All Forum Posts by: Julian Buick

I did one flip last year where I partnered with a rehabber. I was the money guy. We made a little bit of money and I'm trying to figure out how to file my taxes using turbo tax. The property was not in my name, if that makes a difference. It took about 5 months for the flip so I will have to file it as ordinary income. I'm wondering if I should say I sold a house. Technically I didn't sell a house, I was never on title. Any suggestions?

@Brian Palosi how do you convert single family homes into town homes? Are you talking about leveling the lot and building a row of townhomes? I know some people that are doing that in this area but I'm not sure if that's what you're talking about. 

sorry I meant 20k not 30k

@Rocky Verteramo is that 10% of 30k (I.e. 3k) or 10% annualized (I.e. $750)? Big difference. 

@Kevin Scott the only one I go to is the unofficial BP meetup that @Troy Fisher hosts. It's called Pacific NW Real Estate meetup east side edition. It's a lot of fun. There are also the south end edition and Seattle edition but I haven't been to any of those. 

You're in Tacoma? I just bought a rental down there. 

@Kevin Scott I never thought about it that way before. The lost opportunity of being able to use that money for another investment. I'm a fairly new private lender and I have friends ask me all the time why people borrow money and don't use their own money.  I tell them that it's so that they can keep their own money to do more deals. But I like this way of thinking. Counting for the holding costs even though you are using your own money makes total sense because you could be using that money to make the same type of returns that you get from paying for the money. Thus opportunity lost. I like it. 

attaboy @Troy Fisher

@Charles Wilsondo a search either online or on bigger pockets for JW Warr and SEC. Some pretty interesting stuff. 

Hi @Lisa GerardI just came across this and am also in the same situation. The people that I invested with want me to fill in a W9 form. After you filled in the custodian's name FBO your account, did you sign the W9 form or did you send it to your custodian to sign?

@Bob Malecki I've been wondering the same thing. Did this Watermark company come out of nowhere and be the answer to all NPN buyers dreams? Or is something else afoot?