All Forum Posts by: Shawn C.

Hello I have a question concerning car magnet signs and car wraps as a tax deductible expense.

I currently have car magnet signs placed on my automobile. I have those signs on my car 24/7. These signs are on my car when the car is used for business (like driving to a meeting with a seller) and for personal use (like going to the grocery store). Since the signs are always on my car, can I write off everything such as all milage and expenses related to the upkeep of the car as a travel expense or am I still required to keep personal millage and business milage on a milage log separately and am only allowed to take the standard millage deduction? 

I am thinking I could write everything off as a advertising expense but I also realize my thinking could totally wrong. I am looking for a new CPA otherwise I would ask the CPA.

Also, does it make a difference if it is car magnets or a car wrap done to my car if I can write it off as an advertising expense?

Thank you in advance for your assistance.

In Texas a Quick Claim Deed is useless. I have not purchased from a tax auction but I believe you are issued a general deed and it can be converted to a warranty deed at a later time. I could be wrong on that butI do know Quick Claim Deeds in Texas are useless. 

I do have a question though, Why would you try to wholesale a property that you purchased to deed to? Wouldn't you just sell the property?

@Allyssa McCleery You can purchase the type of you want from a listing broker. I have never heard of a area that it couldn't be done in. If I was pulling a list for duplexes I would request all duplexes that are non owner occupant with the owner either out of town and out of state. I would also start with non corporate owned duplexes unless there are not that many in the area you are trying to purchase in. You might want to see if you can get a list also for the above mentioned criteria and add in evictions or code violations.

Just something to think about and good luck.

@Jason Magee I purchase a list from a listing service and ask them to provide me with all the things I mentioned. Then I sort that list myself to meet the specific requirements that I need for that day(s) of work.

I would love to meet for lunch or something. Send me a conecttion request and I will provide you with my email so we can keep in touch. I will try to help you in any way I can and who knows maybe one day we will work on a project together or will be bidding against each other on a house we want. LOL

Its all good though. I truly believe that we can always learn something new from people you work with not matter if they are new to investing or have been investing for years. 

I look forward to the possibility of learning something new from you.

@Thomas Jonsson I am located in Austin and I am looking at turnkey providers outside of state but I have not found a service I liked yet.  I have thought of trying to do something like that or that in the Austin area. The Austin market is really oversaturated and priced way to high and I expect it to level out next year. I am already noticing sings of that starting to happen now. I continue to market in Austin but I market in other towns such as San Antonio for example. Maybe we can work together in some way.

PM me if you would like to meet and see what we can workout.

@Nathan Yee Thank you for the reminder on podcast 126. I am going back to listen to it again.

@Scott Lepore Hello, I a a investor located in Austin Texas and I am wanting to invest in properties in Denver and possibly relocate up there. I would love to work with you in the Austin market as well as the surrounding areas. I had to take a break from real estate investing do to a serious car accident I was in but now I am getting back into it. The San Antonio market is also a good market.

@Ayana Sabree I would also like to work with you. I think the more people you have on your team and the more you network the better we all do. Maybe there is a way the three of us can work together.

Let me know what you guys think.

Have a great week.

@Ryan Kinsella Thank you very much. I never heard of a umbrella policy called anything other than that. Thanks again for clearing that up for me.

@Mario Rivera I am new to the multi-family world but I am trying to start out with five units or more. I have not had any success (yet) but I am sure I will. I am going after 5 units or more, non corporate owned, non occupied with the owner either living out of tow or out of state. I am targeting Austin as well as other states and towns I like to visit. I am not experienced yet but hope to be so soon. Any advise you can give is greatly appreciated.

I wish you much success. 

@Jason Magee Hello Jason, I am also located in Austin, TX. I myself is trying to get into the multi-family market. I am looking for something that is 5 units or above. This is because 5 units or above is considered a commercial loan and more asset based. What I have done is purchased a list of 5 units or more that are non corporate owned, non owner occupied, that has the owner as listed as living out of town or state. I have just started doing that for states I like to visit. Now I have just started doing this and I am also very new to this and have not had any success (yet) but I hope to give you another idea to try.

Good Luck.

As with any marketing campaign consistency is the key. 

With that being said, I find that door knocking on pre-foreclosures works best. Don't get me wrong, I sill send out typed letters that I sign by hand and address the envelope by hand but I get a higher acquisition rate with pre-foreclosures by door knocking. I first go after homes that have previously been listed with 30% or more in equity. I then go after homes in areas I like and with large lots and square footage. I also sort my list by zip code so I am hitting houses in areas that keeps me from driving back and forth across town which saves money. I also do different types of marketing to different mailing lists but since people specifically mentioned pre-foreclosures here I thought I would share what I do.

I hope this helps.