All Forum Posts by: Lucky B.

Hi Guys, thanks in advance for all your opinion and suggestions. Here is my scenarios. I currently am renting a 3 bed home for $1500 a month. The real taxes this year is proposed to be increased to $3850 from $3500 last year. My monthly PITI is $863. I personally think the taxes are too high and not investor friendly in this region because a neighbor with a similar home is paying $2300 in taxes.

The house needs minor work as with age and finding a good handyman had always been a problem for me . They never show up and when they make a few bucks they go to Hawaii and spend it all out then come back. 

Should I just sell the house or continue renting ? If I sell the house I will make about $150k after paying a realtor.

thanks, I will wait .

Hi Mike,

The home does not have a mortgage and the taxes previously paid was not prorated so oi assume it will be no big deal now. thanks for replying.

I recently bought a REO property about 2 months ago and yesterday I received a tax bill from the tax collector regarding the annual property taxes. On the bill it says , the former mortgage company has requested a copy of the bill. I called the tax collector office and ask them why is the former company getting involved with taxes, it is my responsibility now . She did not know the answer but told me to call Nation star mortgage and find out from them. I called and was on hold for 20 mins to the point where I got angry and just hanged up the phone because why do I have to waste time on this matter. I will pay my bill at the end of this month, but I am just curious to know what would happen if they mistakenly paid the bill before I do?

Hi All, I would like to get some help on how to best achieve my goal of flipping a property with the lowest possible  tax burden. I recently bought a home, and I had plan to resell it, until, a friend mentioned something about " dealer status" . I did not know about it since i was just a buy and hold investor.

I have two properties that i have been renting for 4 years, and they are all in my personal name, no LLC. I know many of your will scream at me for doing this so long, but i just never got around to putting those rentals in a LLC. My intention was/still is to flip this newly acquired property, so i put it in a newly formed LLC. So as i read about " dealer status", it seems like it would be best to have an S-Corp. Now the problem is i am a sole member LLC, and i did not elect S-Corp when i filed for a FEID # on the IRS site.

1. Can i go back to the IRS and update my LLC into a S-Corp ?

2. How do I distribute the profits ?  I understand that most people pay themselves a little salary so that they will only get hit 15.3% SET on part of the profit. Need clarification here.  

3. Will i lose depreciation on the other properties ?

I am self employed so no matter what i pay the 15.3 percent on my regular job.

I am trying to find like minded investor who want to invest in real estate around Central Florida. I have several properties that I have rented. I enjoy being a landlord and collecting rent. The homes I have are single family dwellings and now I want to get into multi family properties. I am eager to work with individuals who are ethical and have professional experience like myself. I am looking for individual that will take a share of the business that is to be matched with the percentage of your investment into the property. I am looking for long term rental with a steady cash flow. If you are interested, please PM me and let up discuss the details.

Hi,

I am the high bidder on a home via Homesearch and I did not meet the reserve, however after 15 long agonizing days, they decided to send me a high bid confirmation email, followed by the sales contract, the following day. The sales contract stated that the lender is only giving me a $750 dollar credit because the home is occupied, but my agent recently told me that the house is not longer occupied, and that the tenant who was living inside  moved out. The house is in immaculate condition, knock on wood ! 

My main question is should I push back and fight with HomeSeach to give me a 1500 credit, instead of $750. They gave 1500 when the house is not occupied. The listing agent also advertised the home stating that there was a long term tenant in place, and I actually wanted that. Now I have to go look for a tenant. I relied on the listing agent's representation of the property and I feel that the seller or Nationstar ought to make this right with me for having to search for a tenant now.