All Forum Posts by: Chris Wunder

I have recently formed my LLC through ZenBusiness and will be transferring the deed from myself to the LLC (still personally guaranteeing the note, and there is no due on sale clause). I have opened a bank account, will be transferring all of the rental payments to ensure I am not commingling my monies, but do not know where to go from here. Should I have a CPA on the team, an lawyer, what kind of tax professional? I want to ensure I am setting up proper systems so when I scale I am doing it legally and properly.

Would appreciate anyone's advice. 

Thank you both.  

Thank you all for the help and guidance. I had the opportunity to speak with my lender previsously and he advised there would not be a due on sale so we are covered there. The LLC will include myself and my wife, but to make it easier going forward may just put them in my name.

I currently own a rental property in the Kansas City metro area and am in the process of transferring the deed to an LLC I have created. I am not sure how this will directly impact my personal taxes but would love to learn more. I will hold the note in my name, but the title and deed would transfer to the LLC.

When completing my taxes does this operate like an S Corp or will this LLC be the one to claim he deprecation, expenses and potential cash flow? (Property has a morgage of $3200 and we have a lease purchase agreement in place on a two year lease at $3000 per month and collected a $25k non-refundable down payment if they exercise the option to purchase at the end of the 24 months)

I am going to do my best to make sure this is not long winded. I have bought and sold 8 homes in the past 8 years (flip properties) and have been fortunate to make a decent return on every property with the exception of one (we relocated from KC to NJ and the property was going to be our next "home") and currently operate one "expensive" rental in Kansas City on a Lease Purchase. We had hoped to start investing in real estate in NJ however the cash flow is substanially lower due to high taxes and are looking to purchase single family and multi-family homes in Kansas City.

Right now I have about ~$80k + $40k (in my IRA that I may deploy) to start buying more homes in Kansas City, but would like to identify interest only lenders so I can cash flow the properties from day 1. I have been reading "The Advanced Guide to Real Estate" and it seems that short of using OPM this may be the best route to start off. I own a recruiting company and average ~$180k-$300k annually and my wife (W2) will bring in ~$160k+ this year.

We have good credit (700+) and want to find a strong partner to get into deals with or find someone that will offer us a interest only mortgage.

Any recommendations?

I am going to do my best to make sure this is not long winded.  I have bought and sold 8 homes in the past 8 years (flip properties) and have been fortunate to make a decent return on every property with the exception of one (we relocated from KC to NJ and the property was going to be our next "home") and currently operate one "expensive" rental in Kansas City on a Lease Purchase.  We had hoped to start investing in real estate in NJ however the cash flow is substanially lower due to high taxes and are looking to purchase single family and multi-family homes in Kansas City.  

Right now I have about ~$80k + $40k (in my IRA that I may deploy) to start buying more homes in Kansas City, but would like to identify interest only lenders so I can cash flow the properties from day 1. I have been reading "The Advanced Guide to Real Estate" and it seems that short of using OPM this may be the best route to start off. I own a recruiting company and average ~$180k-$300k annually and my wife (W2) will bring in ~$160k+ this year.

We have good credit (700+) and want to find a strong partner to get into deals with or find someone that will offer us a interest only mortgage.  

Any recommendations?