All Forum Posts by: Evan Salvador

@Justin Windham @Brian Eastman Thanks! They're not local for me though right?  How would I deposit checks to them from California if they're in CO?

Can anyone recommend a banker or maybe someone in the Sacramento, CA area that can help me open a solo 401k checking account? I'm having a heck of a time trying to get bankers to understand that I am not looking for a brokerage account nor do I need the plan to be set up. I have all the documents needed but for some reason their "experts" that they call up keep telling the branch that I have to go open a 401k brokerage account. All I want is a checking account. I have a few checks just sitting here waiting to be deposited from my old SEP IRA. Any help would be greatly appreciated.

Following this...   What @Jennifer Slaughter asked was basically what I thought was the risk the of a smaller area.  If a small market's economy is mainly dependent on 1 industry or major employer, that's seems kind of risky for a buy and hold strategy.  Love to read other expert opinions. 

@Chris Seveney Thanks! I factored in all the other metrics which fit my criteria.  

@Alex Olmo Thanks for the insight.   I figured it would be sales comp approach.  Any idea if appreciation of duplexes, triplexes, quadruplexes follows single family appreciation or are they completely independent from each other?  

Pharmaceutical Rep

Hi All, 

I'm going under contract with a triplex in Indianapolis. I tried researching this but it seems to be conflicting information and I'm hoping someone experienced can clear this up for me. I've read that MFs are appraised and valued based on NOI or income approach. But then I found info saying that the income approach is usually used if it's 5+ units and anything under is comped like SF homes. If that's the case, how do you get market comps of triplexes? You have to compare to with other triplexes in the same neighborhood recently sold?

I've seen way more good things about Memphis Invest than bad.  I plan on working with them after I finish buying a few more properties in Indy.  

I think I may have misunderstood what PR means. Someone informed that meant personal residence, I thought you were talking about being a self-employed PR. I see now you meant personal residence. In that case you shouldn't put that in an LLC or corporation. That should be in your name or if you need/want that much asset protection, a trust. Always consult an attorney and tax professional in your state regardless of what people say on a forum.

@Laura Smith For your PR, you may want to consider an S-Corp. It gives the asset protection of an LLC as well as allows you bypass the 15.2% self-employment tax on some of your income that would pass to you as a dividend. People put their rentals in LLC's because the tax on rental income is different and lower than ordinary income. The purpose of the LLC is for asset protection and the simplicity of having more than one member in the LLC. Search on Youtube: "Why have an S Corp" and you'll see a bunch of info from tax professionals explaining why and probably some about LLC vs. S Corp.

@Matt Horwitz This was discussed previously in another thread.  

https://www.biggerpockets.com/forums/51/topics/204...

A CPA on this thread confirmed the $800/yr franchise tax minimum.  You can also google it.  There's a bunch of legal and tax blogs from various firms covering this subject.  If you live in CA there really is no way around it basically.   Would have to consult a savvy investor friendly attorney about it.