All Forum Posts by: Pat L.

can't wait to see their tax bill !!!

excellent choice...
Mine came on board after reading 'The Millionaire Next Door'
& since then everything we own is paid for & producing excellent returns.
90% of MY success in this business is having an understanding, committed wife.

J Scott FYI
Last year I foreclosed on a Large duplex I financed up here in NY.
Owners just didn't understand DILO ??? & it took 12 months.
(I have taken it back 3x DILO over 10 years so the bldg owes me nothing.)
I assumed ownership after the 'auction' failed to entice any buyers, but the foreclosure amount was sufficiently Inflated with expenses etc above MV. Plus I wanted it back as I had a new buyer. The subsequent assumption of ownership took < 30 days.

The New owner took possession & then had to evict the old owner but was able to immediately collect the rent from the lower unit.
Eviction was swift & the new owner rehabbed the upper unit & had it rented b4 the rehab was completed.

Just be aware of the higher taxes on trusts (35% tax b4 $10,000 b4 distribution to beneficiaries), & with the exception of The Mass. business trust, trusts per se are not designed to be in a business or a trade, such as flipping properties or finding yourself inadvertently achieving 'dealer status'.

When reviewing your local codes you may find some of the older garages were built right up against the property line.
If the garage is down new set backs come into play & trust me it can be an added expense not being able to used the old cement pad.
We built ours for $4500 but the doors, electrics & ancillary mechanicals add up.
One we are considering now would be built against the home with an addition (it's a Cape) above the garage for a master bath & closet.
Have fun.

We just finished a SFH rehab & the new tenants offered to have a professional painter paint the entire place @ their expense.
My guys just did the Killz so I agreed as I was too tired to bother with it.
They also put in their own new toilets, lighting, ceiling fans etc etc . @ Their cost.
I understand 'she' is OCD.

Last night I found a pile of old shutters against my barn???
So this morning I checked the home to find they had not only completely landscaped the gardens but they installed new shutters!!!!

I LOVE poetic justice.....

Internal Revenue Service employees in Tennessee were stealing unemployment and other benefits while fully employed.

On Thursday, 13 of those employees were indicted on federal charges that they lied to get unemployment, food stamps, welfare and housing vouchers. An additional 11 have been indicted on state charges of theft greater than $1,000.

We called a bandit sign @ an intersection for a friend (who wants to get into RE investing).
We met with the couple who planted the sign (they had already paid a LOT of $ for a guru) & we became great friends, so we mentored them.
This week we just did our first deal together buying two very NICE properties.

So bandit signs can have unintended consequences!!!!!

Excessive
I had $7k for over 40 properties
& some of the gas expenses were
For equipment we rented, bobcats etc
But as I concluded what she did allow more than compensated.

Jon
I went alone for both the experience & it was supposedly over the mileage deduction only.
The mileage was well documented but denied. However I was allowed to claim a minor amount against each property & I did have both gas, oil service records but she was nasty.
Not satisfied she expanded the audit & I excused myself to gather more documents etc .
So it went for another 2 days. But she did allow a lot more than I originally claimed.
It was an interesting time!!!!