All Forum Posts by: Chinmay J.

I talked to couple of people offline on this, and was told that all I need is a LOC type funding for a few days. I reached out to our local, very well renowned Washington Capital Partners, and hoping they will get back to me soon. I have worked together with @Andrew Michael with another deal in the past...

Any input on this topic from the community will be helpful..

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Trump won't sign it even if it passes Senate...Isn't Kushner a big time landlord..

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So for last week or so I have been talking with a homeowner who seems to have fallen on hard times due to COVID-19. He lost his job 2 months ago, and is moving out of state. He has a townhouse in Chantilly, VA. ARV of about $500,000 He is interested in quick sale and not trying to get top dollar for it. According to him it requires rehab of about $30,000. I know this gentleman through a common friend.

This would be a great project for someone looking to rehab a property, but I don't have that kind of time or even inclination anymore. I want to buy, and sell it to another investor for a quick profit. Assigning the contract is not a good option for me.. A double close would be ideal.

Trying to arrange financing for a double close, so need private funding for a few days at most.. If I can get someone lined up to buy the property not even that long. Not interested in paying the astronomical fees that HML charge, as I don't need a rehab loan..

I am not well versed with how this type of bridge loan market works, so making sure I am not being taken for a ride.

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I was recently approached by a huge national lender (withholding name for privacy reasons.) to see f I would like to work with the leads that they provide me. The only caveat is that I would have to split the commission 70-30 (in my favor of course). The referral fee (as they are calling it and not a kickback) doesn't go directly to the lender, but the parent company who owns the lending arm. Assuming they are not forcing any of their clients to work with me, and giving them only an option to work with me, is this still a RESPA/TILA violation? If you take away the parent company, can the lender directly get a referral fee from the realtor for closing the deal, as long as proper disclosures were provided to the client, and no one is forcing anyone to use the other party.

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Originally posted by @Sandeep Jain:

Yes that is true, I do not want my personal friendship get effected because of business. At the same time they are the only one who trust me and in order to go from one property a year to multiple property a year I will be needing lot of down payment which I don't have it right now as I just bought 700K property with 20% down. I am not sure how private lender works. Do I need a sizable downpayment for hard money lenders. Plus the properties I am looking at and confirmable investing in is about 500k plus rehab cost. Bank would give me the loan with 20% down @ 4%. But I don't have 20% down right now.

Private lending doesn't have to follow Fannie/Freedie guidelines, which is good as there is less red tape. So its between you and lender. Lower downpayment and higher interest is how typically the deal is structured.

People in the lending community can advise you more what the current rates are looking like, and what would be a good deal vs what's not. With COVID-19 crisis, I have heard that the private lending rates are going up.

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Originally posted by @Jai Reddy:

@Chinmay J.

Carl ends by saying ‘Thank you for sharing your experiences as they help others’.

You end by saying ‘Take your meds, old man’

I had read your profile before you deleted your details which stated you have no spouse and no children. I can see why. I am glad your genes end with you. Good riddance.

Real classy !! What kind of human being that makes you for saying that to another person.. Who invited you to t his conversation? The man can handle himself just fine if he has issue with me...

I won't stoop any lower than you by calling you anything more derogatory. You have a wonderful night.. Be safe..

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Originally posted by @Caleb Heimsoth:

@Chinmay J. How much is your tax refund? The amount that you are freaking out about this makes me think it’s rather large.

Let’s assume that’s the case, if you do a “quick glance” at your tax situation throughout the year, you can make adjustments to make sure your tax refund isn’t so large.

Every year I do this and my tax refund is quite small, meaning I pay about the right amount of taxes every year. I do this because I don’t like giving the government an interest free loan while they hold my money.

You mentioned your state tax return too. I have yet to receive my state tax refund (have received federal), but it doesn’t matter to me since it’s less than 10 dollars.

Filling out tax paperwork and doing it correctly requires expertise but understanding how taxes are calculated and figuring out (roughly) what you owe isn’t that hard. You can read a few books and understand the basics. Unless you’re doing dozens of real estate transactions a year, you can handle this.

Without knowing more, your 700 dollar CPA fee is reasonable. You may think you didn’t get the best service and that’s your right. I will agree with you that the assistant doing the entire return probably isn’t okay. There should be some input throughout the process from the cpa.

My cpa does that. He does some of the work and someone else does some of it too. He checks it, I review it, and then sign and they file.

I have caught small discrepancies (not anyone’s fault, I just had a lot of moving parts). That’s just life.

I had made payment of $7000 on Jan 1st at the request of the CPA to avoid any penalties or fines, as the W2 holdings were not good enough this year. I had a lot of extra income. When everything was said and done that was over the needed amount by $2500 (approx). So I am getting approx $2500 as refund.

