All Forum Posts by: Damian Howard

Thanks Jon! I went back to look at my question and how titled it, sorry for the grammatics .

Tax day is upon me and I'm the idiot who who is waiting to the last minute to file the return, should of  had a CPA ..My question is that I did a rehab and repair in the tax year 2016 but wasn't completed until the year 2017 and the property rented out in the year 2017, should I have entered the cost of the rehab/repair cost  in the year 2016 tax return or should I have done the portion of the house that was done in 2016 against the 2016 tax basis? 

Thanks James and Rumen,

I will be attending my first one this coming Tuesday. I'm definitely not buying. I wanted to see how that whole thing works and determine from there thru due dilgence if it would be something for me.

Looks like that you would need to at least show up with a cashiers check for $5000 just to even bid on anything...

Thanks Guys!

Hi, Just checking to see if anyone will be attending the Wilmington Delaware court auction July 12th? I just wanted to go for the experience. Does anyone have any experience with going to a Wilmington auction?

To be brief, I trusted my uncle who I've known for 40 years. A good "church going" friend of his that he has known for about 50 years had my uncle watching her house, she moved away more than 5 years ago. She told my uncle that she wouldn't list the house and whatever he recommends as the selling price, she would honor. I talked to my uncle and he advised that she would be ok on a ceartin price on the house. Long story short, I made some repairs to the property without purchasing the property out of my own pocket due to the close relationship my uncle told me he had with his friend. At this time about $10,000 later, she was advised by an attorney to not sell the house at price that my uncle promised me and wants about $30,000 more.. most of the repairs have been made and currently there is no porch on the house because we are replacing the porch at this very moment.

I know better than to fix a house I don't even own yet but I trusted my uncle. I would of never of done that. The woman hasn't even been in the house for the last 5 years. What I did was a rookie mistake by trusting family..  Don't do what I did!  Basically the lady ended up getting a fixed house for nothing.....

Someone mentioned that you should possibly look at getting an umbrella insurance policy on yourself once you get into owning multiple properties. A friend gave me an example! He had a friend who was at the airport and the friend left his bag a little to close the walking area and someone sued him personally after falling and tripping over the bag.I say where do you stop with all these policies regarding liability?The order of operation and the following policies,(1) LLC (2) Umbrella insurance policy on the house (3) Umbrella insurance policy on yourself (4). Renter having insurance.Where does the madness stop? What is your recommendation?

I'm under contract now for a property off Maryland. Also looking at an off the market property on west 26th

Hi Bigger pockets, Just sharing a link about a local apartment complex where 4 people died due to carbon monoxide poisoning... Seems like no faults of the owners so far but this seems like a real life scenario that could happen to responsible investors... Copy paste below! http://www.delawareonline.com/story/news/local/2016/03/25/2-apartment-units-near-wilmington-have-been-evacuated/82274042/ j delawareonline: 4 dead at NCCo apartment complex; 7 treated at hospitals

Wilmington Delaware!

I found a property that I was going to put an offer on, then I received an email from Quicken loans. After receiving pre-approval up a month ago... See below.. Found a property for 50,000 and I was going to put down at least 25 percent.... so annoying... I didn't want to pay all cash but not a huge deal...

Unfortunately for investment properties they are pretty tough to get financed when they are that low of a loan amount. I tried everything I could but no program works currently.

You make some valid points. I guess at the end of the day, if the deal make "cents" and you are comfortable as an investor on a particular neighborhood where you are going to get return value......

Thanks