All Forum Posts by: Account Closed

Willow T. Could you elaborate on how to avoid the capital gains tax? I finished a flip this past august that I'd worked on for just under a year. Not looking forward to shelling out $20k in taxes for it. Thanks!

The flip I just finished up was an auction.com property. The same deed delay issues came up. We put the EMD down I believe at the end of June and we didn't actually close and get access to the house until the end of August. You can get the EMD back, but if the deal is worth it, wait it out unless a better opportunity comes up

Welcome Charles, It sounds to me like your only real weakness is deal analysis. Like you said, you can finance a deal (through your husbands good credit if need be), and you have what sounds like extensive construction experience, so you should know systems and costs associated with rehabs. And if you are already doing REOs you just have some contacts you could reach out to. The last piece of the puzzle really just comes down to the numbers working in a potential deal. If you aren't confident in your deal analysis yet, learn learn learn, nail down numbers, work through example potential deals, choose your set of risk parameters and stick to them! Thank you for sharing your story, and keep in mind, people with the same interests and excitement that you have about any subject shouldn't care what your sexual orientation is, and if they do, they probably aren't someone you want to do business with.

Buy at a great price + location + good numbers Rentals don't have to be rocket science. Figure rental rate based on like kind rented properties near by. Subtract: taxes, insurance, repair % (7.5%, but varies based on prop condition), vacancy (2 months), capex (5%, but varies based on prop condition/age), pm if using (8-10%). And then of course your debt service if you really want to figure positive monthly cash flow. does it work out on paper?

Welcome Jacob, Great avatar, go gamecocks. I'm in the Rock Hill area also. Holler if you ever want to discuss real estate in the area.

Don't forget property taxes

Kathryn Bowden is was a sliding barn door. The step by step guide I used was for a larger 8 foot by 4 foot door, but I just shrunk it down to fit a regular 36" door opening. You can see it in the pics of the house on Zillow. 2018 lynn circle rock hill sc 29732

Barn door - built for under $200. I put one in for the master bath door. May just be en vogue design wise now, but people raved about. Levers - again, a few hundred dollars to do the whole house. But makes a huge difference not having regular knobs.

Nicely done!  

Does the $100k include the rehab cost? Nice work!