All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1797 times.
Post: Help! NY single family wont close!
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Annie Johnson, your attorney has stopped returning calls or their attorney? You should have your attorney issue a time is of the essence letter to get the ball rolling.
Post: Selling Question for Small, Empty Lot
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Rachel Hertel very complicated situation. Why not offer it to the owner's of the adjoining land?
Post: New Member Alert - Good to the Morning BiggerPockets world
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@John McDonnell welcome and good luck!
Post: Capital Gain Sales Tax Question
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Kenneth Reimer:
@Stephon Rhea I'm certainly not a tax accountant, but my basic understanding is that the IRS treats investments for flips as personal income, seeing as it is more so a job than it is an investment. I know some people try to skirt the law by holding properties longer than 12 months, or straddling two different calendar years, but I'm almost positive it's going to be personal income taxes and you are not elgibile for a 1031 exchange. But I'm sure a CPA that has experience with real estate can chime in here!
Stephon, Kenneth is right. Income made from a flip is exactly that, income and not a capital gain.
Post: New York State Listing Agreement
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Does anyone have a New York State listing agreement they can share? I don't want to use the one from the NYS MLS.
Sale, Broker, Agent
Post: How to best grow $200k?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
YOLO!!!!!!!! GME baby!
*Nothing in this message is financial advice. Please consult an attorney and investment professional before doing anything
In all seriousness, I'd probably do private money lending or invest with a fund that does similar, and has a great track record.
Post: Price of property to LOW
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Dustin Smith, you should be calling all the local banks & credit unions. Those are the people that lend on that product type.
Post: Feedback on Potential Cash Out Refi
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Patrick Harker, happy to get a quote for you on the title aspect if you want to email me the deal details. My email is below.
Post: People who Own & Manage: How do you market?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Wesley Sherow:
Originally posted by @Scott Wolf:
@Wesley Sherow, networking more, sending a mailer, social media marketing, cold calling, or getting a print ad (perhaps NYREJ) are all ways to try to expand your sphere of influence. You should try to learn more from your current clients about who their competition is, and target them.
Scott, I just got started with marketing on Social Media. Will be seeing the effectiveness. As for mailers I haven't really done so before. Cold calling I've done and boy is it hit or miss (mostly miss, i think i just come off too strongly as selling a product).
As a former cold caller, the riches are in the follow-up. When calling, bringing market data they may not know, or opportunities may peak interest.
Post: Selling investment properties
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Felipe Guerra, why can't you find a property to BRRRR that fits in the 1031 exchange. Talk with your accountant and QI about buying multiple properties to finish the 1031 exchange. Good luck to you!