All Forum Posts by: Chris Sukala

@Anthony Manning good advice given here, just curious why not in Austin. i was thinking about looking for multi's where you are at now. I thought Austin is a good place to invest. I too eventually want something around Denver. my wife has family out there.

Joe Moore well so far. Tuesday we wired the money and they excepted the bid, now waiting For paper work to go through and judge to agree. This is our first time doing this so it’s learning curve involved for us.

Well we did!! We pulled the plug and bid on a auctioned duplex and WON!! Now it’s a waiting game. I guess it goes in front of a judge in 4-6 weeks from there he decides whether it’s a sale or not. He then sets terms on evictions. According to assessor office the owner lived there or now previous owner. Hoping things go smoothly. Can’t wait!

So we are going to be bidding on a piece of property down the block from One we already hopefully I’m 2 weeks. I do believe there are tenants still in place as of last week. I have done my diligence and looked for Any back taxes or liens. Clear of both. If we are lucky enough to get the winning bid what do I do next? Do I send out a letter to tenants stating we are the new owners and as of this date payments come to us and if you do not wish to stay you have 30 days? If so how do we prove this to them?

So we are going to be bidding on a piece of property down the block from One we already hopefully I’m 2 weeks. I do believe there are tenants still in place as of last week. I have done my diligence and looked for Any back taxes or liens. Clear of both. If we are lucky enough to get the winning bid what do I do next? Do I send out a letter to tenants stating we are the new owners and as of this date payments come to us and if you do not wish to stay you have 30 days? If so how do we prove this to them?

@Philip Williams good job, what side of town did you buy this 40k and Priced it at 175k. That is a really good find. 

@Eric Maertens , i will give you some experience on what i did, definitely a learning expererence. So i took out 100k part was getting reinvested in a different IRA company. i was able to buy a house and put back 50ish thousand. 2017 tax time i received a 1099R, my accountant said i had to pay taxez on all 100. mean while one of their assitants was setting up a LLC for us. I called a couple times to verify this was happening. the assistant said yes working on it right now, so i didnt think anyhting about it. When tax time came i lost a bunch of credit due to the assistant quitting and not getting my LLC setup in time. My W2 and my rentals put me at over 150k then add that 100k. i ended up paying 35k in taxes. I had credits of about 28k but because i wasnt set up yet, i only could claim about 8k. Fast forward to this year 2017, I had 2 smaller 35k and 11k IRAs i wanted to consulate so i again moved them. This time they both did go into different account but passed through my Checking account. I now have 2 1099Rs that i think i will have to pay taxes on that have already been in a IRA. I have a call into my Mutual fund guy to find out what his take will be. So another learning experience i did was to take a loan out from my work 401k. quick lessons, You cannot pay extra per month on payment. It is either the payment you choose or you have to pay it off in a lump sum. so if you do this make sure you take a smaller payment and stretch out the loan. i screwed up and did 3 year payment is 600 a month. Good Luck

We will be there too

I too have been looking for something that makes sense.  I have tried tenant cloud which isnt bad but having issues on how to separate business expenses from properties. Buildium was too complex for us. For 2018 i need something that is user friendly for my wife to take over.

@Chanda welcome