All Forum Posts by: James Slaughter

@Matt Mimnagh

I believe @Matt Mimnagh asked the BP community "Are there any clever and LEGAL ways to reduce the tax bill that you would recommend?". 

Are you telling everyone on BP that each year when you file your taxes, you don't claim every deduction possible?

I don't like tax cheats either, but to insinuate that if Matt M. wants to use legal tax

strategies to minimize his taxes he should move to North Korea is a little over the top...make that way over the top.  Just my 2-cents.

Sounds great, count me in!

@Shaun Weekes I am pretty much in same situation as Joe, have paid cash for properties in past, and am now almost out of money!!! I have an LLC, but rental properties were purchased prior to LLC formation and are not technically in LLC yet...getting advice from my accountant to close LLC to pay less taxes, (another question for another time, seems like the community is split on issue of to LLC or not to LLC).

Am I correct that having real estate in my name instead of LLC might actually be a good thing when looking to refinance? When I talked to bank, they want to steer me to commercial loan dept. as soon as I discuss "investment properties" (probably because I am going in there as a business owner) but from what I can tell a 30 yr fixed mortgage would be much better deal than commercial and I have heard from several sources/post that I can have up to 4 in my name (I have none at this time even home paid for). My investment properties have been owned for over 6 months so hopefully that shouldn't be an issue. Sorry about all the questions, have learned a ton on BP so far, but still a newbie and the financing part is by far my weakest area since I have not gone thru the process on an investment property yet. Any words of wisdom or advice greatly appreciated!

@Alexander A.

 Great post, love the links, LOTS of great information.  Good Luck!

Hey Freddy, 

Hopefully you live in a part of NC where home prices have been rebounding.  I live in Charlotte area and home prices seem to have been increasing nicely over last two years and in your case, I hope that trend continues.

If comps in your neighborhood are very similar in price, you might want to stick to lower cost cosmetic improvements or you could over improve and not get your money back out.  I think that the market in two years (which I'm not even going to try and predict) will probably determine what makes the most sense at that time.  Good luck!

@T. Phoenix HowardI was interested in your post for two reasons. 1) I used to live in that area before moving to NC, and 2) I am new to the BP community and when I read thru the investor market place posts (and corresponding threads), this is the first time that I have seen a deal actually take place (or at least something actually sell).  I'm sure it must happen all the time in the background (and in posts I haven't seen yet), but it's encouraging to see someone acknowledge a deal actually took place. Congrats!

Welcome Justin, another new member here.  Don't know about deleting posts but obviously an amazing amount of information on the site.  Almost makes it hard to focus there are so many good ideas and people on the site. 

Very nice Dave!  I work in this area and wish you all the luck (although  luck most often involves a lot of hard work) and can't wait to visit!

@Josh Kellum, thanks for the encouragement, and the same to you!

Thanks Jasmine,

I will definitely keep my eyes open for the local group meetings!