All Forum Posts by: Jonathan Plant

This side of the world is fun.  I am also active duty and enjoy investing everywhere I go.  Spend most of your spare time reading about your specific interest in real estate as well as personal improvement.  This will help you not only off duty but on duty as well.  You will be amazed on how you can help other vets with your continual research.

Welcome Elvis.  Being active like Steven said.  Stay focused on your end goal which you have written down somewhere and review it on a daily basis.

I just completed a cash out using Premier Lending. 

You can talk to: Dio Vannucci: Executive Residential Mortgage Loan Originator at 501-840-5995. 

Another good one is: Greenlight Loans, a division of Nationstar Mortgage LLCCorporate NMLS: 2119 Phone: (949) 265-4765 talk to Joshua Jones

Greetings Jim.  I'm currently living in Virginia but own two homes there in the central area.  One actually in Cabot.  Freshly rehabbed and now renting it.  Is you strategy wholesale only?  Sounds like you are on a roll so far.  Do you attend Real Estate Meetup groups in your area?

What do you think?

The numbers are looking good through TurboTax.  The decision who to file through has been difficult.  Should I use my CPA or continue using TurboTax like I have for the last 10 years.

TurboTax seems to have the right questions, but do they file the correct forms?

I bought and sold a home in Alaska and Ohio. I am an Alaskan resident living in Virginia with a Virginia based single member LLC and a foreign LLC in Ohio. According to TurboTax: no taxes are due in Ohio or Alaska. Plus, since I'm active duty, I don't have to file in Virginia. My other two homes in Arkansas have no impact on the overall picture at the moment since one is still for sale and the other is now renting out.

What is your opinion?  Anyone with real personal experience as a flipper using TurboTax would be helpful.

A single member LLC - everything passes to you.

Joint LLC - partnership rules.

Was your EIN filed as a single member LLC or a partnership LLC?

If filed single, but acting as joint, you need your CPA to file the correction paperwork and get a new EIN from the IRS to portray how your LLC is acting.

Steve, this is the IRS clip: 

A tax-exempt organization must file Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to transmit Copy A of Forms 1099, 1098, 5498, and W-2G to the IRS. The tax-exempt organization must file Form 1096 by the due date specified in the instructions.

Kyle are you a tax-exempt organization?

Just received this plug from the BiggerPocket's email listing.  Like the change.  Do you use an architectural firm to provide design?  I'm going to do another Ohio deal where I'm struggling on which way to go with the kitchen design.  Any suggestions?  Anyone?  Thank you all for what you do.  We keep us motivated:)

JP

- I would go over my small term and long term financial goals first. - If your married, Ask your spouse what she thinks and implement that into your goals. - Create a team of experts: commercial real estate agent, CPA, RE Lawyer, friends/like minded individuals. This is a good start and I believe this will guide you to your first deal.

All good ideas so far. Here is one I was going to do but due to closing and overall costs, didn't: - Vivint: 3 Year contract paid up front; new owners take over already paid for account. Requires electric/Internet. They install everything wanted at a free or great price. Good selling point! Already connected security system. - Investors Insurance Policy which includes burglary. Have a room in the house or a garage that requires a key to access from either side of door to access. This is what I decided to do during my Rehabs. I haven't had any issues. Good luck. -