All Forum Posts by: William Johnson

I'm not an expert so talk to a CPA who knows real estate.

There will be an issue of "Market Rent" vs what your parents would pay. Your loss would be limited to what your loss would be for if they paid market rent. If the IRS audited you it could be a hornets nest if not done properly.

A rental property suffered damage in a wind storm. An insurance claim was submitted and a settlement was made. Repairs were made with a portion of the money. There was no change in the value of the property.

How is this handled with income tax? Where do I put it on what form?

I am looking for a property management company for three SFR in Pine Lawn.

Any referrals would be appreciated.

I find it interesting that the two posters who are strongly advocating leverage are in their 20's (I believe). Now that I'm less than a year from 50 and 65 (retirement?) only half way through a 30 year mortgage, a early paid off 30 year mortgage doesn't seem so bad despite.what the numbers on a calculator says.

Instead of bring one offer to the table, bring two (e.g. Option "A" higher price/lower rate and option "B" lower price/higher rate). The psychology of this is instead of giving them a yes or no decision to make to one offer, they are deciding on option "A" or "B" and the "No" option disappears.

I went to a free event in the Los Angeles area (1 year ago?) and Armondo Montogango did appear live and in person! Lots of hype and promises of quick riches for a low price of $XXXX but wait there are bonuses worth $XXXX and you get the entire price back after your first deal. Rush to the back now!
When I said I wasn't interested, one of his assistants said I was "hurting."
Not impressed.

Talk to the company I used. They offer a free evaluation. They are reporting 50% and more decrease. I'm sure other companies can match those results. My case is currently at the state tax tribrunal.

http://protaxappeals.com/freeanalysis.php

In my experience from last year, our "taxes" decreased but there were increases in "fees". Not much difference from year to year.

I own two properties in Detroit. My appeal will take two years. The appeal is first handled locally then if/when the local officials do not reduce it, it is appealed to the State Tax Tribunal. Takes awhile.

I am using Professional Property Tax Appeal. http://protaxappeals.com

It is a tough market.

Sam,

It would be safer and better and more profitable to save the $25,000 and regularly attend a local Real Estate Investment group. Read BP daily and ask questions. Go to your local library and read many books. Many (most, all?) gurus are not worth the money, especially at that price. They have no secrets. Some reasonably price ($100?) courses may be good. Check ebay.

It is your own drive and ambition (and God's will) that will make you successful.

The replies are a bit harsh above but they are trying to protect you. All the posters will give advise on how to proceed and do well in REI. BP is free, available 24/7, nonfatting, but may become addictive.

William