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But now I understand the creativity, forethought, and safety that went into this solution. I think of how many lives short term small amount loans will be saved because of the training that the firefighters received. I might have got into a bit of trouble if I did it myself.

I hope others will consider making a similar donation if the occasion should arise. I thought this was going to be "click bait" or something not directly related to the subject. Good on you for thinking outside the box and arranging a mutually beneficial arrangement! This is a prime example real estate is more than flipping, wholesaling, and rentals. There is a lot of room for creativity and this is one strategy and story that will be hard to top!

I recorded the season finale for "Story Time With Jeff". There are no plans to resume the podcast at the moment.

I enjoyed hearing you speak about this on Story Time With Jeff. I share some of the history of how the podcast came to be and why it has been a difficult journey in episode 15. I own a car repair loan delaware ohio triple lot next to it and a duplex next to that and a duplex backing up to the triple lot. I need to go to the fire dept and see what they think. I am surprised the fire department is not willing to give their assessment before pulling the permit. If you can locate the person who has primary responsibility for training you may get a different response.

In my City that was a Lieutenant and he was very interested when I called. This is a great story and a wonderful example of doing well while doing good (or however that goes).

What a great story, and great way to give back to your community while also getting something in return! This is a wonderful example of one of the many exit strategies that can be utilized with real estate investing. We may be in a position to do something similar with a property we picked up at the tax auction.

The home is in pretty bad shape and was purchased strictly to give us more options on a connecting property we own.

Even if the fire department cannot use it for practice burns they may be able to use it for search and rescue training. If the gift is accepted make sure it is properly documented.

I hope both the fire department and your father can benefit.

Also, I am thrilled loans best rates you are enjoying "Story Time With Jeff".

It happens I have a recording session tomorrow and this story will be the topic. If you have any questions, please do not hesitate to contact me and I will be happy to let you know exactly what I did. This is a story I would like to spread to as many people as possible. I know there will not be many opportunities for people to use this strategy but it can do a lot of good for the firemen if the opportunity comes up. Just remember, you have to be careful who you take advice from.

Double check that what they say is appropriate for your situation.

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I just learned that last night so I have to come up with something completely different--now. I love that I have friends and partners who are constantly testing my strategy of limited planning but keeping myself open to possibilities. I hope to be lucky enough to buy a house that I can burn to ground one day. I learned quite a bit about fires and how they spread. Firemen are experts in fire--setting them and putting them out.

Also learned lots about construction--it was interesting seeing what collapsed first--where the load bearing points were. The crash advance cash loan put the construction on hold but I spoke with someone just yesterday who is considering building new construction homes and shared info about this lot. If we fire the project up it would probably be a minimum of 2 new homes since this lot is splittable and the preliminary approval has been granted for the lot split. I do not own the house next door but I already own the one next to that. I do have some plans for a nice Victorian style home with a wraparound porch that would look great in this neighborhood. Not always burning them down but certainly tearing them down and building new on the lot. I have participated in a couple successful projects where we did just that. This is a brilliant idea to capitalize on a unique deduction! The only thing better is hearing you tell it in person. I look at RE as a series of puzzles--they are fun to work and you get paid when you solve them. I expect to close on one this week that has more moving parts than any deal I have done to date. I am inspecting a property today that is not as complex a deal but had a twist on the negotiation that helped to close it. It is time you start writing up some of your stories.

This is an amazing story told in an entertaining way! You are the one who located some of the properties, put them under contract, and brought them to my attention. As an insurance man I still cringe when I see the title of this blog even though I know Jeff and the full story. I bet I would have been able to make you comfortable at the house warming party. There are a lot of exit strategies that investors use, some common and some more specialized, but this is rare. How often do we get opportunities to do well by doing good? The fire departments appreciate the opportunity for conducting realistic simulations.

I like to think real estate is not just a job but can be an adventure. I am looking to purchase a home locally as well specifically for a tear down opportunity. My CPA is very conservative and I payday advance omaha am car repair loan delaware ohio concerned that I might be missing out on a good opportunity for a significant write off to off set the purchase price of the home. A) Did you have any issues with your tax deduction? B) Any special considerations with donating to the fire department you recommend? I am open to switching and would like someone well versed in this area as this will be make a significant impact on my current and future tax returns.

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The CPA I currently use quicken personal loans is different than the one I used when I made the donation.

I drew up a donation letter to the fire department which specified the donation was for the structure only and the Fire Chief signed it. One was for the house with the land and the other was for just the land.

I attached the donation letter and both appraisals to my tax return for that year. Jeff, I just read this post and have to say that I am impressed. I hope this is a viable option for you and the fire rescue teams in your area. No wonder this blog post is in the best of the year category. I have a similar situation where my rental sits in the middle of 2 lots. I will definitely research further in my city when the time comes for me to build 2 spec homes.

We just called the city before seeing this to see if we could do it to a tax deed property - unfortunately our house was too close to the trees but I am so excited to see you do this successfully! Not only helping the local firefighters but a great way to clean up a house!

The fire department removed several trees that were around cash advance com my property before the burn at no cost to me for safety reasons. They wanted to remove the large maple car repair loan delaware ohio tree to the rear but I asked them to try to save it. They dedicated a pumper truck just to keeping water on that tree during the exercises and did save it. It got a little scorched on one side but recovered well. In retrospect, I may have made a mistake as the tree will interfere a bit with the new construction but it is a beautiful old tree. Sure better than paying 10K to bulldoze an existing house! There was one water hose on those lines for much of the exercise. I probably made a mistake by asking the firemen to save the large maple to the rear and left of the house (it can be seen behind the wishing well in the photo of the rubble) but they put a hose on that tree the entire time and, though it did get a little scorched, it survived. It is a beautiful tree but it may pose some problems when the new homes are constructed. When I was in car repair loan delaware ohio the Navy we carried out damage control and fire-fighting exercises in sections of decommissioned ships for the same reasons. Though models are good, nothing beats the real thing to gain experience. It was a bit of a hassle dealing with installment loan companies the inspections necessary but it was truly appreciated.

It is almost laughable that because this became a training site that we had to meet OSHA regs. If the house had just caught fire no inspections would have been needed for the fire department to respond. I planned to do just this about 12 yrs ago after reading about a local couple that did donated a house to the fire dept and got a sweet tax deduction. I then got an appraisal basically following the county assessment for "improvements".

It went on to say that the taxpayer would actually be getting a benefit in reducing demo and clearing costs.

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I can only guess that the IRS has come out with a different opinion or there was a Court Case. I should have re-checked as we knocked down a house just last year. My accountant was convinced it was fine and directed me to the appraiser. Anyone know the statute of limitations for an audit? The last photo is priceless--a group portrait of the firefighters casually posing in front of a house on fire. Many of their family and friends were there taking pictures. Most no direct deposit payday loans had never seen their family members at a fire before and may never get the chance again. At first, reading the title of the blog, I thought this was a strategy of collecting insurance money... They collected insurance proceeds for more than the building was worth. The first one owned an apartment building that burned down, the second owned a commercial building that burned down, the third had a group of houses that flooded. The first guy asked the third: "How did you arrange for the flood? I had a dispute with the City over how to connect to the sewer. There payday loans st louis is a gap in the sewer in front of online loans in texas the property. The original house was tied in to the rear and that should be sufficient for the new houses. The City wants me to construct the sewer in the front. At first, reading the title of the blog, I thought this was a strategy of collecting insurance money... They collected insurance proceeds for more than the building was worth.

The lot was barely large enough to quick short term loans 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 payday loans comparison 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.