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All Forum Posts by: Dennis M.

Dennis M. has started 9 posts and replied 66 times.

Thank you all for the info, @Natalie Kolodijundefined the LLC have me and my wife as the member.

@Steven Hamilton II i did not submit yet the election (C-corp, S-corp, or Partnership) for my LLC, that my another questions as well, not sure if i have to do it now since no income for 2017 on all the properties. Really need your good advice, thank you all again.

Thanks you @Daria B. yes hopefully someone can see my post and give an insight about this Tax issue. Thank you all.

My LLC was form and office in the US who own all the properties. The LLC already have an EIN. Properties acquired last year 2017 and are still under repair and no income for last year. Do i still need to file a return to IRS even though there is no income for 2017?

If pay my PM and my independent contractor electronically from my LLC bank account and all the repair expenses are over $600.00? My if issue them 1099Misc. do i have to file a return even there is no income for 2017

Thank you very much to all, hope someone can give me an idea.

Post: Does Property Manager Needs W-9 for tax reporting?

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

@Brandon Hall & @Michael Plaks,

I'm a canadian and living in Canada, but since my LLC was form and office in the US who own all the properties. And my LLC already have an EIN. So do i still need to file a return to IRS even though there is no income for 2017, am i getting it right, let me know?

And about my PM for my properties they are managing my properties from their own company i believe is also under an LLC name (still have to double check it). I have no problem issuing W-9 to them. If pay them electronically from my LLC bank account and all the repair expense are over $600.00? My questions is....... do i have to issue them 1099 as well?

I heard that the deadline for submitting 1099 is always the end of January. If i have to issue 1099 to my PM i have to issue it right now before the end of January is that correct?

Thank you very much to all.

Post: Does Property Manager Needs W-9 for tax reporting?

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

Thank you very much to all of you guys for the quick reply. I'm a canadian and living in Canada, but my LLC was form in the US that own all the properties. And my LLC already have an EIN. So i still need to file a return to IRS even though there is no income for 2017, am i getting it right? And about my PM for my properties they are managing my properties from their own company i believe is also under an LLC name (still have to double check it). I have no problem issuing W-9 to them, but my questions above is.... do i have to issue them 1099 as well since all the repair expense are over $600.00? I heard that the deadline for submitting 1099 is always the end of January. If i have to issue 1099 to my PM i have to issue it right now before the end of January is that correct? Thank you all

Post: Does Property Manager Needs W-9 for tax reporting?

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

@Brandon Hall, the property management company is doing all and most of the repairs on my properties. All of my properties don't have income for year 2017 coz we still renovating. Do i have to issue a 1099 to them since i am paying them all of the repairs and cost are always over $600.00? If i am going to issue a 1099 for 2017 do i have to file return for 2017 even though there are no income?

Post: Workshop- Creative Financing Using Lease Options

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

@Wendy Patton thank you for the message.

Post: Workshop- Creative Financing Using Lease Options

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

@Wendy Patton do you know if there would be another workshop like this one for creative financing like lease option in that area or some other area in Michigan?

Thank you,

Dennis

Post: Assigning Lease Option

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

Hi @John Jackson thank you for the time and message. I will look into that. I will use a license RMLO for my end buyer to qualify i like doing it according to the book just to be on the safe end. Happy to connect with you John.

I don't have a lot of money, i would be happy if someone can help me out and walk me through to get my first deal and split the profit with him.

Best,

Dennis

Post: Assigning Lease Option

Dennis M.Posted
  • Toronto, Ontario
  • Posts 82
  • Votes 8

Hi there guys,

I have done a lot of research and studies on Assigning Lease Options or Rent To Own. I have some of the contracts and documents that are required but not sure if i have it all. I have contacted some lawyers in my area who have experienced this type of creative financing and willing to check out my papers.

Also I already made some direct mail marketing and spoken to some motivated sellers.

If you have done this kind of investing i would be happy to share the deals to someone who can help me out and walk me through to get my first deal. 

Thank you and happy investing guys,

Dennis