Usually my holdings are in line with the tax code and I am able to adjust them well, but I can't help it if I get $10,000 check as a realtor. No one can foresee that.

It is unclear as to whether CPA ever did any work on the back end. She didn't even have the manners and decency to introduce her assistant. The assistant started asking me for documents as if we had long standing relationship. Some people definitely need to learn their manners.

Thanks for responding.. I like your posts. You are a good guy.

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Originally posted by @John Hyre:

Sounds like a tantrum and another person to add to my "Run Away! Run Away!" List. VA has nothing to do with the Feds. That's just raw speculation, paranoia, and scapegoating....a dangerous trait in a client. That the money was taken out later than you wanted is a minor issue unless it cost you money (penalties, etc.). I see no indication of that.

Forgot you had realtor income? That'd be more serious if you gave her docs (1099's, list of expenses, etc.). Not clear from the context - you mention that you mentioned it, but I cannot tell what material you gave her, if any.

But your overall attitude (especially your response to Carl) & approach scream "fast to blame others" and "difficult person, not worth the money, next".

Thanks for adding me to your list.. I added you to mine as well. Win-win.

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Originally posted by @Natalie Kolodij:

Originally posted by @Chinmay J.:

Originally posted by @Linda Weygant:

No, the IRS is not holding your refund waiting on Virginia.

Likely the IRS is not processing your return because there is a matching issue or other discrepancy. For example, I have a client whose IRS refund has been showing as "processing" for over a month. When we looked into it, I determined that my client did not give me a form 1095A showing the health insurance advanced payment credit. Despite me asking if he had such a form.

So the IRS is now waiting to process the refund so they can add in this credit and figure out the correct refund.

Because of the pandemic, the IRS was neither working on this processing nor are they answering the phones. It just is what it is.

Odds are good this is NOT your CPAs fault. Could have been that you forgot a form. Could be that there is some other reason. But IRS Processing delays are not under the control of your CPA.

Also, $700 is not "Premium" fee. It's fairly standard for a real estate investor / self employed person.

TLdr - you're freaking out and blaming your CPA and you really need to stop.

Thanks for good answer..

I pay very close attention to detail. So I didn't miss any form that was asked of me. Also they had last year's returns. So they knew exactly what the situation was.

I would let others weigh in on if $685 is a premium or not, especially when you factor in two big mistakes that could have been avoided with attention to detail.

Sure Outback is not the priciest Steak House, but it certainly ain't Mickey D's either. How would you like a hair in your steak? Sure it's not Morton's or Ruth's Chris..

I'm still not sure what you think the big mistakes were?

One was that I had specifically asked for money to be taken out early and yet I was told it defaulted to 5/1. I am just glad that one is not dependent on the other.. Strike # 1

Next thing is that she said she forgot that I had Realtor income.. My last year's taxes did show a realtor income along with my W2 income. I gave her my realtor business card as well.. We even talked about a common acquaintance that we had.. How after all this can you forget that I have realtor income. And trust me it was substantial income. It wasn't some couple of hundred dollars of commission check. It was in 5 figures... Strike # 2 and 3

CPA goes back to dugout.

I left all this out because it was irrelevant. Letting you know because you asked.

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Originally posted by @Natalie Kolodij:

Most firms set the default date to pay as the due date- Every firm I've ever worked for has this as a default. People KNOW that date- but if you change it or pull earlier people are incredibly upset when it comes up earlier than they expected.

I personally send my client the link to make the payment themselves for this purpose. It's kind of a damned if you do damned if you don't situation. This firm did the thing that most people prefer- paying on the due date and you're very unhappy about it.

You mentioned you saw this on the documents they sent you- Did you ask them if it could be withdraw sooner and they told you this wasn't an option? Or was it not mentioned until after the return was filed?

The federal tax return is in no way waiting on the state.

If they E-filed and submitted and it says it's pending then it's pending.

Lots of things cause this- Often certain tax credits the IRS takes longer to process if they're refundable.

You said that you had several other CPA's look at it who said the work was good- so I'm not sure how you feel they mishandled your account?

Overall good answer.. Thanks..Several of the CPAs looked at my old filings, and said I did a good job filing my own taxes.

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All Forum Posts by: Chinmay J.

Chinmay J. has started 50 posts and replied 1178 times.

Post: Need Bridge Loan for Quick Closing....

Post: Hereos Act will hurt landlords in a bad way

Post: Need Bridge Loan for Quick Closing....

Post: Is this a potential RESPA violation. or smart marketing.

Post: How to structure LLC to have friends invest in it

Post: IRS withholding refund?

Post: IRS withholding refund?

Post: IRS withholding refund?

Post: IRS withholding refund?

Post: IRS withholding refund?