All Forum Posts by: Vladimir K.
Vladimir K. has started 7 posts and replied 65 times.
Post: Tenant Suing Over Mold - Help!
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
For what it's worth, in the state of IL, the Local Association of Realtors no longer provides Mold disclosure forms. See this link for info
http://blog.illinoisrealtors.org/2016/10/illinois-...
Your state may be different, but I think the link makes some good points. Also, I'd recommend you contact an experienced eviction attorney in your area.
Post: Foreign Investor in Indianapolis
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
Originally posted by @Josh C.:
Indy is a great market if you buy in decent areas and have a good team in place. Let me know if I can help. It's a pretty popular market for foreigners who do there research based on our economics and landlord friendly laws. Getting any debt will be your challenge.
Good luck!
Hi Josh, what is a good way to gauge decent area for investing in Indy? (I.e. crime reports, school rankings, etc..?)
Post: Unbelievable Water Bill- Detroit
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
Originally posted by @Richard Dunlop:
The Realtors here will hate me but E&O insurance if you bought it without a real actual read through a Real Estate Agent.
Hm.. not sure how things work in your State or in Michigan, but in IL, E&O insurance for Real Estate Brokers would only apply if the Agent was negligent in some way. So, in the OP's situation, if the Agent/Broker knew about the bill but failed to disclose, maybe you can take it up with their E&O. But if the Agent/Broker had no knowledge, at least in my state (IL) you would have to take this up with Title Co.
Post: Finding Them
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
May be try it backwards at first :-) Look for completely remodeled or rehabbed properties for sale so you can find what your competition is doing. Maybe you can also research the property history, including info on the amounts previously paid for the properties. This should give you some ideas for the market if you want to start with rehabs.
Post: I Quit My Restaurant to Invest in Apartments Full-time!
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
Congrats and best of luck to you. If you don't mind, I have a question about owner financing. What is a reason a seller may accept owner financing for a multi-unit building?
Post: Structural Engineer causing major issues for closing
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
In my opinion, check with your attorney on this one. In my state (IL), earnest money are not released unless both parties agree in writing as to how this will turn out. If your state has similar rules, it may not be worth it to fight for the moneys in court.
Post: NO Income Tax from BRR Strategy?
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
https://www.biggerpockets.com/renewsblog/2015/04/2...
I would like to use an example where the refi actually nets money. For instance, buy a property for 30K, fix up for 20k, refi at 70K (assuming 100K ARV). In this example, one nets 20K. Since the property has not been sold yet, that income is not taxed, correct?
Post: W2 job and flipping homes and taxes
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
Originally posted by @Scott W.:
you "may" be able to avoid "some" tax if you go the corp route by paying yourself a salary. doing 1 or 2 flips a year would probably not constitute a salary though.
if you have a day job, and do 1 flip a year, you still gotta pay the federal, state, and BOTH sides of the SE tax.
for me, that came to around 44%. but I want to pay taxes. means I meant $.
put it to you this way - at your day job, you're probably paying around 37% in taxes. you just don't notice it as much as it comes out of your paycheck each week.
Just to clarify, what if a person makes 50K W2 and 40K flipping, if they have an LLC, their SE income is 40K, correct? If they don't have an LLC, what then?
Post: W2 job and flipping homes and taxes
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
This is a hypotethical question for me that I did not see answered. As I understand it, buying a property with intent to flip it quickly, for a profit, makes one a 'dealer' in the eyes of the IRS.
Dealer is someone who makes a living off buying properties, and must, therefore, pay an additional self-employment tax (if I understand this correctly). However, what if a person has a full time job and is not earning a living by being self-employed? Would they need to pay this additional dealer/self-employed tax? I understand that the solution is to create an LLC (or S Corp, etc...) and flip using that entity, however, will this hold true for just 1 or 2 flips a year?
Post: What's the best piece of advise you'd give new RE agents?
- Real Estate Agent
- Wheaton, IL
- Posts 66
- Votes 32
Originally posted by @Account Closed:
Hi everyone,
I just passed my Illinois broker's test a week ago and I recently joined KW. I have a FT job at a bank but I'm planning on devoting at least 40-50 hours a week to my real estate career.
Can anyone give me an idea of how much volume do brand new agents sell the first 1-2 years? I want to set very aggressive goals but I'm not sure where to start (or how to start). What activities/tasks produce the better results? What advise would you give to a new agent?
Any help/feedback would be greatly appreciated.
Thanks,
Dan
Congrats. I recommend going over to agentsonline.net forums. There is a thread about 100 contacts/day. It's a good start.