All Forum Posts by: Olivier Mader

I can only do that once I'm laid off. I would like to get laid off to work full time on properties but I don't want to lose my severance package, so I can't quit or get fired.. I may incorporate after I get laid off. However, there are problems with incorporating. As a private person owning property, in the State of Florida, I do not need a contractors license to work on my homes as long as I pull permits where applicable. Once the home is owned by my corporation, I can't legally pull permits anymote. I would need a licensed contractor and that would get too expensive. I do 99% of all work myself. What I may end up doing is to buy the property as a private person, remodel it and then quit claim it to the LLC and rent it via the LLC.

 I can't incorporate due to my day job.. I work for a major financial institution which also has many foreclosures and any outside business has to be approved by them. If they find out without getting approval, I will get fired and would lose a 6 figure severance package..

 As I often rent out, I prefer as renters are often pigs and tile cleans easier than carpet..

I once owned a house with such smell..They had dogs and cats. Got a great deal on it. I replaced all carpet with tile and painted all walls and ceiling and the smell was gone.. Sold the house after a few months with $60k profit.. Spent less than $2k for tile and paint..

Thanks! Feel free to copy any of my designs! 

 They are travertine look ceramic tiles..

I can still rent it if the bill does not pass.. I probably will. I'm currently working a full time job and do the home flipping/landlord thing on the side but I expect to be laid off at work soon as the system I'm working off will eventually be replaced.. I won't leave on my own as I've been with the company for 14 years and if I quit, I lose my severance package which would be over $100k... Those $100k would come in handy when investing in Real Estate.. Once I'm full time investor, I certainly would have to pay that tax on rental income if tax reform passes. Right now, it very much looks like it will pass :-(

 Thanks.. The house was scary looking but was structurally 100% sound.. I actually own the house across the street from it too which was built by the same builder.. Dimensional wood and not plywood on the roof. all block construction with zero cracks anywhere (unusual for a home built in 1969) (except for addition which is wood frame). It really does not matter if the house I'm working on is a little bit bad or very bad. I usually tear out everything anyways and rebuild. I even change out every single outlet and switch and replace them with nice square outlets and switches.. I remodel every home like it was my own..

 Many Landlords only rent homes for minimal profit, so the new tax won't hurt them too much.. They only rent the homes until  the property values rise and then they sell the properties. 

I have no mortgage on my rentals. I therefore have no property insurance. I do most of the maintenance myself too. My write-offs for tax purposes are minimal. 90% of my rent is profit. Most landlords have a much lower profit margin.

Here are the numbers: 

Purchase Price: $45100 (pre-Auction bid on Auction.com)

Rehab costs (so far): approx. $22000. Expect to spend another $3k to $5k until the house is done

Resale value: $175k to $185k based on comps..

If I was going to rent it, it would rent for about $1400 per month which is a reasonable rent for a 4/2/2 home in the area..