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Thread: Invest in Real Estate, make $ & TX Writeoff

  1. #1
    Newbie cash777's Avatar
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    Default Invest in Real Estate, make $ & TX Writeoff

    As you may know, Real Estate is one of the best investments you can still make and as a self employed person or business owner no better tax write off -especially when you've purchased rental/income property and can write off the entire rental/ income property. For many of you girls who live alone or with roomates, it could be a perfect setting to have your own condo or home and instead of you renting from someone else, as the owner you rent the rooms out to your roomates. This pays for a large part of the mortgage leaving you with a balance that would be equal to what you paid renting in the first place. Say you have to move around a lot for your work, just rent out your portion or room. In shorth, your roomates pay your mortgage, you help others by offering them a cool place to live and the equity gained is yours. Feel free to email me or call me, there too much to go into here but it is a simple process and it works. There are 2 BR condos for say 318,000 - 350,000 to get you started, Email me and I'll send you the full description and pictures.

    I love what I do and I love to see people succeed. Here's my site.

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    God/dess Deogol's Avatar
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Two BR Condo's are no way worth 300K. Most are around 1400 sq ft which makes them $214 a square foot. Throw in condo fees and insurance on top of that YEARLY. That shit better be tiled in gold for those prices!

    There is a major correction RIGHT NOW in the market and it is going to get WORSE. Builders and existing condo sellers need to get right with the credit crunch. The Fed and banks are no longer throwing money out there anymore to anyone. Pricing is often 5x to 7x the median income of populations and I have heard that nearly 95% of Los Angeles residents cannot afford a home because of the prices.

    Sure, buy a condo and have some one pay rent. Watch all those new condo's and existing condo's go on the market as apartments because no one can afford them. Watch rental income drop but don't you think the bank will give you a break on the mortgage!

    I would more easily slip hundred dollar bills into a Las Vegas slot machine than even touch real estate right now (unless I was on the court house steps with a money order in my hand.)

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    Newbie cash777's Avatar
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Thanks for the reply and sharing the flip-side. However do remember that Statewide and non-the less nation-wide statistics, numbers and what you hear on the news isn't a true reflection of certain communities in the LA Hollywood area where I work. Here's an example of a condo next to South Pasadena, 2BR, 2 B, Pool, gated, 2 stories. I work much with artists, photogs. and just sold one last week that looked like this:

    Price 318,500
    Seller Credits closign costs up to: 9,000
    Your out of pocket for closing: 2,000 (at most)
    HOA: 235 per month inc. water, ins. grounds maintenance etc.
    payment with a good fico in the 700s: 2,100
    split by 2: 1,050, your right it's a bit steep, but each of these girls were paying 1,000 at the last place and without the pool and comfort, and without the gain. Of course there wouldn't be much appreciation in 1-2 years but there shure as hell will be in 5-10 yrs. Good luck!

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    Banned Katrine's Avatar
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Ooooh, real estate!! You mean I can just make money and write it off on my taxes? No catch even. You seem so smart. Where do I sign up!

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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Quote Originally Posted by Deogol View Post
    Two BR Condo's are no way worth 300K. Most are around 1400 sq ft which makes them $214 a square foot. Throw in condo fees and insurance on top of that YEARLY. That shit better be tiled in gold for those prices!
    Fuck, if only I could find a 2 bedroom condo for 300K around here or up to LA. At that price I might even feel like I'm ripping off the person who sold it to me. It depends on where you buy.

    A catch though...theres always a catch.
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    Banned Melonie's Avatar
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    I would really fear for a future real estate price collapse in your area based on the following statistics ...

    (snip)"Fact: out-migration is high, as people are priced out or sell their homes and take that wad of cash and leave. Out-migration last year was 42K for San Diego, 183K for LA, 8K for Ventura County, and 46K for OC. The Inland Empire gained 65K residents from migration, because housing costs are cheaper there.(snip)" from

    A local housing market supply and demand dynamic based on 183,000 middle class people selling their homes and leaving the LA area last year certainly doesn't bode well for continuing real estate price increases.

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    Banned Melonie's Avatar
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    Default Re: Invest in Real Estate, make $ & TX Writeoff



    (snip)"Where are we now? "Right now, we are in the denial stage. Prices have not dropped enough to cause real fear. Denial is apparent in polls like this one ... where 85% believe their home will rise in value during the next five years, and 63% believe a house is a good investment. That is serious denial."

    What do we think? L.A. Land is in the Greenspan camp, which holds -- in a rather wimpy fashion -- that bubbles reveal themselves only by popping. That is, until it pops, you don't know for sure if it's a bubble.
    And -- though it is true we have been accused many times of being a bad listener -- we haven't heard the distinct sound of a pop in L.A."(snip) from same link

  8. #8
    Sitri
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Quote Originally Posted by Katrine View Post
    Ooooh, real estate!! You mean I can just make money and write it off on my taxes? No catch even. You seem so smart. Where do I sign up!

    Hey, get in line behind me.... I love the idea of owning where I pee.

    Do I have to have any money or anything? Actually, one of my relatives left me $300,000 in cash. Can I pay for real estate in cash? And, can you just give me a quick claim deed without the name filled in?

    Thanks,

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    Featured Member lunchbox's Avatar
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Never take advice from someone who is selling something. How desperate does a licensed RE broker have to be to flog his wares on a Stripper MB as his first posts?

    I'm sure your area is just booming...

  10. #10
    242_fair
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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Your out of pocket for closing: $2,000 (at most)

    ...

    Realizing you are so overfinanced you can't even afford to sell it: priceless!

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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    Yea, don't take advice from someone selling something, take it from those who’ve done it for themselves, or better yet from the barber or baker, they know a lot! Selling is no more than a transfer of enthusiasm, strippers aren't selling anything right? I thought I’d share my enthusiasm here as I do elsewhere in nerdy sites, and in boring ass sites. So I thought I'd share it somewhere fun, somewhere different. I'm a younger agent who noticed that much of the RE marketing is boring and targets mid aged couples, I do that too. I've worked with clients in the entertainment industry before and they comment on how they felt comfortable with me because I can relate, they'd feel awkward going to a bank saying, hey I want to buy, and I'm a stripper how do I qualify when the bulk of my income is in cash and I'd have to qualify with stated income? So, no harm or trickery meant, but I'm glad it's sparked responses. Business isn't booming but there are enough deals to support my family, my pleasures and hefty tips to entertainers. Thank god 4 ur profession!

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    Default Re: Invest in Real Estate, make $ & TX Writeoff

    they'd feel awkward going to a bank saying, hey I want to buy, and I'm a stripper how do I qualify when the bulk of my income is in cash and I'd have to qualify with stated income?
    ^^^ this discussion is probably academic anyhow, since some big developments happened today in regard to 're-rating' mortgage backed securities ...





    in other words, downgrading of Mortgage Backed Securities based on Subprime Mortgage loans has instantly made it much more difficult to banks to 'resell' any new mortgages they write for subprime mortgageholders. As such, any banks that continue to write subprime mortgages will now face the loss risk of such mortgages on their own bottom line. This is guaranteed to make approval of stated income loans much more difficult, and is also guaranteed to make available interest rates for stated income loans rise significantly in direct proportion to the loss risk that they actually represent.

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