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All Forum Posts by: David Balogun

David Balogun has started 9 posts and replied 19 times.

Post: Second FHA Multi-unit

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

@Kevin Romines Thanks! i think that is what i need to do, just find the lender that can handle this situation.

Post: Second FHA Multi-unit

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

I purchased a duplex in October of 2018 in Miami, and in Dec. of 2019 i moved to Las Vegas and now im interested in getting a second FHA but im not sure if i can get another multi-unit or it has to be a single family property. Anyone an has FHA underwriting experience or just experience with the FHA that can help me out?

Post: FHA multi unit tenant never moved out

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

I was able to get a duplex with an FHA loan last year October. The back unit tenant said she was going to be moving but til today still resides there and she is on section 8 to her rent has just continued to come in. I'm trying to move to Las Vegas to be closer to my brother and nephew after his step mother has back surgery. I'm just worried that underwriting might have a problem with me getting another FHA in Las Vegas since I never got to reside in the back unit. Any one have experience with FHA underwriting that could give me some feedback about my situation.

Post: Winning properties via Foreclosure auction or Tax Sale Chicago

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

I wanted to know after you win an auction in Chicago/Cook County, how long do you have do you have to pay the winning bid in full? In Miami its 24 hours which sucks if your trying to get funding for the winning bid amount in a short turn around.

Post: Buying a investment property with a Lis Pendens on the title

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

Currently i have a offer accepted on a foreclosed property but the bank is saying there is a Lis Pendens on the property. Ive never heard of a Lis Pendens before but i know that the title will not be cleared if its still there by closing time. Has anyone dealt with a property like this or know of what i should expect like time frame and if worth going thru the process?

Post: Transferring Rental property to LLC recently created - Miami Dade

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

@Richard Sherman i do have it in my name currently with a mortgage. Its gonna be a year in October. 

Post: Newbie, Miami, FL, Looking to network and make connections

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

@Jeffrey Bass whats going on buddy? Are you looking for multi units to rent out in miami or more so condos to rent or airbnb?

Post: Transferring Rental property to LLC recently created - Miami Dade

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

Any suggestions or anyone in Miami or Florida in general that has gone thru this process?

Post: Are rehab cost tax deductible for the LLC im using?

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9

@Michael Plaks lol. thanks!

Post: Are rehab cost tax deductible for the LLC im using?

David BalogunPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 20
  • Votes 9
Ah ok got it... no im not doing the repairs myself @Michael Plaks. So i know this is off the original topic, but lets say i didnt add a new HVAC system during rehab but a year later when i have tenants to HVAC fails and i get a new one. Is that still not tax deducible as an expense towards a rental property?



Originally posted by @Michael Plaks:
Originally posted by @David Balogun:

@Michael Plaks got it, yea i was more so looking into fix and hold. So the labor cant be deducted at all? and when you say appliances does HVAC units count or is it the standard fridge stove etc?

Labor and materials are treated the same way - i.e. mostly reserved for future depreciation. And I hope you're not talking about your own labor which is not deductible at all. 

Central HVAC units do not count as appliances, only window units. The mechanics of deducting those items are tricky, so I recommend engaging a tax professional.