All Forum Posts by: Adnan H.

Hey all,

I bought a property last year (cash) for my parents as owner occupant from homepath. My father is on the deed as the owner occupant. At that time he was planning to relocate and retire in Florida. We have renovated the property to his needs and spent good amount of cash on it already. 

Unfortunately his financials have changed over the year and he is no longer planning to relocate at least for the next 3 years.  

What are my options with the property. It has been sitting empty for months now. He is paying all utilities because it will deteriorate the house if A/C is not running in Florida. 

He is also paying rent where he is now so if we could rent this place out if would offset that cost. 

I am not sure if we can rent a home that was initially purchased for owner occupant. I do not want to get into any legal issue over $1200 of monthly rent but that cash flow would help him get out faster form his financial issue. 

What are my options ? Thanks a lot.  

please rend the following link 

https://www.biggerpockets.com/forums/88/topics/255...

Thanks a lot, very helpful. one questions - does this capture Cap X or that is not calculated here ? 

@Dave Toelkes My LLC is a s-corp with me and my wife as owners. We file joint return.

@Steven Hamilton II I am not understanding your comment about what i did is a problem. 

Thanks

Hello all,

I want to know what are you all doing in regards to showing income through LLC. I have all my properties using loan so they are in personal name except 1 which is under my LLC because i paid cash for it.

It time to do my taxes and I want to take a business / commercial loan in 2017 for buying more properties. Having said that, do i need to show more cash flow for my 2016 business tax returns or personal rental income is okay?

Few more details:

I collect all my rents through my business bank account; 

All my expenses like repairs are taken out of the same business account.

I want to know if it would be better to shows all income of the properties as a business income on the business tax return and then pass the profits to me or should I just use the rental incomes on personal tax return ? 

1st i want to know if this would be legal or not. 

Then here is what i am trying to accomplish :

1. Show all rental income as business income

2. Deduct all expenses 

3. Keep a portion of it as management company fee

4. Pass the rest of the income through my S-corp 

Would this help me get a commercial loan ? Any suggestion would be great 

I got in touch with wholesaler. He will have his lawyer call and explain. His initial comment was that shortsale closes the same day we close so they have 30 days before then can hand over the deed. I will get to know more after I talk to lawyer. 

Okay, I will convey this to him and see what he says. Thanks for all the replies. 

I do not plan to flip the home but plan to rent it out. I believe they are going to do a backto back closing and hence the 30 days wait period. I will contact wholesaler and find out more info on what is going on. I got the number for the closing agent so I will call her up and hopefully she should be able to direct me as well.

I am in process of buying a wholesale deal for the first time. I have deposited a $3000.00 and waiting on closing next week. The wholesaler called yesterday and let me know that because this was a short sale deal there is a 30 day deed restriction and he would be able to give me the deed after 30 days of closing. I have limited knowledge of this kind of restriction. Can anyone shed some light if this is a legit way of buying a property and what are the risks of closing on a property with this restriction? 

I do trust this wholesaler to be professional but I would like to understand more about what issues I may run into later with this restriction. He also let me know that I can start working on the property from the day I close but deed will come after 30 days.

Hi all,

I am a local investor form Central Florida. I have been slowly investing as of 2011 and want to ramp up my business. I am looking for a law firm that anyone can recommend to structure the firm as a partnership with one of my other buddies. Any info would be great. 

thanks