All Forum Posts by: Daniel Y.

Well, something that could be done would be to lend the money to the other LLC as a business transaction. So fixnflip LLC would lend the amount to Commercial building LLC, get a Note or the proper paperworks. That would be the best way to avoid a tax hit. I would still follow up with an accountant on the best way to be in compliance and avoid being flagged for an audit. What I mean is if fixnflip LLC did a 0% interest loan to Commercial building, would the tax people get suspicious? I personally don't know since I'm not an accountant nor have I been audited...yet. Like everyone else on this site with ambition, when I hit $1 million in revenue per month and have a bunch of write offs, I'm sure I'll start building personal experience ;)

Hey Yaron,

I invest in the DFW area. I can tell you, I had Safeco once as well and they are just expensive in general out in that area. They were decent in the Southern California area. Like everyone else say shop around. First, talk to your broker, as it is the easiest and quickest way. If they can't lower it or it is only lowered by a few dollars, that is the best that broker can do, but that does not mean it is the best price out there. Second, you reach out to other brokers and hopefully they will have different relationships with other insurance companies that can give you a better price.

A few things that were mentioned, recheck your policy and see what you want for your next policy. Most are your basic dwelling and fire policies, so if you want plumbing then you need to check for that. Most dwelling will cover roof, but to some extent, so look into that to see what kind of coverage you accurately want. Is your property a half-duplex or connected to another building? If so, that will increase your premium overall, in case your building catches fire and burns the other property then they will come to find you.

Also, don't wait for your current insurance to end for you to get new insurance. You can switch anytime, so go save money as soon as you can.

Hope this helps,

Daniel

Hi @Marc Séguin,

I would say try talking to Bank of Montreal, they owe a bank in the US called BMO Harris. It will take some navigating, but you might get them to help you. Also, are you looking for 1-4 units properties or apartments (5+ units)? It's a bit easier to find commercial funding for foreign national compared to residential properties.

Hi Melissa!

Nice job with this repositioning project! Have you visited some of your local real estate meetups? There are a lot around the OC, and a decent amount of people invest OOS at those meetups that you can talk to.

Originally posted by @Mogo Green:

@Daniel Y. I have 2 property under contract need help closing deal

Hey,

Feel free to PM so I can get a few details to pass along to my buddy to see if they can help you.

Best Regards,

Daniel

Hey @Darren P.,

Where are your properties located? Traditional banks would not be able to help you, but private capital groups might. I have a friend works at one and might be able to help you.

Hey @Yash Ranadive,

Who suggested the $1400 price?

@William Dubinsky

Just curious, what area did you purchase the property from? City, State.

Hi @Pratik P.,

I was curious, and I assume this is the case, did you have the house under an LLC? If so Open Door had no problem purchasing from an LLC?

Welcome Yoko! 

Check out some of the local meetups in Orange County. There are a few in Irvine, go to meet up. com to find some that are hosted by BP members. Feel free to reach out if you have additional questions about the meetups.