All Forum Posts by: Alfonso Aguilar

I have 4 properties, does putting them in an LLC and having Children as members in the LLC prevent them paying inheritance taxes since properties are a business and children are members in the business.

My best friend of 35 years and business partner 10years passed away Oct 2019, Sadly small cell Lung cancer stole his life in 6 months. All the titles and loans are in his name. His wife and I are in good terms and have a court date with a Petition with many docs and written and signed agreements showing we are partners and each have 50% ownership in properties and profits that is not the an issue. My Question is if courts approves and grants Her and Me as the New Partnership and puts title/Deeds in our names. Does California tax law allow me to claim on my personal tax returns my portion of the ownership of those properties for tax year 2019. Since there is a lot of write offs I can apply my portion to my tax returns plus I have over $50,000 in expenses and repair receipts for 2019 that I would like put in my tax returns. OR do I have to wait until the properties titles are officially in our names 2020 and then starting 2020 taxes I can start taking advantage of tax write offs. In the past We would just do a 1099 for my part of the profits and I would file that with my tax returns. Thank you for any input. 🙏

My Best friend wants to quit

Claim 50% of his apartment property to me as I will also be earning 50% of the profit, I will be handling all management, Maintenance, rent collecting property up keep etc. He has fallen very ill and since I have my own Apts i know what needs to be done to operate and keep his Apts profitable. My issue is taxes will He or I get taxed ? There is no

Plans to sell the property since this is his source of income. And if it did sell it would be transferred to a 1031 exchange to purchase a

Larger apt complex

Wish the guys at bigger pockets could have forum on this issue , real estate scams, and which one have been legally busted to help out new investors from getting bamboozled , it’s not even funny how they promise help, mentors, list with  1,000’s of lenders working with them and waiting for your call to find lenders (but they don’t tell you there is a $1,000) fee for that help, you Find out at the end of the $1997 course when you get home and call the number. The course I paid for was because we saw the fellow DAYMOND JOHN(Shark Tank) promoting this even so we said kool we’ll  hear him speak and assumed Big Successful Name should be Legit, NOPE!!! an Ex POLICE OFFICER spoke and spoke and spoke for 2 DAYS ABOUT HIMSELF , sad he knew what the purpose of the course was to see how many people would fall for scam and apply for credit at end of course , he used his previous career to have people like him and then he used his wife who saved him from being shot because he stayed home on a certain day that someone else filled in for him and they ended up being shot, and he goes through two days of the course telling us his sad story and even does this crying thing while speaking , man he got about half the people to sign up an get approved for the credit $25k with the crying drama scene. By day two I started getting on there nerves raising my hand and (I sat in the front row so he had to call on me) asking real estate questions in the middle of his stories(, at one point I asked when are we gonna get deep into the real estate stuff which is why my partner and I went half $998 each ($1997) for the 3 day real estate course he’s said we’re gonna get to all that,  I’m like when it’s Saturday afternoon noon already he says everyone will get a packet with all the contacts, leads web sites , numbers. Lies) ,  instead we got the  crying cop on stage drama stories about how poor his wife was and look at them now and even showed a picture of some man whom he called his father in law, now we know the true story. I’m pretty sure 16 people got approved for the $25k or used existing credit, $400,000k made in 3 days not including the $1997 to be in that course, $2k X 60 people $120,000k

$520,000k for three days work not bad

I saw two really young kids signed up $25k each could have put a down payment on their first deal somewhere.  At the end of the 2.5 days about 10hours of speaking he could have covered all the stuff he did cover about real estate in 4 hours. At the end of seminar he asked those who did not sign up to please exit the room and to meet his Colleagues to get our packets down the hall which we walked down found him standing there with a box and packets inside handed us the packets and said write this down a web site and said also a lot of the things covered are also accessible online and I asked for he last name he responded”I CANNOT GIVE YOU MY LAST NAME”  company policy conflict of interest. I said what’s your Facebook name so Incase we have questions he said can’t give it out. 

