Just got the call today that the property was sold.
Thursday, February 03, 2005
Subscribe to:
Post Comments (Atom)
skip to main |
skip to sidebar
Here is where I detail my adventures in real estate. It's meant for people who want to get into this investment area but need some encouragement, help, or just a general push in the right direction. Hopefully, by detailing all my experiences, you'll see it's really not that difficult or scary.
About Me
Blog Archive
-
▼
2005
(168)
-
▼
February
(24)
- Habitat ReStore
- House 11 Update 1
- House 11 Offer Accepted!! (Officially)
- Dammit!
- House 11 Offer Accepted!!
- House 11
- All offers rejected
- Houses 7, 8, 9, And 10
- No Go On House 2
- No Go On House 6
- House 6 - Part 2
- House 6
- House 4 Update
- No Go On House 3
- A Word About Flipping Condos
- House 4 Out Of Play For Me... But You...?
- More About House 5
- Houses 4 and 5
- House 3
- House 1, Offer 1 Again - Made This Time
- VA Forms
- House 2 Already Sold
- House 2
- House 1, Offer 1 - Not Made
-
▼
February
(24)
Key Posts
- Get my ebook!!
- The long story of how I got started
- Another step done... and more about getting started
- It's done! Here are the final results
- Final Results For House 11
- How To Get Started In REI For Under $400
- Step by step guide to buying preforeclosures (and birddogging)
- How To Ensure You Get The Best Rates Possible
- Phoenix BirdDogs / Wholesalers Wanted
4 comments:
I'm waiting for clarification from my CPA on the tax issue. It really depends on how the IRS classifies your business, which also depends on how you have structured your business. If your LLC is set up as a partnership, from what I understand, the profits are taxed as capital gains and also as self-employment income. If you LLC is taxes as an S-corporation, the profits are taxed as ordinary income. What your business goals are has a large role to play in this. If you are solely flipping properties, you would likely be classified as a dealer. This is a pretty complicated issue and I would suggest consulting a CPA about it. But really, just get out there and do the deals. Worry about the taxes once you have your profits!
Sorry to hear about the house being sold. But at least you are 'hitting the pavement', so-to-speack, and making offers. How many properties do you currently own? I know you mentioned your first(?) was an L/O. Do you still have it?
I am trying to get an FSBO now myself. The owner appears motivated from her listing, but I have yet to talk to her (not from lack of trying either). The house is for $115k, and comps have it around $120-125k. She has an assumable VA loan ($44k originally) from 1992 that probably has a balance now of ~$35k. The good part is her ad says "Willing to Negotiate", which opens up a plethora of options.
We'll see what happens.
Regards,
Steve
Visit my REI blog!
My L/O was sold about 6 months ago (see the "It's Done!..." post under "Key Posts" to the right). I've been reading your blog and following your efforts to get in contact with that lady. Assumable loan! Sweet! AND willing to negotiate! What more could you ask for! Well.. I suppose an actual conversation with her would be nice :-)
Bah! I even read that entry in your blog a while back. I guess I've oversaturated my brain with REI, I'm now starting to forget things. I read your's and Joe's blogs daily myself. Very enouraging! Keep up the good work!
Regards,
Steve
Post a Comment