All Forum Posts by: Charlie McVan

Looking at an Ohio property, that will need some significant work. Requirements seem to be all over the board. Wasnt happy with my last lender in terms of approach and closing (rate was fine). So what do I need to know/watch out for/etc. And does anyone have recommendations on local (Ohio) lenders that are good to work with for this?

Thanks!

Here is our current situation. My wife and I purchased a property in 2016 with two houses on one lot. We have recently finished renovating the house we do not live in. And will begin to rent it in the next month. Currently the property is in my name only. We have considered quit claiming it to an LLC we have created. Which was made as we plan to add 1-2 properties a year.

I am unfamiliar with deductions and structuring for LLCs., as such, 1. do you recommend leaving a property in my name with our tenants just paying me personally? 2. What things can i deduct or write off in terms of the rental property (we completed approximately $15,000 in renovations. 3. if we plan to add another property this year. does the answer to #1 change? 4. Just want to lay the ground work moving forward and know what i need to be thinking of/saving/etc. We plan to hire a tax professional to assist, but want to get a better understanding of what we should be thinking of.

Thanks so much!

As I work through how my development company is setup, I realize the need for a great accountant in Cleveland. Does anyone have any specific recommendations and/or evaluation methods for potential small business accountants? 

Thanks!

I am in the final stages of finalizing my purchase of two homes on one parcel.

I contact the Fiscal Office and they indicated I need an engineer/surveyor to start the process.

Having no experience with this, does anyone have any recommendations/tips on this process?

I am just starting out with my first rental. Hopeful to close in the coming weeks. As it relates to taxes/LLC. What suggestions does anyone have for setting up an LLC and filing taxes/etc. Obviously I will find a professional in this area, but curious what others have done and or any tips and tricks for someone who has never itemized or really filed/saved anything beyond normal tax returns. No write-offs, etc.

@Dana Dunford Thank you for your insights! Makes total sense what you Kris have suggested. Ill check out RocketLawyer. Warnings headed! ha

Thanks @Account Closed

Hello!

I am currently in the process of buying two homes on one parcel, I will live in one and rent the other, after some TLC. Does anyone have examples of straight forward leases? Has anyone used a two year lease with discount? I am thinking it would be good to have this but dont know if the market (Cleveland) will support it.

Thanks!

Charlie

@Michael Noto thanks for the insight!

@Jason D. @Matt Motil thanks guys! very helpful. i think it makes the most sense to 'charge' an amount 20% seems good for general, then 80 for common. expenses and reserves first. in addition looking at it from an equity standpoint. good stuff