BIGGER POCKETS WE NEED YOUR HELP SAVING OTHERS FROM BEING SCAMMED!!!! 

Wow sad these heartless people behind the scenes, but as of now the operation must be legit since they continue to promote these. Also sad it

Puts the pressure in the relationship on the one who wanted to do this. Best thing is get part time job to pay the Debt, It May take some time , don’t let credit take a dump because it will only

Make things harder. And do not file BK Chapter 7 UNLESS YOU HAVE no home or cars. So they won’t take them. If you Need BK attorney let me know. . VEY VERY VERY LAST OPTION. Because it will take long time to get back on track took me

9 years but finally I’m back at 800 fico . And making $ in small rental 4 plex for me have worked out best, Do not get 2 story if just starting . 

Me and a friend bought a property together.  He has great credit And i had the down payment in a 1031, I am the primary signer on the hard money loan he signed as Guarantor of the loan. We can’t  seem to get it refinanced because my credit is really bad, income and tax returns issues, can I quit claim the property to him so he can refinance the property and does that cause any tax issues for me or him? It’s not a sale or gift, but if needed to be as sale, i can sell to him for $1. Any advice is appreciated 

@Brandon Turner Hello, my High school buddy is Quit claiming a commercial property over to me, OhYea!!, he sold a property and had $120,000 in a 1031 , he used 100,000 of that money as a down payment for the property and currently has a hard money loan which I want to refinance after the quit claim, the remainder in the 1031 is $10k which is the amount he is paying capital gains taxes on. If he quit claims it over to me does he or I pay taxes for quit claiming property over to me. His current home was quit claimed to him from someone who was upside down and losing the home they walked away and he continued making payments on the existing loan. As of today many years later he’s never had an issue, so I’m asking The PROS’s about this before I learn the Hard way.

@Bill Exeter, Hello, someone I know is quit claiming his commercial property to me, he purchased it with money in a 1031 used for a down payment , and has a hard money loan. Will there be an issued for me or him as far as taxes or for him in respect to capital gains. He has done several quit claims with family who were losing their home and they quit claimed to him and has never had any issues. I just wanted to ask before just to be prepared

@Steve Emling I use several

(1) Zelle, money goes In almost instantly, free to use. But not for the Tenants known to make partial payments, Best to get their cell number and you send request to them for $ amount.

(2) Venmo also free but takes about 2-3 business days to get the money transferred into my account

(3) google pay also free but takes a few days,

(4) AMS Billing Free for Landlord after $150 ACH set up fee, WELL WORTH IT! Perfect for the HEADACHE TENTANTS or Places you’d rather not go in person for many reasons, they have to pay at 7-11, CVS, Ace Cash Express, Tenant pays $3.99 fee and cannot make partial payments and you can add late fee to next months billing and they cannot just pay rent amount if you add late fee. Down side with AMS is money is deposits are processed once a month on the 10th, so if they pay late after the 10th money is stuck, until next month or I believe you can pay $20 and they will process that deposit. But as in my case we took over a property and gave notice of new ownership, on the first meet with an existing tenant without even knowing me or who I am tenant went off yelling at me claiming racism and all kinds of verbal expletives and about her deposit from previous landlord and saying she was not going to pay rent and she had rights, even neighbors came out to see what the commotion was I stood there kept my composure silently and when she was done I said from this point forward i will only communicate with you through email. Long story she now emails me and pays Rent and the Fee through AMS , AMS was exactly what I was looking for for this type of situation and AMS is also Great for those who do not have checking accounts or are not tech savvy and up to technology with cell phones and apps.

@Jeff B. Just purchased a property but previous landlord did not have key to unit, current owner has said legally they do not need to give me a key. They have requested repairs and we are in agreement to repair but can’t get a contractor in there to give estimate and /do repairs. What if a water pipe bust while tenants is not home? Do CA laws restrict landlords from having a key to enter unit for emergencies.