All Forum Posts by: Mike Landry

20592 youpon lane, porter tx 77365

1800 sqft brick House on .7 acres. Arv $150,000+. Needs New ac, roof is 15 years old and leaked during Harvey, electrical panel, and cosmetics. 4 bedroom, 2 bath. Rents 1300-1400.

Text, call or pm to see it. 832-928-4005

85k or best offer. Not an assignment, we own this property. 

Near Kingwood, humble, spring, new caney, conroe.

Thanks @Greg H.  That is what I figured but the sellers keep saying they can do an affidavit of heir ship.  The title company has a form to do that but they say it needs to be prepared by an attorney.  

Hey guys.  I have stumbled upon a pre probate property.  The father died (mother already passed) and there are two sons that will inherit the property.  No will.  They want to sell me the property asap due to the fathers medical bills that are unpaid.  Can they sell it to me before probate?  They are meeting with a probate attorney next week.

Can a title company prepare a affidavit of heir-ship?  Or do I need my RE attorney?  Or a probate attorney to write it up?

Thanks!

@Nicholas Aiola  Thanks for your contribution.  I have a question that I posted on its own thread but it didn't get much traction here.  Can you help me out with Interest tracing rules?

Here is an example. Lets say I have 200,000 in my personal bank. This money I specifically allocate to different personal funds....emergency fund, Pool fund, Porsche fund, vacation fund, ect...

I then buy a rental property for 100,000. I have access to a personal line of credit for 100,000 but instead of using that and paying interest, I decide to borrow 100,000 from myself. Then 6 months later I decide to build a pool and want 60,000 back that I lent myself to buy the rental house. That original 60,000 was for the pool I just lent it to myself to avoid paying interest for 6 months. Is the interest I now pay on my line of credit tax deductible towards the rental property expenses?

What if instead refinanced out all 100,000 and put it in my bank or built a pool or car or something?

Am I better to just start with LOC debt to avoid any questions or complications. Am I over complicating this? From some things I've read I've seamed to confuse myself.

What about all these BRRRR's? When you stop and use your own cash for something else does that make the interest on the last property not tax deductible?

Thanks!

Thanks Paul. Curious what others think. 

Can someone help me out with interest tracing rules in my situation.....I've read a few things and Im just confused.  

Here is an example.  Lets say I have 200,000 in my personal bank.  This money I specifically allocate to different personal funds....emergency fund, Pool fund, Porsche fund, vacation fund, ect...

I then buy a rental property for 100,000.  I have access to a personal line of credit for 100,000 but instead of using that and paying interest, I decide to borrow 100,000 from myself.  Then 6 months later I decide to build a pool and want 60,000 back that I lent myself to buy the rental house.  That original 60,000 was for the pool I just lent it to myself to avoid paying interest for 6 months.  Is the interest I now pay on my line of credit tax deductible towards the rental property expenses?

What if instead refinanced out all 100,000 and put it in my bank or built a pool or car or something?

Am I better to just start with LOC debt to avoid any questions or complications. Am I over complicating this? From some things I've read I've seamed to confuse myself.

PS I used to be an avid Dave Ramsey fan and one of the best things was paying yourself first.  To this day we truly track contributions to all "funds" on an excel spreadsheet monthly:  car funds, personal money funds, vacation funds, we even have a Christmas fund and kids personal money funds.  Could a detailed excel spreadsheet be useful in providing the irs proof of where the money belongs in the first place?  

let me know when you figure it out. The only things that i have found to reduce my tax bill are working less and contributing the max to my 401k. My rentals keep making money that i have to pay more tax on. I guess there's worse problems...

I have some rentals in Conroe... Flipping? Not really nice enough of an area to flip. Conroe is actually not that nice. But it is a good solid blue collar area for rentals. Better areas around like the woodlands, Montgomery, North spring, magnolia  to flip a house. Just my opinion but if the numbers work......