All Forum Posts by: Joel Miller

Hey all,

I just put an offer on a home and I was told by the mortgage company they could not lend on this house because the furnace is not working. My dad is saying he can come up with the cash and we can fix the furnace and then the mortgage company would potentially be able to finance me after the repair. How should I structure this? Have my dad buy it in his name and do a quit claim deed when I can finance it? Or buy it in my name with his cash and refinance? I appreciate any and all feedback.

Joel

Hey BPers,

I’m buying my first vacant lot to build a duplex. What do I need to do for due diligence for a city lot? I did already confirm with city planner I can build a duplex.

TIA,

Joel

@Mark Baldwin I just bought a house flip with a bad foundation and my concrete contractor said you can either cut out the bad parts and replace them or replace the whole foundation. He ended up replacing the whole foundation without jacking up the house. I’m so glad we did. I would definitely try to negotiate the price down off the engineers report. Hope that helps

@Seth Tandett Thank you! I’ll definitely look into it.

Hey everybody,

I’m looking to close on my first 42 unit storage facility. I would really appreciate insight on software management for self-storage.

Thanks!

Joel

@Michael Plaks

Absolutely awesome advice! Thank you so much for your input.

@Don Spafford I will definitely consider that l. Thanks!

Hey everybody,

I’m working on my first deal with is a house flip and I’m wondering if I’d be better off keeping it a year due to tax implications. To the people that have done flips out there...don’t I have to pay self-employment, state, and my regular tax rate (22%)? It adds up to like 43%! Federal tax of 22% + Self-employment of 15% + Idaho state tax of 6.9%. I may just be adding this up wrong. I appreciate any feedback!

Joel