All Forum Posts by: Elvis Dur

I own a property duplex,  no mortgage on it , and looking for a company who is able to help with a cash out refinance loan, or any kind of loans. 

I own another duplex with a small mortgage on it.

My tax returns in the last two years are not to bright, one reason is Covid years and the lots of deductions that I used for those two years. 

The Rocket Mortgage refused my refinance just for this reason, not enough tax return to support the loan.

Any advise?

I wish to thank in advance for all your responses.

Thank you!

Thank you Nick! I really appreciate it! It makes sense. And thank you for the tip about opening two accounts for commissions and rental income under one LLC umbrella! Thanks again!

If you ever travel to Phoenix please let me know! 

I want to open somehow of a legal entity where I can add my rental properties located in Milwaukee WI. and all other  real estate related activities that I have going on in the state of AZ.

I am  Realtor in the state of AZ and I do some property management here in Phoenix AZ.

Any ideas where should I open the LLC in the state of WI or AZ?

And another question is LLC or S Corp for RE? What's the best option?

Thank you all in advance!!

Happy New Year 2022!! 

I think the mortgage moratorium has to be put in place as well. Why? 

Because some of the tenants are gonna spend those money for something else. No sure but probably 75% they will. 

And when beginning of the month comes guess who's gonna have to pay the mortgage in order not to default and go in foreclosure? Set up your priorities , food and shelter!! Though times!

Hi Charles, I wouldn't worry that much about that. Why? You will figure out down the road what you gonna do from the  legal protection point of view.  Get the deal done and later you will figure out what's good for you.

Flipping ...you might need it for the tax purpose, but for now...just get that house flipped!!! I hope it helped!

And Congrats!!! :)

Hi Larry

Az it's a no attorney state! I would say get familiar with all the documents that you have to provide cause if you wanna go down that road and be an investor( even passive...) it's good be documented and be on top of everything. 4 plex it's still a residential loan, the docs are pretty easy but complicated at the same time for someone who's doing this for the first time.

They gonna ask you to provide ALL the financials...and I mean ALL!! But that's good because we don't wanna end up like in 2007-2008.

Let me know if you have any other questions. I would glad to answer and help!

Thank you!

Hi

I'm looking for reliable cleaning company in greater Milwaukee area. I have a tenant leaving soon and I need to do some cleaning and get the apartment ready. 

@ bedrooms, one bath,living room, kitchen. Aprox. 1000sqft

If somebody knows or have a referral, please let me know.

Thank you in adavnce!

Elvis Dur

Hi! Reading all the answer and I'm sorry but I have a Roth IRA too...IT's just not working !! looking back at the last few months you just loose money! I'm not saying that it's not a good form of investing long term... very long term!! but ME myself I prefer to control whatever is going with my investments!! I was listening to Brandon and Clinton Morris..it all make sense! take the hit and take control your finances! I guess depend on how much you have in that retirement account there's a point where you have to make that decision! probably after a certain amount it might be to much of a hit. And I think that ..yes 100K is to much!
Me? I would take that out next day...but everybody is different! 

Good luck! The decision is only yours.

Congrats! I kinda used the same strategy when I purchased my first MF.

Good Luck and keep us posted!