All Forum Posts by: Faiz Kanash

 So in my scenario, say I deposited a check in the bank for $200k after closing but realistically only $50k of that is actually profit. Do I report that 200k as the gross amount on my taxes, or is it the 50k I report as the gross?

 Thank you!

Hopefully this doesn't sound more complex than I need it to be. I recently had my taxes filed with a new CPA, and i'm not 100% certain if my taxes were filed correctly. Im a fix n flipper, and this is my first year reporting income from the business to the tax man and I don't want my taxes to have been reported incorrectly for fear of future issues should they arise. 

The main problem I noticed was how much was reported as gross, which seems much lower than what I anticipated. Without getting too deep into my own personal financials, ill create a quick scenario. 

(This is filing for a s-corp) My gross was reported as 130k on my taxes(Not actually), however, when I've sold the properties i've received 2 checks of 200k and 300k that were deposited into my bank. These checks are after all closing fees and the remaining mortgages were paid off, meaning it's my profit. Deductions would be the original deposit I had put into the property, material and labor, and all other deductions such as utilities. Lets say my total profit for the year after all deductions come out to 100k. 

Would the gross amount on my taxes have to be $500k because of the large checks I've received, then apply the deductions to that amount? Or, is it based off of the total profit from the house flips before deductions, which is what I believe my CPA had done? Also, my CPA filed the income as 'short-term capital gains', and after a bit of research i've seen that my income was suppose to be reported as standard income, or is that not a big deal? I want to ensure my taxes are solid, since I would like to be able to qualify for a traditional mortgage next year rather than continuing to work with hard money lenders due to the rather high interest rates I deal with(I still make it work, but of course more profit to be made with a conventional mortgage).

Thank you!

Hey all,

Just had a general quick question.. What is the income requirements for a cash-out refinance on a property? More specifically, how many years of tax returns is needed to be shown to qualify for a cash-put refinance? I'm looking to do a personal project of mine where i'll be building my own personal residence and decided to do it with just straight cash, and the idea was to cash-out refinance the property after it's completed. However, the issue I have is that I only have 1 year of solid income from the business, the year prior to that is inadequate, and I know most mortgage companies require 2 years of income to qualify. I wasn't sure if that'd also apply to a cash-out refinance on a property that's already paid off?

Thanks!

 I suppose both 2-4 units and anything 5+ units is loan information i'm looking for.

Hey guys,

Just trying to learn more about options available for multifamily loan products that are out there. I'm very familiar with how DSCR loans work, as well as hard money fix n flip since I primarily use fix n flip loans constantly for my business(I don't own any multifamily properties yet, I primarily do fix n flips at the moment).. But, I was curious to see if there was some topics or if anyone can give me a better understanding on how other loans work, such as the freddie mac or fannie mae ones or any other type of loan products. I'm not too familiar with these loan products, and I know I should be since they seem very important as I'm hoping to purchase a multifamily property sometime this year or the next when I come across one that I like. So, I was hoping someone could explain these type of loans for me, or perhaps direct me to a resource so I can better understand how they work, what their requirements are, and all that fun stuff.

Thank you!

 That actually sounds really useful, I had no idea that even existed on biggerpockets. Thanks for the really key info!

Do you know if the pro plan gives you full access to rentredi? Or is it like, half access as in they don't give you access to tenant screen, or some other parts of the program, etc?

Hey guys!
Just looking at overall preferences or what you all consider as essentials to subscribe to or use when landlording. Things like a payment processing website to collect rents to websites you use to screen applicants... And anything else you feel may be useful to have as a landlord.

Asking this for my own beneficial use haha. Thanks!

Hey guys!

I was just wondering if anyone had any tools or apps they used when they determine a multifamily property to purchase? I know about rentometer, but I don't want to pay for a subscription really when I know i'm not going to be using it often. I occasionally come across multifamily deals where I work, so I want to check average rent prices in the area to see if its a good enough deal for me to snag myself, but it isn't a constant occurrence where it justifies me paying a subscription you know? I've been using Zillow, but i'm not quite sure if its really that accurate, so I wanted to see if any of you guys had any suggestions, or do you primarily stick with rentometer to determining average rents?

Also, any other useful apps or websites you use to help you in your rental property purchase? I'd love to hear any recommendations, thanks!