All Forum Posts by: Patrick J.

@Michael Plaks

Ahh okay so the actual propertys cost basis stays the same until sold. I was just thinking if someone came to you and said they sold a rental, that seems a little challenging since I assume you would have to look at their previous tax returns.

@Michael Plaks

You are very knowledgeable. Also, does cost basis change every year for improvements or added only when the property is sold?

@Erin N.

Improvements election. It is the same concept as Di Minimis safe harbor. Watch this video. According to him, you can use that election even for major renovations and improvements as long as each item is less than $2500.

https://youtu.be/IDPwZWcpFYQ

@Kevin C.

I read the "De Minimis Safe Harbor Election" allows you to expense everything that's $2500 and under for EACH rental property expense that would normally be depreciated.

Refrigerators, oven ranges, washers, dryers etc are all each under $2500. The tax law is stupid. They tell you to depreciate appliances by 5 years but then make an exception and put you can expense everything under $2500.

I also read its up to $5000 and under but that has even more restrictions.

@Michael Plaks

If income is above 150k but they are a "real estate professional"...could they deduct it against other income?

@Anthony Dooley

Don't get emotional over differing opinions

@Anthony Dooley

The book is too centered around tracking numbers. New agents have no use of tracking numbers when they have no leads. It's an overrated book.

The only thing new agents need to spend their time on is 80% on is generating leads and 20% on actual real estate education.

@Jonathan Greene

Yeah, one should spend 40 hours a week for 52 weeks on their sphere in total of 2,000 hours.

They should also pay you money to go to your coaching events and read 500 more books before taking any revenue generating action.

@Nicolas Botia

Just watch Ricky Carruth. He's a free coach.

The only thing that matters is lead generation and your day has to revolve around that 365 days a year.

@Nicolas Botia

Watch Ricky Carruth on Youtube. You could circle prospect, call expireds, farm, door knock, direct mail, hold open houses and invite the neighbors, contact sphere of influence, text circle prospects in mass.

Bryan Casella has a great open house game plan where he invites homeowners.

You have to see what works for you in your market. Expireds are too saturated with agents in my market so I stick to calling 200 circles every day, talking to only like 20 and texting the 180 that don't pick up their phones