All Forum Posts by: Charles Perkins
Charles Perkins has started 4 posts and replied 200 times.
The real risk is your rental pool. Some areas can become harder to rent in a down market. Some areas can experience rental rates that decrease. It is a very good idea to become familiar with your housing market now and historically.
Post: Successful Real Estate Investors, I’m Calling You Out! 🏡💪
- Posts 200
- Votes 149
Quote from @Adrian Smude:
Quote from @Charles Perkins:
I don't believe RE investors are more prone to health problems. Stress, work habits and work environment all have something to do with health and are common place in many jobs.
I agree all workplaces can have health concerns, yet in my experience once financially free I don't see real estate investors take control of their health. I have seen with small business owners. Have you seen similar>
I've met plenty of people with health issues, but haven't met that many investors with health issues personally.
Post: Successful Real Estate Investors, I’m Calling You Out! 🏡💪
- Posts 200
- Votes 149
I don't believe RE investors are more prone to health problems. Stress, work habits and work environment all have something to do with health and are common place in many jobs.
Post: The Average Millionaire has 7️⃣ Different Income Streams
- Posts 200
- Votes 149
Over My lifetime I certainly have used various income streams some of which I continue.
The primary vehicle is real estate which is my business income and other streams are incidental.
Post: Just Closed on My First Investment Property!
- Posts 200
- Votes 149
Glad to see new investors getting into the market. Tell us a little about your experience, the criteria that was important to you in deciding to pull the trigger on this property.
The property certainly has street appeal.
Post: What happens to your RE portfolio when you pass away?
- Posts 200
- Votes 149
State's also have there own estate taxes which are often quite different from the federal estate rules and laws.
Post: Condos turn buyers into owners, while apartments build investor wealth.
- Posts 200
- Votes 149
It's fascinating to hear your experience investing in condos. Condos have never been part of my investment strategy but it is interesting to hear how they have worked for someone.
Post: Can i file my 1099s on my own and show that as proof as income to banks for a home
- Posts 200
- Votes 149
Quote from @Jimmy Rojas:
Quote from @Ashish Acharya:
@Jimmy Rojas Yes, you can file your own 1099s using tax software or online services, but simply filing a 1099 doesn’t automatically prove income for a mortgage. Lenders typically look at your full tax return (Form 1040) with Schedule C (for self-employment income) or Schedule E (for rental income) to verify income.
To qualify for a home loan, banks generally require:
- At least two years of reported self-employment income.
- Tax returns, bank statements, and possibly profit & loss statements.
- A solid debt-to-income (DTI) ratio to ensure you can handle mortgage payments.
If you’re newly self-employed and don’t have two years of tax returns, you may need to look into bank statement loans, which some lenders offer based on income deposits instead of tax returns. Always check with a mortgage lender about their specific documentation requirements.
This post does not create a CPA-Client relationship. The information contained in this post is not to be relied upon. Readers should seek professional advice.
I been self employed since 2015 and have my 1099 forms 2023 and 2024, no debt at all.
Post: Is Landlording worth it in the long run?
- Posts 200
- Votes 149
Is it worth it? Honestly I've come to believe you can do well as a long term landlord in many parts of the country. All of my property is in Washington and has been bought over a period of 35 years. My wife and I have done well and I would say yes it has been worth it.
Not everyone is cut out to be a long term landlord. The property one buys, the micro market they buy in, and the buy box decision can all play a factor in success. For us, cash flow began very low, but appreciation, increasing rental rates, value add and other factors have significantly increased cash flow along side appreciation.
Every market has challenges to overcome. If you understand the market you deal in, buy right and have the business sense needed to handle situations that come up you can succeed others have.
I'm reminded of those that were highly successful during the great depression. Many lost everything yet some started new businesses and I'm sure and/or invested in RE and did quite well.
Post: Can i file my 1099s on my own and show that as proof as income to banks for a home
- Posts 200
- Votes 149
You can certainly file your own 1040 income tax return and banks will use them. 1099s that you file are used to report expenses you paid that are required to be reported to the IRS.