All Forum Posts by: Mark Woo
Mark Woo has started 2 posts and replied 7 times.
Post: Ask me (a CPA) anything about taxes relating to real estate
- Investor
- Houston, TX
- Posts 10
- Votes 6
@Nicholas Aiola thank you so much for offering this and I do have some questions.
We have a partnership (LLC) with friend in flipping biz which may result 100k $ profit this year--so I will at K1; at the same time, my own( with my wife) own some rental properties not under any LLC, will that $100k profit be able to write-off by the passive-loss from my other rental properties? even they are under different companies/owner name?
another question, my wife and I had some rental related trip this year, are we able to expense that under our own rental properties? if we hire some nannies this year for baby care while we are traveling/out for flipping, are we able to expense that even we both have W2 so rental is not an active biz for us? Thank you
Post: Long-distance investors investing in Houston, TX?
- Investor
- Houston, TX
- Posts 10
- Votes 6
Hey Shu,
Great questions, I have been investing in Houston for about 10 years. Let's connect and you can see my numbers under my profile.
For pros - 1% rule can be achieved / labor costs are reasonable / rental market is strong
For cons - increasing property tax and insurance cost
Post: Should contract myself out?
- Investor
- Houston, TX
- Posts 10
- Votes 6
Hey Joseph,
Great posting. We have been looking for a Contractor who has your mindset. We actively doing BRRRRs and fix&ups in the Houston area, so let's connect and chat about what can we work together on. Looking forward to it.
Mark Woo
Post: Seeking JV for a good filp or BRRRR
- Investor
- Houston, TX
- Posts 10
- Votes 6
Quote from @Edwin Epperson:
@Mark Woo I 100% concur with @Joseph Medina. The fact that you stated they are ONLY contributing capital could read as they are completely passive, which is not a far step at all for an attorney to read this as offering security. This is an issue I consistently see being violated on BP, investors "advertising" equitable positions. If you were asking for a loan then the lender is creating the security themself being the MTG/ DOT. But when you hold yourself out as being the one who will be the active investor and they are a passive investor then you are treading on murky waters. Care should be taken, but best wishes and much success, and I hope you are able to do what you plan on doing.
Post: Seeking JV for a good filp or BRRRR
- Investor
- Houston, TX
- Posts 10
- Votes 6
Quote from @Joseph Medina:
might wanna be careful with the verbiage of your post bud, because even though you're not intentionally doing it you're kind of advertising your deal as a small syndication, and if its not registered with the SEC you can land in some hot water. Just one persons thought though.
Thank you so much for the note. I will keep that in mind.
Post: Seeking JV for a good filp or BRRRR
- Investor
- Houston, TX
- Posts 10
- Votes 6
We got a property under contract as a wholesale deal. The purchase price is 30% below the ARV (~420K-450K). We could make this deal as a fix and filp (ROI = 12%, 6 months) or buy and hold. The plan is to seek joint ventures with other passive investors assuming they ONLY contribute capital, nothing else. As the operator of this deal, what should be a reasonable management fee (%) for other investors assuming we manage the deal from start to end? Thank you for sharing your experience and thoughts.
Post: Looking for RE friendly lawyer and legal team
- Investor
- Houston, TX
- Posts 10
- Votes 6
Hello everyone, trying to build my team for RE investment in the Houston TX area. We do flipping, long-term hold, wholesales, etc.
Looking for a real estate-friendly lawyer and legal team to partner with.