All Forum Posts by: Mic Nguyen

I have 5 rentals, but also own a real estate company. But to answer your question, I live off of the rental income but when I make a real estate sale as a broker thats my extra gravy that I save towards another rental. Either way, real estate is my job.

Steve, I know your suggestion is to create an LLC. I just wanted to move them to my real estate company so that the corp. would be the owner and build its assets. If I ever decide to sell one wouldnt it just be passed as income from my S corp? Then I file my 1120 onto my 1040? Or is it way more complicated than that. My CPA says an umbrella policy would suffice and to keep the properties as is. Sorry for all the questions

I have 5 properties title to my personal name and 1 title to my real estate company which is an S corp. My CPA says to keep it as is, but didnt really give me a reason why. My goal is to push all the income to the corporation so that I will be able to qualify for more loans and to get that added liability protection. I really dont know what to do and need some advice. I want to expand my portfolio by adding at least 1 property per year until I get 10 or more. Thanks

Im having a problem getting a loan to expand my current portfolio. I currently own 5 single family homes under my name and 1 single family home under my real estate corporation. I have 4 of them financed in my personal name. The problems I'm having is that some banks only allow 4 financed properties and they other problem is that I dont have that much income to show. My credit score is 802 and my 1040 income is 39k. I understand that this number is low but it is because of write offs. All of my rentals have positive cash flow before the depreciation is taken out and my corporation always shows a gain but very little after all my write offs. What can I do to get an investment loan so I can pick up some more properties? Thanks

Sorry to cut in, but I have the same sitiution here. I currently have 5 properties including my principal residence. I have loans totaling 245k. I want to expand my portfolio but cannot get any more financing due to my debt income ratio. Does any one know of any Portfolio lenders or is my only hope owner financing as well. My properties together are netting 450.00 per month.