All Forum Posts by: Carol Lam

I  found a rental property combo with duplexes, single family and multifamily.  Under each property type, it says specialty.  Based on my google search, specialty property type is any property that's not an office, retail or industrial.  So it is normal that it doesn't specify residential as property type?  I just want to make sure.  Thank you.  (You can see I am extremely new to the real estate industry)

Is the EMV listed on the foreclosure list the price the owner is asking for?

I found a preforeclosure property that I am interested in doing a complete make over as primary residence. The EMV listed on the foreclosure listing is 1.6M, Redfin has an estimate of 2.5M.  It's a small property, 1024 square ft.  How do I go about inquiring about the property.  Do I call the trustee directly?  Is it possible to negotiate price on EMV?  

Does anyone know of a reputable contractor who can help with tear down and complete renovation?  

Thank you.

Carol

Hi Olia,

Thank you for your reply.  Do I need an attorney to set up a Delaware Trust?   Carol

Hi,

I live in california, but I find a property that I am interested in.  In california, an LLC costs 800 minimum tax payment.  Is there a way I can set up a LLC outside of california?  If so, which state is the best?  Thank you.

Carol

Hi, 
I saw a listing on this website for a multi-family in Oklahoma, Ponca City.  Is that place a landlord friendly city?

Also, it says:
Terms - cash or hard/private money
COC return (with permanent financing - 20% plus)

Does this mean you need to pay in full in cash for this property?  

Thank you.

Carol

My husband has an Orthodontic practice.  We have an s-corp for that.  He also works at other general dentist’s office as a contractor.  All income is funneled through a-corp.  The contact told me we should separate the 1099 income from s corp entity, that would already save us money.

we should also give a percentage of our s corp as shares to our two daughters, that would also save us taxes.

I also want to get into real estate investment to build passive income.  According to wealthability contact, our shares given to daughters will be considered passive income and therefore able to offset passive losses from rental investment in the future.

my cpa does not do any of these planning for us and we paid a lot of taxes (especially after Biden).  

My cpa is a tax filer.  Do you have someone you can refer to us?

thank you.  It’s quite amazing how I find this community.  I was looking for reviews on wealthability.

carol

I just spoke with Kirt Bassi again.  I am satisfied with the answer he has for my concerns.  I believe I am going to move forward with Wealthability.

Hi,

Like many others, I am looking for some feedback on the wealthability program.  I had two consultations with Kirt Bassi from WealthAbility program.  I am very excited to have a team help my family to achieve financial freedom.  I learn about Wealthability from Tom Wheelwright's book.  In the second consultation where I was quoted a fee of $24,750, I was told because the team is so confident that they can reduce my taxes several times over, they are willing to offer me a 100% satisfaction guarantee.  I was given the impression that it was a special deal for us, but as I read the engagement letter, the money back guarantee was a standard language, offering clients 30-day money back guarantee.  I called Kirt back and confirmed that was indeed the satisfaction guarantee he was talking about.

Then I asked him when would the 30-day start to kick in.  To that question, the answer was a little vague.  During the second phone consultation, I was given the impression that the team needs 2-3 months to come up with a customized strategy plan.  In that case, that would have passed the 30-day limit.  I supposed it's tricky because if you have the strategy plan and go to another CPA to implement it, it would be much cheaper.  I would pay Wealthability if I see that the proposal would indeed save us more than we pay for the fee.  It's just fair for them to be compensated for Tom's research and knowledge.  

I emailed him again yesterday on this concern, I have not heard back from Kirt.  We are therefore at a limbo.  How does it really work?  Do you just jump on board by faith?  I am totally on board with Tom that the tax code if applied wisely can save us a lot of taxes.  

Carol