All Forum Posts by: Dazrell Fleming

@Jeff Bridges Thanks for the thread that pretty much clears that up.

@Edward B. thanks for the input I didn’t think of that. I’m incorporated so the C-Corp wouldn’t apply. I just figured since my other two units are rented out but I run the finances thru my business I could do the same for my primary residence. But now I’m guessing since my other rentals are in my name I may need to transfer those. 

Unit 1 I’ve been trying to figure out how to pull the equity out of the house. I owe 207k and it’s worth 305k.  So if I sell it to the business would I be able to potentially cash out?

Unit 2 is a new purchase that I paid cash for. I plan to refi cash out once the home is seasoned. I’m wondering could I sale it to the business?

Daz

So I have a thought. My primary residence can I put in my business name and rent it to myself? This would be a huge tax advantage. Daz

So I’ve listened to a podcast about the importance of having a CPA with property investment background. If this is the case how do you go about finding such person and what’s a reasonable price? ISO CPA Fayetteville NC, Daz

@Alexander Felice my relator is taking care of me pretty good I just want to make sure I'm not missing anything.

@Thomas S. yes the under 50k is a small issue. But the ARV is 75k so I plan to get an appraisal closer to the date I refinance cash-out. After my rehab is complete I should be able to pull my money back out.

So I plan on purchasing a home using cash is there a tool or a step list somewhere? This is what I have so far.

1. Title search
2. termite inspection
3. Home inspection
4. HVAC inspection
5. Proof of funds
6. Home owners insurance
7. Home warranty 

@Omar Khan I was using the mobile app and it doesn't support "@" i guess. Good point on the 6 month lease incase the tenant and I don't see eye to eye. I've ran the numbers using to BRRR tool. I also looked at how much I'll pay in interest with the personal loan and added those numbers. Shockingly this could be a deal where it doesn't cost me anything after the firs year.

Stupid question. But how do you reply to someone. I tried using the “@“ and then spelling the person name but that didn’t work?

@Omar Khan the home is coming with tenants willing to sign a two year lease and accept the rents raise from 650 to 750. The arv is 75-80k so I shouldn’t have any problem finding a refi options.