All Forum Posts by: Chinmay J.

@Christopher Cousin - Thanks !! You are correct about tax planning. I have already filed Form 2553 with IRS for electing to be S-Corp

@John Chapman - That's my gut feeling as well. This is my first year as flipper, and God willing I will complete two deals this year. I will definitely need one next year. Thanks for your input. When I heard $400, I had vivid imagery of walking into a very high end Steakhouse and going back in the kitchen to make your own steak. LOL

@Dawn Anastasi - I was thinking the same.

So up until last year, I used to use Turbo Tax, which even last year my taxes were getting a bit complex for TurboTax. So this year, I looked up a CPA that my family already had relationship with. He is a pretty smart guy, but I am totally unimpressed with his service. 

I sent him an email telling I would like to use him for my tax needs.He told me come and meet me. I was impressed. This guy actually wants to meet me. At the meeting, he asks me nothing more that what could have been asked over the phone.  I drove 10 miles for nothing. So he asks me what all I got going on. I told him various sources of income that I have. He told me OK. Great.. Send me all your W2s, 1099s.. whatever you got.. Yes, and it will be around $400.  I asked him if he had any template so I don't miss out on any deductions.. He said he doesn't have anything.. People just send him stuff...huh ???

I am like What the Hell...... Turbo Tax provides better service than that.  They at least go through all your situation while asking you a lot of questions to ensure that you are not missing out on any deductions, while charging you only a fraction. 

So this total lack of service, is this just an anomaly, and I  need to look for a different CPA, or this is just the norm.

Just for the sake of discussion, I have W2, Rental Income, Interest and Dividend Income, and realtor income reported through 1099-MISC, and some other 1099-K income.

Yes, I understand that it wasn't a Fannie/Freedie issue, but usually a bank policy. I have sent you a connection request. I would also appreciate if you know anyone in VA who doesn't have seasoning period to refi out of the HML.

But usually don't the banks have waiting periods of at least 1-2 yrs before they approve you for a new mortgage. I got the impression from the OP that he wants to have concurrent investments. 

 Yes sir.. Noted and understood... But I will say the same thing that I have been since I was about 3 and still in kindergarten.. "But... but...but.. He started... :)"  Works every time :-)

Is this the same guy you are talking about that they said, would drop off in a week or so. Then when he didn't,  they said had no chance in the caucuses and primaries. Then when they were proven wrong by the guy you speak of, they said he could never beat that crooked woman in general elections.  If everyone in the world, and their vision, was even worth the paper its written on, we would be having a different POTUS now. 

As I see you didn't even bother to answer the OP's question, but spewed some garbage.. Is this a recent condition, or were you always like this?

OK. So if your intention is to acquire lot of properties in short time, you need to consider alternative sources of financing. A lot of newbies think that going to a bank and applying for mortgages is the only way to get loans. Far from the truth. In fact most investors start out with traditional banks. Banks require you to have couple of yrs of income as a landlord even before they will talk to you about potentially approving you for another mortgage. 

Good news is you can go through Hard Money Lender, Private Money (friends and family), use CASH outright, use Seller Financing, use SUBJECT TO.   You really need to research each topic in detail, and see what suits your needs and goals.

OK. In that case, you need to understand couple of things... Anything up to quads (4 units in a single structure) the government treats as 1 unit for purposes of loan. So. Lets say you like a quad and you come to agreement with the seller to purchase it for $200,000. You can get an FHA loan on it (assuming you are OK with living in one units) with 3.5% down. If non owner occupied, most banks go with 20-25% down. Its just like buying a SFH, but with more income streams.. 4 in this case. You live in that for one year and you are free to move out and rent that unit. I am not a lender, but that's general info/knowledge I have been able to accumulate - thanks to wonderful people of BP.

If you are looking to really scale you can get a building with a lot more units (anything over 5+). You have good amount of money to invest. $500K is very good. (I won't advertise it to lot of people upfront. Lot of unscrupulous people out there..lol).  If you want to really use all that money, you can consider buying $1.5 to $2.0 million property, you can really make good money.  So, it all depends on how small or big you want to go.  In case of later though, I would hire a PM, and not try to do it all by yourself. Just like most of the things in life, the more you buy, cheaper the price of per unit.. So more doors you have, less cost per door and more profitability. 

@Jonathan B. - Your question is too vague for anyone to answer. The best answer is DEPENDS. Give us some more information about what exactly you are trying to buy, and what your goals in REI are.