All Forum Posts by: Rich Ferradino

No I didn't buy anything near Medina, but I've been having alot of success by Spring Branch/ Canyon Lake. Since your looking for water access I'd look into that area. Way better than Medina Lake. 

@Michael Plaks

Thanks for the reply. If it's a business but the 1099-S is reported with my personal SSN instead of EIN, is there a way to retro actively change that? Or can I claim the income on my business and give myself a K-1, and then report $0 personal tax income on the 1099-S since it was paid via business taxes. 

I purchased land and subdivided the land into separate lots with individual addresses. I have 7 1099-S, one from each transaction. My question is can I combine all the income and expenses and have file it as 1 1099-S, or do I have to list each individual one. I bought the property for 120k and each was sold for about $30k and not sure if I should divide the original purchase price and subdivision cost by 7, or just lump it all into 1. Thanks!

@Kevin D. Are you looking to purchase a park for yourself? I'm looking at selling a 27 unit I own in San Antonio, TX

Congrats Matt. Sounds like a home run!

@RaShae Bey Thanks for offering your insight; however we decided to not pursue purchasing the property.

I've noticed in multiple counties in Texas you can get a plat exemption when selling to someone using a loan via Texas VLB. Has anyone ever done this? My strategy would be to take 1, 10 acre parcel and make 10, 1 acre lots. The platting and subdivision process is somewhat expensive, but I if can have a seller sell it to me and I use the Texas VLB I can get an exemption on the platting process and streamline the process, I could cut out the red tape.

@Account Closed Glad to hear you were to catch the fire on time. I had one of the homes in my MHP catch on fire. The owner had a gas stove and moved the stove without turning off the gas line. Something caused the gas vapor to ignite and the kitchen went up in flames. Luckily the fire department was able to come in time to salvage the home.

@Eddie Trefger The all in rehab is about $250k which includes rehabbing some older MHs. There were some issues with the septic tank and lines but we didn't have to replace them all. The SFR was about 20-25k rehab. Which included demoing the back porch, new HVAC, new electrical, re-sheet rock with tape texture and paint, kitchen island and counters.

@betty cruz My realtor told me about the process. The only people right now that can really deny airbnb is the HOA. I put a SFH under contract as my primary residence and since it's .5 miles from the pearl I'm going to airbnb an rv. I was thinking a tiny house but they are just glorified trailers, and for the $/sqft you pay on the good looking ones, you might as well just have a stick built casita.