All Forum Posts by: Erin Elam

@chris lad I don't use return addresses at this time because I honestly don't want anything mailed to me (i want my money in my hands and they can email or call to tell me to remove their address... then bam I've made some type of contact) and my business isn't big enough (to me) to warrant paying that monthly cost.

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So is the buyer interested in paying you because at the end of the mtg they get deed to house and hope to resell higher?

And the seller ends up living 'rent-free'?

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I am glad @garrette Becker asked this question. I hope you don't mind me adding on :).

So what are the thoughts on advertising no contingencies but telling the seller 'I do need 48 hours to look over the house to give you the fairest offer that will close quick'. Then using that 48 hours to get the gc in and out, run the numbers and find a buyer? That way the inspection actually is done before the offer is given; the end buyer will be given real numbers and even a day to check out the house personally if they choose?

Please, any and all constructive input would be appreciated.

Erin

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@Will Barnard thank you for your answer. Exactly what I needed to know.

Regards,

Erin

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Originally posted by @Stephen Kiser:

Hello everyone! My name is Stephen Kiser, I am a 23 year old from Concord North Carolina (Town just north of Charlotte) My father is a licensed general contractor and I am wanting to get into investing but I have no job at the moment so I have just been trying to learn as much as i possibly can while looking for work. I guess my question is "is it possible to get started without a job"? I am ready to learn and willing to do whatever it takes! Thanks for all the help!

Hi Stephen,

Hope you are still pursuing WS in Charlotte. I'm looking at a property in Charlotte and I'm in need of a GC for a rehab estimate. Does your father provide any rehab estimates? I'd like to see if we can all work together on a deal.

Erin

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Originally posted by @Erin Elam:

Ok BP I have another question :). So let's say I have a GC to give me accurate rehab numbers. How am I supposed to know the layouts/features of the comps if I don't have access to mls?

Any and all input is appreciated,

Erin

*Bumping

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Originally posted by @Corey Hassan:

Hey BP,

Question here on something that I have researched a bit in the past but unsure on whether this applies to what I read. I have an extremely strong lead that has said they talked to the executive director of an assisted living/retirement community and they are interested in speaking with me about what I do and seeing if it may benefit some families in this location.

I have done a lot of research and I know that I have read often times this is NOT possible due to Medicaid. I told my contact this and I was told that this is a private facility and financing for the patients in the facility is not done through Medicaid but rather done privately. If this is true would this allow me to have an opportunity to pursue this? Any help would be greatly appreciated.

Thanks!

Hi Corey,

Could you expound a bit on this medicaid issue? If a person uses medicaid to finance living in a retirement community, what does that stop you from doing?

Thanks,

Erin

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Originally posted by @Darrin Carey:

@Erin, personally, I would keep it simple and just say "wholesaling." Mamy products are wholesaled.

Hi Darrin thanks! The example on the IRS was wordy so I thought I needed to be as well. Thanks again!

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Originally posted by @Brian Burke:

Yes, @Erin Elam you sure can. On Schedule C of your tax return you list your income from the business, and your expenses for the business and the resultant net income. You are taxed on the net, not the gross. This is done all the time...many businesses that you frequent in your home town are sole proprietorships, not legal entities like corps or LLCs. They do it the same way.

Hi Brian me again :). I noticed on the schedule C line A requires a description of the 'business or professional activity'. Since a wholesaler is selling his/her interest I would think I can write "wholesale assignment of interest in real estate to real estate investors'. Would that an accurate statement?

Thanks,

Erin

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Originally posted by @Bill Exeter:

Properties that you acquire for rehab/flipping do not technically qualify for 1031 Exchange treatment. Properties must be held for rental or investment purposes in order to qualify; properties that are bought for rehab/flipping are technically held for sale, which is the reason they do not qualify.

Hi Bill,

To the point of taxes, is one able to claim business expenses without a TIN? I've read that starting out, it's better to not spend all the time and expense of starting a company but you can still file a schedule C. Do you need a TIN to file a schedule C?

Thanks,

Erin

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All Forum Posts by: Erin Elam

Erin Elam has started 44 posts and replied 336 times.

Post: Direct Mail Return Addresses?

Post: How to profit from Lease options and Seller financing deals.

Post: Inspection period

Post: The Truth about Wholesaling!

Post: New to Bigger Pockets| New to investing

Post: The Truth about Wholesaling!

Post: Assisted Living/Retirement Community

Post: Wholesaling "Business" question

Post: Wholesaling "Business" question

Post: LLC vs Personal Name