All Forum Posts by: Brahm Kiran Singh

You guys rock! Thanks!

Ah so how do people usually set up the business entities when investing out of state? There is a new tax bill too so really looking for some examples to use for guidance :)

I live in California and am thinking of purchasing some property in Virginia. I want to keep the property under it's own LLC. The question I am mulling over is - which state to establish the LLC in? Is owning rental property which gives income, considered 'doing business' in a state? My current understanding is that in that case I will be double taxed if I opened an LLC in California and own rentals in Virginia. What do other people do who invest out of state?

So that would mean class 'c'?

Hey! Are there different 'classes' of contractors? I am looking for a person who can handle general repairs of properties (who are renting a property) and who can help with appraisals of properties. Could someone please guide on what class of contractors I should be looking for?

Saving 200k is really hard honestly. Also, the high down payment essentially reduces the cash flow and that is what I am more concerned about. Of course I am sure some deals can be found even with such down payments, but still looking for ways to reduce it. I will read up about owner financing. But having partners will not improve cash flow for me, right? I pay a smaller portion and get a smaller share of the property (and hence smaller cash flow). Let me know if I missed something there.

I am taking the 90 day year end challenge. I am looking for a rental property outside SF (currently live in SF). Talked with Bank of America and got a pre-approval for an 800k residential place with 25% down (200k). 25% seems very steep. Question to all the awesome folks here: what are my options to reduce the down payment? If there are books I can read or resources I can peruse - happy to do that. All pointers welcome!