All Forum Posts by: Arijit De

Nothing yet - ended up going with Private lender @Michael Penny

There seem to be a facebook group which has members who invested in Norada Capital Promissory note and got the same notice of equity conversion. A lot of people are agitated with the recent email of FAQs which seem to not explain anything and also highlight that we as investors have no rights. Including the group so folks here can take a look and help with collective step if needed. https://www.facebook.com/groups/1161232915077076

I have 16-unit apartment building in Mississippi (8-units in each building). Both of these buildings are in the same parcel. I purchased this property with hard money lending to close the transaction 2 weeks back. Now I am looking to use loan programs for financing this. When I am reaching out to few lenders, either I am hearing that long term rental loan isn't there for > 8-10 units OR can't do the loan because the loan amount is lesser. So I am kind of stuck with what financing options do I have that should help with this scenario.

Any thoughts, connections or suggestions of what loan programs can be availed or how to go about it, would be appreciated.

Hello,

I have 16-unit apartment building in Mississippi (8-units in each building). Both of these buildings are in the same parcel. I purchased this property with hard money lending to close the transaction 2 weeks back. Now I am looking to use loan programs for financing this. When I am reaching out to few lenders, either I am hearing that long term rental loan isn't there for > 8-10 units OR can't do the loan because the loan amount is lesser. So I am kind of stuck with what financing options do I have that should help with this scenario.

Any thoughts, connections or suggestions of what loan programs can be availed or how to go about it, would be appreciated.

Yes each home value is well over 140k+. Total  loan amount should exceed easily over 500K @Troy

Thats a good point @Stephanie P.I did not think in that direction and its implications. But I'm sure things lenders would allow that considering portfolio loan is a good solution for many of the real estate investors

Looking for a portfolio lender in the Birmingham Alabama area. I have few single family that I'm intending to bundle out and get a portfolio loan on them. These properties also have equity that I plan to cash-out based on whatever their appraised values are.

BTW, do you think this a good strategy? I have almost maxed out on my conventional mortgage capacity.

Thanks @Seidy

@Michael Plaks Thanks for your response. I am exactly doing the same thing now - working with my current CPA to have the final draft prepared and then get a 2nd opinion review to correct/add/rectify anything in the returns before filing. But definitely for going forward, I’d plan to engage with a professional firm which not only provides tax strategy and guidance but also are well-versed with W2 real estate investors taxes.

Oh and I did want to mention that I looked and Anderson Advisors and thought their expertise could help. However, their liaision model where you only discuss with account coordinator and not directly with the folks preparing taxes has not been suitable. So I canceled their service after learning this mode of operation. I guess there is still time before I can benefit with that kind of model.

Well its not that he isn't charging me or anything? I'm paying him (without negotiation) the charge he is invoicing me for. If 8 years is insufficient to get a tag of "close client" then perhaps I'm better off as a "far" client

I live in San Jose CA and have been working with my CPA for the last 8 years and he's been great in handling the W2, capital gains, etc. However, since last 3 years I've grown my real estate portfolio and have realized that perhaps he has limited knowledge in the real estate investing tax deductions, strategies, reduce ordinary income, depreciations, etc. It was like I was educating myself and then taking to my CPA proposing a strategy and then he would think and let me know "Yeah something like that exist but we only talk about these with our real-close clients". I don't know what it means but I have come to believe he may not be the right person as expert for real estate investor.

For the current 2020 year, I have shared details of claiming REPS status for my wife, reports of my cost segregation studies, 481a adjustment details for 2019 years adjustment to accounting method, etc. So we're in mid-late phase of the tax preparation where numbers are getting churned. However, I feel I could really benefit from reviewing the draft by a firm or expert CPA who specializes in real estate. My plan is that after engaging for review this year, maybe I will move to that firm for subsequent years for my tax filing and tax strategies.

I am not sure if any firm engages in this capacity - just review the final draft for 2020 to provide their inputs for changing anything. Do any of you have any experience similar to this? Really want to work with some folks or companies who has good experience in the real estate world.