Woot woot I finally got the deal!

[Runum]

Thanks to all you guys for the positive energy and inspiration. Our bid for a property has been accepted. :banana:It is an REO that was advertised as a triplex. We took a tour of it and found out it has 4 kitchens and 4 baths. Our bid was less than half of retail price. Also, today I took a tour of a 24 unit complex for our possible next acquisition. I would have never considered such a large project if I had not had the push from you guys. Thanks and good luck to all!:cheers:

Greg

 

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[MJ DeMarco]

Wow, that is awesome!!! CONGRATS!! :banana::icon_super::cheers:

 

[andviv]

CONGRATULATIONS!!!!
Rep++ (for actually DOING something, you know?)

 

[BeingChewsie]

Woooohooo!! Congrats!

Sue

 

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[Diane Kennedy]

Just a few tax considerations as you do your rehab:

I know DFW has some historic properties. Is this one older than 1932? If so, I'll ask you more questions.

When you do the remodel, are you going to do any ADA changes? (I've found you can get much higher rents if you do that - and if you're tearing the place apart anyway - why not) HUGE tax credit - 50% of cost. (ie...spend $10,000 putting an ADA bathroom in and get $5,000 tax credit....NOT deduction, CREDIT) plus you get to depreciate it.

What business structure are you going to use? (I suggest an LLC taxed as an S Corp, or an S Corp)

Anyway to put it "in service" right away? ie...rent out part of it while you remodel? If so, you might be able to claim a large portion of the remodel costs as EXPENSE, not capitalization. PLUS if it's in service right away, you can start depreciating it.

I'm so happy when someone jumps in and really does something. Congratuations - you are a "do-er"!!

 

[BigJohnTater]

It is an REO that was advertised as a triplex.

Greg where was the REO advertised? Realtor? Newspaper? Website? Just curious where u found the deal .. . . congrats too ...

 

[Runum]

Thanks to all for the support. BigJohnTater welcome aboard! I check with realtytrac, trulia, and the MLS everyday. This particular property was on the MLS.

Diane, just when I think I have a handle on this stuff someone brilliant like you comes up with more great ideas. Those are many ideas I had never considered. Most excellent and very impressive. It was built in 1963. Thanks for the input.

Good luck to all. :cheers:

Greg

 

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[RAiMA]

Grats man Good to see things well for you

 

[TNT]

Coodos man. Glad you got the deal. Hope it is a start to many more for you. Goodluck!!!

Talmadge

 

[yveskleinsky]

Peanut butter, jelly time! :banana::banana::banana::fastlane:

 

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[FT1]

Congrats! :eusa_clap:

 

[nomadjanet]

Happy for you!! Hope your next projects goes as well.:smxA: