All Forum Posts by: Cody DeLong

@Eamonn McElroy so to clarify my company is an s-Corp. if my company profited $300k, I’m on the hook every year to pay the taxes on $75k of that even if we don’t distribute dividends. If I did get that $75k I could invest that directly into an OZ fund? I’ve owned the 25 percent for 8 years so it is for sure long term.

I receive a K1 every year through my main business I own 25% of. My % of profit and dividends are listed on it each year and are considered long term capital gains. I haven’t and do not plan on selling shares. Can I invest those dividends into an opportunity fund to defer the taxes?

@Michael Warinner finish your degree. That's my advice. I came across a great job opportunity while in college and took it, but I still finished college part time. Best decision I ever made. The job opportunity is what got me to my current successful venture that's allowed me to start REI. The things I learned in college help me to this day.

@Andrew Earle yessir I have been to the SMREIA meeting a couple times and know the couple that runs it as well as one of the agents that work with them. They do a lot of wholesaling. As far as private money you may find a lot of people wanting 50 percent to bring all the cash and you bring the deal which is standard. If you find one that’s into deals let me know! I’d love to grab coffee sometime as well. I have deals I come across a bunch I just don’t have the full resources to do.

@Andrew Earle hey Andrew! I'm sure someone up here in Maine May be interested in doing an assignment. Was the deal off of MLS? I know a few wholesalers around here that may be able to help

@Jeremy England when you say Sofi loan do you mean the company SoFi? They prohibit your from using a personal loan for real estate. Did you just not care and do it anyways or is there a way around it?

Also man I'd be stoked leaving that much in a property. Seriously for a first BRRRR that's awesome. I'm sure you learned some and can kill it on the next

@Brett Goldsmith Thats the route we're going to take with it after looking deeper into the HELOC. After pulling comps and its current condition (Finally got the details) it's more like $15k is what its worth. It needs a good $10k of updating in it if not a little more as the front porch needs to be demolished and rebuilt.

@Elliot B. That's not a bad idea.  My other issue I think of when it comes to that is I'm in the process of switching everyone over to non smoking.  My inherited tenants ALL SMOKE and none had security deposits.  I need to figure out if smoking will really **** with the heat pump and cost me more as people smoke.  It's going to be a bit before I can get rid of all of the inherited on the 11 unit.  I have had 2 turnovers so far but of course those were the 2 of 3 total that don't smoke.

This would be amazing!!  I'll keep an eye on this post as my property management and I have talked about this a few times and I'm really feeling the squeeze on my heat and oil this year on my 11 Unit.  Looking at other options as well.  I've tinkered with keeping the propane and oil as a backup but putting in heat pumps in each unit and then make my tenants pay their own electric.  My worry about this is that tenants will still have the heat up all the way in the apartment for the oil and I'd still be paying a **** ton for that.

@Randy Thomason what if the seller asked the bank to end the ability to draw from the HELOC and it ended up just going into whatever terms after?