All Forum Posts by: Account Closed

Hello everyone, I have a basic tax question. If a investor/person wholesale me a property, do I need to issue him/her a 1099 for tax purpose? I am a person who does everything by the book and I definitely want to ensure I obey tax law. It states if you pay anybody over $600 your suppose to issue a 1099. Has any investors issue any 1099 to thier wholesalers? And also if you sold your home without an listing agent and the buyer has an agent, do you issue a 1099 to the buyers agent for thier commission?

$100K won't get you anything in NYC and its 5 boroughs in terms of flip, buy and hold, renting and etc. Your best strategy is to start small in NJ Newark or more upstate NY and then work you way down to NYC with the big boys who have $1mil to play around with.

If you say the rent as potential to be that high, then kick her out because high rent means there is no shortage of renters. I know it sounds cold but business is business and in RE you have to make cold decision for your finance for yourself and family.

Good job and I like the fact you didn't give up, that's motivated. My first flip property took 16 months because of my electrician and plumber took my money and disappear like a ninja but made $15k so it wasn't a lost in money but stress as heck. I always say the beginning is always hard in REI but Once you got the flow there's not stoping you or anybody.

Tom Webber fire your listing agent and list it on the MLS for a small fee of $99 yourself and you would only need to compensate the buyers agent if they bring one and that would save you 3% possible 6% of the selling price which is able to lower your price to 3% less just to sell it right away. I'm my flip property I did it that way and it work like a charm.

Did you list it with a real estate agent?

There is one way of lowering your NJ property taxes, if you were in the military like myself, NJ provides a tax credit. Here in NYC they take 35% off for war veterans. I see on NJ dot gov is about $200-$400 off which is not much but it's something so try to take a look at what property tax exemption your county provides.

David Faulkner great experience which is one of the reasons I become a contractor to pull my own permits. It's unfortunate that your high bid electrician had to call the city and that always happens with contractors bidding here in NYC

Class D, warzone, low income areas would be your last resort. It's going to be stressful at first but the cash flow is super

David Lichtenstadter yes you can, NJ has not recover fully like NY so the rewards are unlimited