All Forum Posts by: Matthew J.

I inherited a foreign rental property from my parents in 2017 and started renting it out in 2018. It was empty for a year. We never lived in or visited the property. I sold it in 2020 for a loss based on the appraisal we got in 2017. What would be the tax treatment of this sale?

My tax software asked me “Enter the percentage of this asset used for business purposes”. What should be that percentage?

I have seen two different camps on the internet. One camp says losses offset the capital gains first and the remaining losses offset the ordinary income up to $3,000. The other camp says losses from sale offsets the ordinary income only. Which one is correct?

How come FTF did not sue the inspection company to recover the loss ?

Who is the best person to know all these? Broker or agent?

Then why some lands are marked commercial some residential some mixed?

I looked at redfin har zillow and loopnet but this information is never included in descriptions.

Basically what I am trying to understand is which neighborhoods have commercial zones or mixed zones. Obviously if the land is designated for residential, I can not build a warehouse there but where do I look to see if a land for sale is commercial or mixed?

Ft Bend or harris county appraisal websites do not have this info either.

Also, if it turns out to be mixed, does it mean I can build a house and a warehouse in the same land?

He is willing to pay more but he can not find

So where is he supposed to look? or what do you suggest him doing?

Also what do you mean by "hard on property"? We are talking about simple warehouse here.

A friend of mine who is selling on Amazon, needs a warehouse because his business is growing. He told me he was not able to find a warehouse with a contact less than 3 years. None of the warehouse owners is willing to rent less than 3 years? He said he even offered higher rate than what is asked and wanted to rent for only 1 year but the answer is always "no". He wants a shorter term just to try and see if everything is going fine.

Is Houston warehouse market that strong or there is something else going on here? 

I have a full time job 9-5 where I contribute to 401k in full and Traditional IRA around 1,000 due to income limitations

I also have a side job (Sole Prop) where net income will be close to 50K in 2018. I am planning to declare it as Qualified Joint Venture (QJV) where my wife will be a partner. She is a sit home mom and every year we contribute 5,500 in her Traditional IRA

Up until now, I had SEP IRA where I contribute 20% of my business net income but now that I learned about QJV and making my wife partner, I would like to open a solo 401k for her and let her contribute 18,500 plus the company contribution

1) Can she open solo 401k today and contribute the whole 18,500 in lump sum today for 2018 tax purposes?

2) At the same time, can I still contribute to SEP IRA?

3) Can she contribute to Traditional IRA while contributing to solo 401k?

The meeting location is like couple of blocks from me

I am lately interested with investing in multi family units. The general rule of economies of scale is present here too, so the bigger you buy the more cost effective you are in terms of managing buying keeping updates and all. Unfortunately I do not have $1MM yet but I am getting there

While reading this forum I came across to the term of multi family syndication which if my understanding is correct means investing in multi family units with bunch of other people. This sounds perfect on paper and I would like to learn more on how it works. So I am attending Fort Bend county real estate investors meeting on October 3 to ask these questions but maybe I can learn from you guys as well. 

How do you find a mentor? Is it possible to involve in a syndication while working 9-5 in my current job? Also, if I am not cash flow focused more on the long term capital appreciation and more on the B and C class units then what should I do?

These kinds of questions to discuss. Any help will be greatly appreciated. Anybody in Houston who can chip in?