All Forum Posts by: Daniel Newman
Daniel Newman has started 6 posts and replied 7 times.
Post: Best asset class to optimize for depreciation?
- Posts 7
- Votes 3
Hello everyone,
I run a wholesaling business that is doing well, and I think it's a good idea to buy property before the end of 2023 so I can offset some of my income with depreciation. I'm aware that you can only depreciate the improvement/building value and not the land value. My question is if there's any specific asset type or subcategory within that asset type that would be optimal to look at for the purpose of maximizing depreciation and improvement value (relative to land value).
I'm aware there's 100s of other factors when analyzing the property and asset itself; but i'm just curious if there's a specific asset type that's optimal for this scenario so that I can narrow my search a bit.
Thank you!
Hey everyone,
I have a RE wholesaling company (LLC) with a partner that's owned by his entity and my single member LLC. We distribute profits from the wholesaling company to our individual entities (his entity and my single member LLC). My single member LLC is where i put all my personal real estate revenue and i run most of my expenses out of there.
The idea of me converting my personal LLC to an S Corp has come up recently. I know I'd then have to payroll myself and that there would be some tax advantages. If I'm aiming to make $250k-$500k personally this year, would you recommend keeping my entity as an LLC, or converting it into an S Corp? Would you be able to play out a scenario in terms of dollars and how much I'd save with one route vs the other? Anything I'm not considering that I should be? Happy to clarify any info in the comments.
I've researched online but just found generic advice with no concrete answer, so I figured I'd come to the community I've always trusted and who share our RE background. I understand this could be perceived as a basic question. Thank you in advance for taking the time,
Hey everyone,
I saw that Oklahoma signed the Predatory Real Estate Wholesaler Act into law, which essentially bans marketing an assignment of a contract without a RE license.
I've read certain articles that while assignments are no longer allowed, you can get around this by double closing given it includes two separate transactions.
Assuming you don't want to get a RE license, does anyone have experience with this in Oklahoma and know if double closing is legal in Oklahoma as a form of wholesaling?
Legal Statute: http://webserver1.lsb.state.ok...
Additional Info (unsure how reliable): https://www.realestateskills.c...
Hi Everyone,
I'm about to begin wholesaling and am figuring out what software I'm going to use for SMS campaigns. What are your thoughts on BatchLeads vs Lead Sherpa? Specifically pertaining to:
- which is cheaper overall (inclusive of everything: cost per sms, monthly subscription, cost for phone numbers, etc)
- deliverability/functionality
- Batchleads' prospect search quality vs having to use something like Propstream for Lead Sherpa (since prospect search isn't built in)
- Btachleads' skip tracing quality vs Leadsherpa
Generally speaking, would also love to hear—out of any softwares—what you recommend for the best (meaning highest quality for cheapest price):
- prospect search
- skip tracing
- SMS outreach
Know this is a packed question - feel free to answer as little or as much as you can. Thank you in advance.
Post: 1031 Exchange - Question on 45 vs 180 Day Deadline
- Posts 7
- Votes 3
Quote from @Dave Foster:
@Daniel Newman, if you're within the 45 day identification period any property can be identified or gone into contract on. Once day 45. passes only properties on the list may be used. And the list may not be changed after day 45.
In this market we're counseling our clients that they need to think of the 45 day identification period as more of a 45 day contract period. If you're not in contract for your new property by day 45 your chances of completing a 1031 exchange go way way down.
And remember it's fine to actually get a contract for your new property before your old property closes. You simply have to close the sale before you close the purchase of your new property. Selling your property is easy. Finding the replacement not so much. So take care of the hard job first.
thank you @Dave Foster. is there a limit to the number of properties that can be identified? is it just 3, or can i have a list of 20+?
Post: 1031 Exchange - Question on 45 vs 180 Day Deadline
- Posts 7
- Votes 3
Hi everyone!
For a 1031 exchange, I'm aware that you must identify a property within 45 days, and acquire the property within 180 days. My question is: are you only able to acquire properties in that 180 day period that you identified in the 45 day period? What if a new property pops up on the 50th day that you want? Also, given the current state of the market, properties are being snatched in days. What if all the properties you identified in the 45 days are no longer on the market only a couple weeks after?
Curious what the true requirements are for the 45 days versus the 180 days, and how people have navigated this successfully in the past. Thanks!
Hey guys - I have my real estate broker's license but don't work as an agent (I have a day job that's totally unrelated). I have a close friend that's looking to place an offer on a house and asked me to help, which I'm happy to do. The one caveat is that I don't have E&O insurance given I don't do this full-time. Is there any one-off or flexible E&O insurances that offer solutions for agents in my position who don't do this full-time but still want to help clients on occasion? Thanks in advance!