Small loans for poor credit
The lot was barely large enough to qualify for a split--it is only 126 feet wide. Donating to the fire department would be a valid option for many people. I am glad that you enjoyed this but there is a lot of interesting material available on BP. Thanks for a great story and a really unique idea for tax deduction combined with community goodwill. And what a great way to give back to the community and provide hands on training for those firefighters. This was the best house warming party I have ever attended. One of the firemen had his parents visiting from out of state. They were supposed to go back home a couple days before the burn but they changed their flight because they had never seen their son at work before. Hi, could you be more specific on the actual numbers in the tax deduction.
I have a long line of relatives in Chicago who are fireman and this type of training is crucial to their skill. That included the value of the property (as determined by the appraisal) and the expenses (the cost of the appraisal, the charge to disconnect the utilities, the asbestos inspection, the demo permit, etc.
This was a large deduction for me so I attached a copy of the appraisal to my tax return when I filed and the IRS never questioned it. That is a fantastic idea and really great way to offset a lot of taxes. The deduction allowed me to jump start my self-directed IRA by transferring money from my SEP IRA. That transfer would have been a taxable event but the deduction from the donation covered the taxes which would have been due. Glad you put this option out there for the BP community.
Not something most people would know about or consider.
My parents sold one of their rental houses years ago when they were retiring and moving out of state. A few years later, it was to get demoed for commercial construction (it was at the corner of a busy street, so when combined with the other lot behind it, it was to become a large medical center). The fire department was given the same opportunity you describe here, where they used it for training purposes and burned it down. In this area there were not very many vacant lots (it is in the city) and finding a comp sale for the lot was very difficult. It was also a bit difficult finding an appraiser who would take the job. The appraiser I used was recommended by my accountant. They were able to stage different types of exercises in different parts of the house.
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As J Scott says above, asking for someone to "Mentor" you implies a responsibility. Even the most generous friend may not want to make a time and responsibility commitment of being a "Mentor" Remember the goal is to find someone to help and guide you. The most successful people, are successful because they leverage Other Peoples Resources.
I have a hard time paying the nationally famous Guru. They are trying to sell another book or a seminar to grow their bank account. But that does not mean that if you find a local one on one mentor that I expect that person take time outof their day and not be compensated for it. Gave me good insights on how to start my REI journey. It is always nice to hear when people appreciate what I write. Im like a typical day is me answering phone calls and emails... Most of my time is unplanned, I do what needs to be done at the moment. Knowing a day or three ahead what is a good day to shadow me is pretty hard to guess. How you came to have your business partner is inspiring. This gives me more motivation to start looking at networking from different perspectives. I was looking for a mentor relationship or so I thought.
I figured, what the heck, if I mess up then I mess up.
They are great if you have one, but mentors will come and go in your life.
You can learn much of what you need here on BP You will find as you build a base of knowledge someone small loans for poor credit will be more likely to mentor you. I can tell you that the attitude of many experienced investors is, "if you are not willing to learn at lest some very basic stuff on your own. I was encouraged by the advice you gave to newbies who feel they may have nothing to offer. Thank you so much for this post and the encouragement to move forward with or without a mentor.
The better you know your market the easier this becomes.
Along the way, looking at deals you may bump into the perfect mentor.
I need to do a better job at asking people to help me and knowing what I can offer in return.
The value of a real estate investing course is often inversely proportional to the price. In other words some of the best material is the small loans for poor credit cheapest.
I also saw a fellow member that I meet at a local convention back in March, He was the headline speaker! I felt a lot better from scared to confident to pursue my real estate wholesaling investing learning process.. Good tips and techniques to find people who is willing to share some thoughts, expertise but don t forget to share to and not to receive only attitude!! We have a 3 family in Hartford, 1 property in Baltimore and have another under contract to wholesale. Switching markets can be a challenge so having a mentor is key loans for no credit to success. Your article hit the nail on the head regarding the importance of your approach and networking. Hopefully our paths continue to small loans for poor credit cross as we expand our business and network in Baltimore. Glad to see BiggerPockets has a strong Baltimore following!
This post is very useful for all real estate investors. While a mentor can be very helpful, don t wait on a mentor to start moving forward.
If you have marketing experience that are lots of investors who can use help in that area. Good luck - Ned Thanks for putting this together Ned.... Finding a mentor was high on my list and one of the first items on my agenda after signing up for BP. I just signed up yesterday and I m really impressed by the level of engagement on here. You made a great point and one I was thinking quite frankly. I studied Online Marketing for the past 2 years and have had some small successes. You can meet investors an real estate groups, auctions, or even stop in at a property being rehabbed.
Talk to those you meet and if you connect offer to take them to lunch. Good payday loans el cajon luck - Ned Hi again Ned, I just read your answer to Doni Healy, and I am going to the MarketPlace forum to place my request for a mentor and financial help.
Thanks again, you are a great resource for information!
It also never occurred to me until reading your article that my years of experience as a property manager would come in useful and probably be a great asset to a mentor.
The starting skills are talking to sellers, and getting a letter of intent, then offering win win arrangements. I find this is a critical skill, if you can do this skill well, you can get started. That is my opinion, and I know other folks have different ideas. I have rune 4 small businesses in finance and insurance, so that comes in handy. I thought I would just ask any new banks that do personal loans REI this:What are you REALLY willing to do, or willing to give up, to learn this business well? Of all of the occupations I have tried, researched, pondered, and read about over the years, there is none which compares to mine.
I often work in my pajamas from the comfort of my home. I have no employees to baby sit, no perishable inventory to move, no franchise fees to pay, payday loans online direct lenders no teletrack and no store to maintain.
I choose my hours, and I decide if I will work 20 hours or 40 hours this week. I can sleep in, or take a power nap after lunch if I want. I can review my notes and return my calls while lounging in my jacuzzi.
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