anybody doing real estate investing?

[Ameesh]

i am thinking of buying a couple more houses and i would like to read up on the tax implications and such. I am planning on renting them out vs turning them over quickly. do any of you have any reccomendations on good books, there seems to be way too many to choose from on amazon.


thanks in advance for your help.

 

[Ameesh]

morning bump

 

[Tret]

Well My dad is a developer and I have to say it leaves a lot of f8cking money. I'm going to start on my first house this summer. I would go for development if i were you. If you have the money or possibly if the bank gives you a construction loan go for development.

 

[StageLeft]

I think it's a fine idea. It seems almost a no brainer to me.It's pretty hands on, but if you have a humble amount down you can either get positive cash flow monthly, or at worst break even, and you have not only the house appreciating for you, but once the mortgage is paid off you're rolling.

Anyway no idea on books sorry I told you what you knew.

 

[Ameesh]

Originally posted by: Tret
Well My dad is a developer and I have to say it leaves a lot of f8cking money. I'm going to start on my first house this summer. I would go for development if i were you. If you have the money or possibly if the bank gives you a construction loan go for development.

i have a full time a job and no experience in building homes, building homes is probably not the right thing for me.

 

[Ameesh]

Originally posted by: Skoorb
I think it's a fine idea. It seems almost a no brainer to me.It's pretty hands on, but if you have a humble amount down you can either get positive cash flow monthly, or at worst break even, and you have not only the house appreciating for you, but once the mortgage is paid off you're rolling.

Anyway no idea on books sorry I told you what you knew.

Well i've made some complex spreadsheets to help track the money situation over time with different variables and it looks like its fine to make money but i know there are a lot more things involved in RE investing that i would like to understand before i do anything

 

[TekChik]

if you find out, let me know...i'm also interested in this.

 

[Ameesh]

bump for TekChik

 

[gopunk]

yea i'm curious too

 

[Ameesh]

bump for gopunk

 

[daveymark]

Check out the Fatwallet forums finance section, there's a guy in there, goes by the name "SUCKISSTAPLES" that does this, he has some good info.

 

[StageLeft]

Hehe a guy at work made an application with about 20 variables you can plug in (he does this stuff. we call him a slum lord), and break apart the details down to anything you'd like!

 

[ArmenK]

For some no nonsense information check out John Reed's Website. He has some free info on there along with his reviews on a bunch of so called RE gurus. His books are a little on the expensive side but they contain alot of good information.

 

[Budmantom]

The best thing do is talk to a CPA.

Here are a few things about AZ.

If you keep a house for less than 2 years you will have to pay capital gains tax, 15% off the top of what you make.

Your rents are calculated like income (you will pay tax on it).

You can depreciate your rental properties at 80% x .03636 and that should off set you being taxed on the rents.

When you sell the rental properties you will have to pay the depreciation back (at least a part of it).



Tom

 

[Dacalo]

I would try to seek an investor around your area; there nothing better than a person who you can talk to rather than reading a book.

My mother and I have formed an LLC and have numerous properties.

It took us a while to learn all the details, it is well worth it.

 

[Fiveohhh]

bump I'm looking into doing this also, have an old neighbor that does commercial real estate, hes VERY well off.