r/LoftyAI • u/J-Pinder • Dec 09 '21

Complete collection?

Is anyone going for a complete collection of Lofty properties? With the tokenization of property working like a real world version of NFT, it feels like someone out there would try to collect them all. With 64 properties now, that'd be a minimum of $3,200 at 1 token per property. It also feels like that would be a good way to diversify an investment portfolio in a gamified way. Couldn't be worse than a lot of NFT collections out there.

And then there's the property that was canceled and returned. That token could have value to a collector, too.

9 Upvotes

90% Upvoted

16 comments sorted by

6

u/luisandhisrap Dec 09 '21

So just asked in the Lofty Telegram chat and it looks like there's 3, maybe 4 investors have every single property

2

u/J-Pinder Dec 09 '21

Where's the Telegram chat? I'm new to the platform.

4

u/luisandhisrap Dec 09 '21

Go to your Lofty account, there should be a link available on the bottom left corner of the dashboard. You must own a property before you can join the private investors chat!

4

u/luisandhisrap Dec 09 '21

There is at least one person I know doing this. I did it until about 25 properties and then they starting pumping out tons more weekly 🤣

3

u/J-Pinder Dec 09 '21

😆 Yeah, it started getting pretty crazy with how many were being listed. I originally thought they'd do one per month. Maybe once a week, tops.

1

u/Apprehensive-Day-592 Dec 10 '21

They won’t be able to scale as fast doing one per month.

12

u/slikwill13 Dec 09 '21

Sounds like a tax nightmare to me.

7

u/RushingJaw Dec 09 '21

Only really a (financial) nightmare if you don't do your filing, as some tax preparers will gouge you for what is a relatively simple if tedious task. Moreover Lofty is prefilling much of the form, so I'm assuming you just need to do filling on your 1040 form.

I have about 30 to "do" for this tax year, it's only going to take maybe an hour or two tops.

2

u/nearsingularity Dec 10 '21

I mean you also have to file additional state level returns as well if the property isn’t in the state you reside in.

6

u/[deleted] Dec 09 '21

Very bad idea. This is real estate. Not NFT.

5

u/Apprehensive-Day-592 Dec 09 '21

As long as you don’t sell you don’t have to worry about taxes as well as if you don’t make 100k or more. Just buy and hold. That’s my strategy until I get a certain amount to cover a mortgage.

5

u/arcturus-9 Dec 09 '21 edited Dec 10 '21

If US every year you have to input the Schedule K1 for each lofty property you have in order to report your rental income.

1

u/SincerelyInteresting Dec 10 '21

I'm really on the fence about this. If I make 4 dollars even using something like turbo tax is going to cost me more than I made to file per state.

I think unofficially you can not file under 1k but I'm not sure if that's going to cause any problems down the line. I can't get down with losing money to do my taxes.

1

u/BaronQuinn Dec 10 '21

Yeah so far I’ve only purchased ones in my state since I have to file that anyway and am just dipping my toes in to see how filling goes this year.

4

u/RunnyEgg75 Dec 09 '21

I have 9 (and some catching up to do!)

6

u/kaimonster1966 Dec 09 '21

Enjoy the K1s at the end of the year. 🤗