All Forum Posts by: Charles P.
Charles P. has started 5 posts and replied 10 times.
Post: How to file taxes for sale of rental property...
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
Hello all,
The Jist:
Bought single family house in 2008 for $93k, rented it out til May 2016
Renovated house for around $12k and sold for $145k in Nov 2016
Previous tax returns say I have accum dep of $26k
Before I head out to an accountant, am I going to have a big tax hit?
House in GA
TIA
Post: Going into my first partnership
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
We would buy homes all cash and renovate all cash. I have never done deals all cash. Is there some sort of documentation we should have to show how things are divided, like profit? Should we start a company? I would like to flip one house and see how it goes.
Post: Going into my first partnership
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
Not sure ...we're both going to have about 100k to invest.
Post: Starting a new partnership
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
Looking to go into residential real estate flipping with new partner. This will be our first venture. What is the best way to approach this financially to protect our own interest?
Post: Going into my first partnership
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
I'm going into my first partnership in residential real estate flipping. Can anybody give me some tips on keeping myself safe financially? TIA
Post: Private Money Lenders in Metro Atlanta
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
Originally posted by @David Begley:
Originally posted by @Charles P.:
I'm looking for a good PML for investing in the Atlanta area. What companies have you had good experiences with?
Charles, I am going to assume you want to borrow funds rather than lend funds, so if my assumption is incorrect, never mind the following!
As I understand it, "Private Money Lenders" are by definition not companies - at least not in the strict sense of the word. Private Lenders are typically individuals/friends/relatives or Investors wanting to invest passively in real estate, whether from their investment portfolio or SDIRA. If you are looking for Hard Money Lenders ("HMLs") in the metro Atlanta area, I would start with reviewing the following in BP's Resource tab: http://www.biggerpockets.com/hardmoneylenders/geor...
After reviewing these, PM me and I'll relay my experience with those I've dealt, and perhaps steer you away from those I've researched that aren't quite up to the standards of their competitors - i.e. those charging upfront fees, exorbitant points, excessive or conventional-mortgage like underwriting and documentation, etc.
If indeed you are looking to PLACE money, PM me as well and I'll send you a couple of suggestions of BP members that are active in that side of the biz.
Good luck!
Hey David,thanks for the info. Im looking to borrow. If I could find a way to start back today,I would have no cash reserves. I do have a rental with equity in it. I dont know if that could help me or not.
Post: Private Money Lenders in Metro Atlanta
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
I'm looking for a good PML for investing in the Atlanta area. What companies have you had good experiences with?
Post: What is the best way to finance a simple flip deal?
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
I'm wanting to have all options of buying real estate including auctions. I've never been to an auction in Georgia, but I assume you need all cash. I will be looking at houses for sale that exceeds my cash reserves. What is available out there? Is there loans from conventional sources that I can use other than the standard mortgages, does hard money provide you with cash up front?
Post: What is the best way to finance a simple flip deal?
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
A little background...I own a rental and a personal residence. I have flipped one house right before the real estate crash in late 2007. My rental has appreciated since 2008 when I bought in and I plan on renovating and selling for a good profit. I'm selling my own house and because of great location and renos I should make a good profit on this as well. If all goes well, I should have $90,000 in the bank after finding a new residence with down payment and all expenses paid off, etc.
Question is...with $90,000 in the bank, what is the best way to finance deals? I would like to also buy houses through auction. Thank you
P.S.-I used hard money on that flip I did in 2007
Post: What's holding you back in your real estate investing career?
- Retail Manager
- Cumming, GA
- Posts 10
- Votes 1
Quite frankly, money. I have a full time job and I know the popular answer is go to real estate clubs, but I feel uncomfortable doing that. I have a rental I think i'm going to sell next year to get the money to start flipping again.