All Forum Posts by: Andy R.

zip* code lol. It truly is a great area! Lots of growth.

I’m turning over a single family in the 35803 area code this weekend.

If you’re a contractor that paints and wants to give a bid for a job or an investor wanting to learn more, DM me and we’ll connect.

Hi all,

Any update on this year’s BP Con?

@Onyedika On if it’s an expense for an item that will be used for all properties, like a laptop, splitting it amongst the number of properties is fine.

@David M. Thanks for the reply.

The tax advisor and I ended up deducting the laptop from supplies in Schedule E.

While there isn't an LLC involved or a Schedule C, because the properties are being actively managed, there are certain things that can still be deducted.

@Dave E. Thank you for the explanation.

@George Mastrosavas to be clear, this is a hypothetical situation. 

Let's say the property is owned by an LLC in Delaware for asset protection purposes and the property is in Florida. Both the managing member of the LLC and the rental property are in Florida. It is not necessarily an out-of-state real estate investment.

Hi BP, 

If a rental property is located in Florida and the LLC that owns the rental property is a Delaware LLC (or any other state), is it possible to do an eviction on a tenant in the Florida property? Are there any restrictions that prevent an eviction since the eviction is being done in Florida and the LLC is in another state?

Andy

@Torrell Palmason,

Thanks for the reply. 

You're right about it being 70% not 75% LTV for a rental.

Having 60% equity puts the LTV on the property at around 40% which is low enough to meet the 70% LTV max needed to remove PMI.

Hi Nicole,

The loan is close to 3 years old. 

Andy