All Forum Posts by: Michael Weis

@Daniel Y. from my understanding someone can gift $5,000,000 over their lifetime before they begin to be taxed on it. is that correct @Basit Siddiqi ? my biggest concern here is how to be legit and legal and not be blindsided by any agency or paperwork.

Good Morning, I have someone who will be helping me get my journey started by gifting me 100k.  I know they are responsible for tax forms on their end.  What's the easiest way to receive the money?  Is it as simple as having them put the money in a joint account and then i use it from there or is there a very particular way this needs to happen?

Thanks 

Mike

@Tom Gimer thanks for taking the time out to break this down for me and make me aware of some things that I would have never considered or even know about. Mike

Good Morning.  Seeking some advice and feedack from those who have had to use a qualified intermediary to handle their 1031's.  

-say you have 5 deals on the year whatever that be wholesaling or flipping, do they charge you per deal or does the paperwork they are responsible for fall under a blanket price?

-is there a personal deadline you want to have the 1031's for that fiscal year complete and if so do you need that paperwork to file your taxes or is the 1031 process a complete separate thing? 

Thanks all.  Any additional feedback besides the two questions I asked is welcome as I am sure there are plenty of important things I am not even aware of.

Happy Sunday,

Mike

@Wayne Brooks, thanks I just came across this 1031 exchange and am learning about it.  

Good evening.  When selling an investment property how much time do you have between either being under contract or closing on the next property before getting hit with heavy taxes or other fees? Does this change from state to state?  I am investing in Virginia.  Thanks all. 

Mike

Good Evening, 

I have some cash I am looking to invest in property. Initially I was wanting to buy/rehab/rent/refi/repeat. As of late I am thinking of changing my strategy a bit to get some bigger returns on the front end and then begin the BRRRR process after I had made some deals and familiarize myself a bit with the process. That being said I have been starting to study the properties on auction.com quite a bit. It definitely seems like there are some diamonds in the rough that need some work and would be profitable for flipping in my area. So now of course a whole new world opens up to me. (Seems like every time I am ready to commit on my first REI some other method or something I hadn't considered before comes up and completely reshifts my focus). Well for starters I have tons of questions about auction properties however I will start with my basic questions. If there is something you are thinking that I haven' asked please fill me in.

-if the property is occupied is the eviction process different than that if a landlord/tennant agreement?

-are there any add one that will show up after closing? For example the property tax hasn' been paid in 4 years or the HOA fee is years behind?

-looks like there are different kinds of deeds for foreclosed/auctioned properties.  Which ones are good or bad?  If it is considered bad is there a way to have it changed after rehab?

-Is there a legal way to gain access to the property before bidding on it? 

-has anyone used auction.com or a similar website and are willing to share your experience?

-and a million other questions. 

Thanks all, I appreciate the mentorship and guidance I have received so far from this site.  2018 is my year, just gotta push myself to take the leap and make that first deal.  I can feel it's so close. 

Mike

Good Evening,

Just curious on some feedback on who to use to create an LLC? Are websites like legalzoom the way to go or is there a more formal and desirable alternative? Thanks in advance.

Mike

Good Evening all,

My agent wants to show me 3 properties all owned by the same owner that already have tennants in them. The properties are not listed for sale because the current owner does not want to disrupt the tennants. They are all SFH. Has anyone ever dealt with this? If so are there any reasons to shy away from a type of deal like this? Thanks

Mike

Good Evening all,  I am currently on the hunt for my first buy and hold rental property.  I came across what I think is an awesome side by side duplex, 3 bed one bath 1500 SF per unit.  The home was built in 1900 and is in a historic district.  From my own math it looks like I would clear minimum $600 per month cash flow and possibly up o $1000 per month if I were to hit a grand slam on the deal.  The house does need some work mostly on the interior.  It currently has a metal roof and I am uncertain of the condition currently.  Looking for some advice on dealing with historic properties.  What are some hurdles I may face?  Will the not allow vinyl replacement windows and things of that nature?  Thanks.  

Mike