All Forum Posts by: Dominique Long

@Eamonn McElroy

Thank you. So one of my rents are about 3-400 under market rent and the other one is about 200-300$ under. And then Ive being living in the first apartment since mid February of last year. Does that sound like something that is considerably under fair market rent? I’m just worried not to claim it and then end up being penalized for it obviously

Hello,

I’m getting ready to file my taxes and add in my rental income. My tax advisor is saying that because I rent my two properties below fair market value that the IRS doesn’t count my rental income because I’m not making profit or something to that nature. I live in one of the units and rent out the other two way below fair market price but I wasn’t sure if anybody has gone through this or if that’s accurate information. Any insight?

Hello!

I'm looking for information on obtaining a LLC for my rental property. I currently own 1, 3 family and planning on buying another in the upcoming months. I want to obtain a LLC so I can start using business credit to purchase more properties and so on. But I was wondering when applying for a LLC I have to register for a certain tax type. I'm not sure which tax type it would fall under? The options they are giving me doesn't seem to apply but obviously I have to pick something. I live in CT does anybody know if it would fall under income tax withholdings or business use tax. I know it's not room occupancy because it's long-term stays. Any ideas? I'm still new to all this tax stuff, super confusing!

Hey guys,

I haven't been up in so long but I have a few questions. I recently bought my first triplex in February of this year and now I feel ready to buy my next one. I would like to buy a small townhouse condo for about 50-60k and was reviewing the options that I have. I don't believe I am able to do a cash out refi or HELOC because after doing some reading on it depends on what your house was appraised for and what you owe. So the only difference between the two numbers is about 5,000. My home was appraised for 198k and my balance left is 192k at 3% so I don't have much wiggle room. Is there any other options that you guys can help with? Am I correct with how HELOC and cash out refi works? I really would prefer to buy it out cash but I guess we all would love to do that LOL.

Let me know what you guys think!

Hello landlords.

Recently just bought my first triplex in February and of course in March COVID hits! I was wondering if anybody has found any grants or funding available for landlords or not? I don’t see much when searching online.

@Tamara Deering

Thank you so much!! Lots of different options there. The one that stood out to me is raising the rent 150$ because I suggested that to my lender also. I think I will look more into that because I was going to raise the rent by 150$ anyways when I moved in. I don’t know who would have to update or create a new lease me or the current seller since I’m technically not the owner yet? I think I will suggest that to the sellers agent. Awesome suggestions thank you!

Hello!

I’m currently in the process of purchasing a 3 family home with a fha Loan. I was approved pending appraisal everything was all set until the appraisal came back with the below market values for the rental income and now I’m short 150$ on rental income a month and my lender is telling me I can’t move forward because of this. I really don’t want to lose out on this house over 150$. Co-signing is not an option for me nor is paying down debt because I already paid it off. Any other suggestions I can do? Or ideas?

Hello!

I’m currently In the process of buying a 3 family home using fha loan. I was approved pending appraisal everything was all fine until the appraisal came back with the below market value rents which they currently are. So I’m short 150$ of rental income a month and now my lender is saying I cannot move forward because of this. Anybody have any ideas on what I can do to move forward? I do not want to lose house over 150$. Co-signing is not an option for me and I already paid down all my debt! What should I do? Or try? Any suggestions?

I’m currently in the process of buying my first 3 family home. They accepted my offer I paid for the home inspection and we found that 4 of the structure beams in the basement need replacing(4500$) and the chimney needs pointing(1500). The seller was the one who got the quotes for the property and said he will give a 2000$ credit for the basement work. I’m not sure what I should do. I really didn’t want to pay for these repairs. Who should be responsible for repairs before closing?

In the process of buying a multi unit home. What are some unexpected costs I should put aside when closing? I know there is the appraisal fee which runs for about 700 but any others besides closings costs, reserves and appraisal? And about how much each?