All Forum Posts by: Chris Sukala

@David Waddleton landscaping seems a bit low also. I pay one duplex 25 a week for mowing and another 35 a week for mowing. Different market but still seems low

@Alan Johnson this was after tax time 2years ago and I just threw it on a zero percent CC ,when that expires move to another and been paying 750-1000 a month. Read through that article seems like Max is 10,000. So I would have qualified.  I’ll reread but that I got out of it. 

In Theory I should have only been taxed on 50k of this not 100 since I put half back withing the 60 days. unfortunately the 5298 , I think , doesn’t come to you until May stating yes you return X dollars within your 60 days. 

Maybe there was something that could have been done  better but I chalked it up as a big expensive learning experience.  

@Andrew Angerer we found originally on Auction.com, however it’s was held through a Like a sales or holding company in Chicago and auctioned off live in our town at a title agency. Once you click on the property in Auction.com it will tell you if it’s held by the site or at another place.  

I do believe Auction.com checks on liens and what not but the one we bid on we did we had to do the foot work. 

We lucked out pretty good on ours.  Upper unit lady has been there for 20 plus years and the lower unit was 100% remodeled. Did some painting and was rented right away. We new what the area. We have 1 couple blocks away so we knew our stop point. 

@Jim Williams our last foreclosure purchase was a duplex. So yes the are out there.

@Matt Hangsleben I too have been struggling with this also. My Finanical advisor and CPA says, of course to max out your 401k however I am torn. He sent me a audio book on audible called The Power Of Zero by David McKnight. It gives you ideas on how to retire with paying zero taxes.

One thing it talks about is Will taxes be lower or higher when you retire? If you think higher then why put it in a taxes free now when you will have to pay later. This now makes me question my 401k max.

Here is a screw up I did. So after reading this book I said screw it and pulled 100,000 out of a TD Ameritrade account. Half was going to go to him, which is a friend, and the other half I bought a house free and clear.

Meanwhile a lady at my accountant office was setting up our LLC. I called a couple times to verify how it's going and to see if I need to come in, of course she said we are working on it and we will let you know. Months go by getting closer to tax time a call again. Yup doing it.

We make appointment to do taxes. I give them my info and the accountant is unaware that her assistant did not finish our LLC in time. Oh and she quit. So now I have my W2, my rentals, and this 100k as income with no LLC to run losses through. This threw us in a high high tax bracket where we could not get all the credits that would have been available to us. Bottom line is I owed the IRS 36,000 on a screw up between me pulling the 100k and them not making my LLC in time.

Do I still want to pull the rest of my 401k out? Yes but very worried about the taxes and penalties one will have to pay.

Good luck. Sorry if this has no paragraphs, I am on my IPhone and it seems to always lump together.

@Michael Doherty lawn maintenance and snow I sub out. However I hate relying on people but My lawn care guy is cheap and handles my multi families. The 3 units are in a quarter mile of each other. He does excellent work with that. He started doing snow this year. He is a bit slow getting to them.

I personally was think about a plow myself. I use a Jeep Wrangler unlimited to haul my tools around and trailer for everything else. Sometimes I don’t want to use a trailer and a truck makes more sense. . I would prefer a truck with a tool box in back maybe with a hard cover tonneau and a trailer for bigger stuff.

Only reason why I would even think about the plow would be to do my own, parents, sisters, and grandmothers. So if I’m doing theirs I might as well do others.

Our SFRs the tenant handles all lawn and snow so it’s just the multi’s.

Working a also 40 plus week W2 I value my time and probably with leave it to others.

Good luck.

@Derek Luttrell oh also was just in Woodstock yesterday getting grout at a place called Century Tile. They have carpet, tile and wood. They have several stores in the burbs

@Derek Luttrell not sure if you have them in Chicagoland but we have Carpetland up over here and they are typically that week.

Hello all, 

We have friends moving down to Grandbury TX in the summer of 2019 is there anyone out there that may have rentals available around that time or a contact of someone they may know? Assuming they want to buy sooner then later but if they cannot find something they will need a rental. Certain areas they may want to be in verses others.

Thank you.