It sounds like you've established a solid foundation with the knowledge to succeed. I have no doubt you have made the right decision.

I agree with @Dan Mackin, the information seems either incomplete or misleading. I just closed on a duplex yesterday with conventional financing, granted I don't plan on living in it and I put more than 5% down. My guess is your low down payment amount is limiting your financing options, but I would definitely get a couple more local financial institutions to weigh in.

This is an interesting one, definitely would love to hear the whole story. I'm sure @Joshua Dorkin would love to weigh in, heck he might even want to buy them from you!