All Forum Posts by: Brad Swearingen

Yes, that totally makes sense. However, it brings up another question. How does the IRS know how much I am making on any wholesale deal? Who sends them that info? Is it the closing attorney or the county where the sale is recorded, or someone else? Thanks!

Is there a best time of the month to close on a mortgage and why?  Is the beginning, middle or end of month the best or does it just not matter?  Thanks!

Brad in Wake Forest, NC

I am buying my first rental with a tenant already in the home.  He has no contract with the current owner and is just month to month with her.  When I take over ownership, do I ask tenant to sign a contract for 12 months? or do I just stay month to month?  How does he know my rules if he doesn't sign a contract? Can I give him some rules and not have him sign a contract?  What do you all do in this situation?

@Wayne Brooks, thanks for the extra info.  I hadn't thought of that.  That could be an issue.

Even though this thread started 13 years ago, it still helped me decide on whether or not to get a survey.  I am buying my first rental property. It is a small lot with no visually encroaching structures close to the property line.  To keep expenses down I will not be getting a survey.  Thanks for the help.

Brad

@Lynn McGeein, thanks for the info.  I am looking to purchase Landlord Insurance for my first rental and I didn't know about not being covered for periods of vacancy.  Also I guess I need to check and make sure break-ins are covered during vacancy.  However, I am hoping to not have more than 30 days vacant but you never know.

Brad

@John Mocker, thanks for the info.  This was helpful.  I am looking to insure my first rental and needed to hear this.

Brad

@Marlon Jackson, thanks for the info.  I will make sure to discuss her fee before moving forward. Thanks!

Thanks @David M and @Aaron K.
So far my w-2 income is greater than my wholesale income.  I am working to change that this year.  That is a great idea about just paying the interest.  I was wondering how much that is but it sounds like not much.  Thanks!

Hey Wholesalers,

I am finishing up this year's taxes and TurboTax is asking if I want to estimate quarterly tax payments.  I have never done quarterly tax payments.  However, I have a full time w-2 job and then I wholesale houses on the side.  Do you think I would need to pay quarterly taxes so I don't get penalized?  What do you do?  Thanks!

Brad