All Forum Posts by: David Ramos

Good day BP Community,

I wanted to see what is your opinion when it comes to create a Pro Forma for any Single/Multi Family Home investment. I'm sure this varies depending on any particular investor's taste and the type of investments that are being dealt with but I just wanted to find any common patterns with what should be included in a typical financial analysis document. All ideas, comments and opinions are welcome. Thanks.

@Ellis San Jose

Do you happen to know if SDIRA's can be used with tax liens/deeds? If so, what is your opinion in that kind of investments?

@Chris Feltus

Thanks for the info. Fortunately, I have some knowledge about MS Access to compile all that data. Those websites will most definitely help me out run my market analysis in my community. Thanks again.

Good day BP friends,

I was wondering if anybody knows about good websites and/or android apps that provide accurate if not precise demographics information. I tried to find some on Google but they don't seem to provide trustworthy and recent information. All comments are welcome. Thanks.

@J Scott

@Steven Hamilton II

@Terry Portier

This thread has been filled with a wealth of information, stuff I haven't even dealt with but it is certainly something to keep in mind in this business. I just recently took an Accounting course as part of my degree curriculum; at this point in time I probably forgot about all that information but I did keep the book just in case I would use it in the future (like now).

With regards to the LLC deal, taught me a couple of things about this entity when dealing with wholesaling. I happen to live in Delaware and yes, all sorts of businesses happen to use the flexibility that the laws provide there. I'm still new at this but this thread is one of those to keep as a reference when that time to set up any of the previously discussed entities comes up.

@J Scott

Thank you for those forum threads, they've pretty much answered all my questions. It really narrows it down to wholesaling being treated as a business (self-employment) rather than as an investment. It also calls for a lot on organization on my part by keeping a good and thorough record of events (gas mileage, operating expenses, meals, etc...) that are incurred for the business. For tax purposes this makes sense when using the Schedule C for all those deductions. Thanks for all that info.

******* BP Community******

Good day BD Community!

I wanted to know what would be the best approach to minimize the tax implications on a wholesale deal. On previous forum posts I noticed that the 1031 Exchange does not apply for this type of transaction, but one can make the purchase through an LLC to minimize the investors tax signature. I just wanted to obtain further clarification on the matter to clear up any doubts and if there are any other methods for the same purpose; all input will be greatly appreciated. Best of regards to everybody!

David

Most definitely, espcially if the property has been inherited by any siblings and/or relatives.

@Steven Pierre I'm not sure about that but what I was saying was that should you not find any other way to approach this property (whether through wholesaling, flipping, or buy and hold) you can try to find it at your local county's tax sale auction and bid for it.