All Forum Posts by: Mesbahul Hoda

If I am behind on my property taxes and my property gets auctioned off, will it have any impact on my credit rating? Also, if at the auction the property is sold for more than the property tax owed, will I get the difference? If it helps, it is NY State.

Feedback will be greatly appreciated!

Go to Craigslist and you will build a buyers' list in ten minutes. Find a good deal and soon you will find out who the real players are! Once you have found them out, market your future deals to them first. As far as I am concerned, you should never stop increasing your buyers' list. Find a good deal, just do an email blast and make money for yourself.

I am going to joint venture with a foreign investor on an apartment complex in the U.S. I am a U.S. national and the foreign investor is not. We will have 50/50 profit and loss share. What would be most tax efficient way to set up this transaction?

All advice will be appreciated!

One of my business model is to buy properties and sell them with owner financing or do lease options. I will be holding these properties in a LLC. My question is, is it advisable to hold multiple properties in one LLC or have a separate LLC for each property?

Advise appreciated!

As real estate investors, we form business entities to take advantage of liability protection and take advantage in tax savings. I have always read that if you are flipping real estate, you should do it in a S Corp and hold rentals in a LLC.

The part where I am getting confused is LLC is already providing some liability protection and you can elect to be taxed as an S Corp and have to deal with less paperwork than forming an LLC. Would it not be simple forming one LLC for your rentals and another LLC for your flipping business and just choose the appropriate tax election?

May be I am missing something or am misinformed.

Thank for your feedback.

Thank you for your responses folks. I am much more concerned about the efficiency with handling transactions and doing it the right way. I don't want the Feds and the IRS chase me around. Also, fees being charged. Which SDIRA seems reasonable and go a good job.

I am interested in opening a SDIRA and am wondering if I could get some recommendations.

Pros and cons will be highly appreciated.

How can I assign contracts to buyers who are buying a home with a mortgage which does not allow assignment fee and the buyer does not have cash out of pocket at the momemt?

Ideas please!

In NYC, after the offer is accepted, the attorneys take over with the contract stuff. I am mostly interested in doing contract assignment. Attorneys in NYC want to charge between 1-2k plus other expenses. It is good that I am protected in the transaction but that is a good chunk of my profits. How can I do a successful contract assignment and not hire an attorney but still be protected? Prepaid Legal maybe?

In NYC, I have seen contracts filed at the courthouse where there was no earnest money deposit.