All Forum Posts by: Account Closed

If you read the post regarding the doctor it is a perfect example. RE is one of many investments etc, but I am a full time real estate professional. Are you familiar with this tax code? You can choose to take deductions 2 years forward or backwards.

I am not a tax advisor so trying to give exact examples is outside of my scope of expertise and why I hire professionals to do so. You maybe absolutely correct, I am just exploring options and hoping for positive advice from others in the same situation. I have been told by lenders to talk to my accountant about preparing taxes differently to show a higher net income. Just looking for success stories since home ownership is very difficult for the self employed right now.

The last post is exactly my situation. I never intended to mislead anyone, ammending a return was just a question that I didnt think was possible or a good thing to do.

I was referring to the ability to choose to take RE deductions 2 years forward or 2 years back, you have that option as an RE professional. I thought it might simply make sense to forgo deductions to show a high net income for 2 years and then use future deductions to make up for the lost income the 2 years prior and hopefully have more deductions going forward.

I think my original post was misunderstood.

There are many more deductions that don't directly change a mult-family investers base income. I don't see how choosing not to take deductions would be manipulating a tax return, but rather showing true income, while losing the benefit of taking advantage of any tax shelters that would lower net income.

I would be interested in meeting other RE investors based out of MN. Please feel free to contact me offline etc. I specialize in multi-family repositioning projects and own manage 4 apartment communities in MN.

I have been in a good/bad dilema for some time based on my success as a real estate professional. Since we are growing and taking on new projects, my write offs have steadly increased or at least kept pace with my income to offset almost all income.

I am at a point where I want to buy a house and after looking at CFD's, private placement etc....I am exhausted and realize if I simply didn't take write offs for two years I could afford a very nice home with excellent terms.

I plan on talking to my accountants in detail about this, but has anyone simply not taken their write offs for 2 years to maximize their income and than use the 2 years back (Real Estate Professional) tax option to regain what they spent in taxes 2 years prior? Either that or ammend the return after you close on the home....which I could imagine might be illegal, but maybe not.

I am able to still do 2011 taxes and 2012 tax time is approaching quickly so I trying to wheigh the pros and cons of any options.

I welcome any online or offline e-mails on this subject since it has been a major hurdle for 3 plus years and I want to take advantage of fantastic rates and lower home prices in 2013.

Bill,

I currently have not participated in section 42. Currently I only manage market rate, but understand section 42 is almost a necessity to get additional funding/city participation for prime metro areas and suburbs.

Would love to learn more about this process and thank you for reaching out.

Charles,

I would love to learn more about what you are working on. I am based out of Minneapolis, MN.

Let me know how I can help. We have basically taken C class buildings and did full renovations for about 10,000 or less a unit (bought 15,000 a unit under market) and created a product the our local market didn't have before. It is amazing when you refi and the appraiser literally states, there are no comps in the area :-). This is changing here since everyone is starting to copy our strategies, but would be great in a new market.

I am extremely interested in breaking into different markets and am happy to discuss what made our projects so successful.

I currently own and manage market rate apartment communities and am currently working on a large mixed use property (65 units/10,000 commercial), but trying to look for future projects to start in 2012.

I would be interested in learning from anyone that works with larger multi family projects and has a general interest in networking. I am hoping to start working on my next project August/September.

I am on CoStar if you need assistance still.

I use a variety of sources for my own search. MLS is usually the final stop for me. I always check www.Loopnet.com, CoStar (very expensive, but detailed) most agents will not have this on the residential side. www.ShowCase.com. For the best deals you have to get to know the banks and large commercial brokers. Most of our purchases are never even listed.

My company manages 23 plus unit buildings so it might be overkill if you are looking for a lower amount of units, but the same principle applies....network, network, network.