All Forum Posts by: Jacqueline Gardiner

@Dustin Allen Are there any upcoming meetings planned? 

A TIC is a property that you own as a tenant-in-common with other owners.

If you're the only member of the LLC, then it doesn't make a difference from a taxation standpoint. It's all pass-through income to your personal return. Having a separate account will help keep the books straight though. In that case, I would probably set up a single member LLC (perhaps in Wyoming where it is private and inexpensive). Have your tenant make the checks out to the LLC, set up a bank account that will allow for electronic deposits and online payments, and run all of the rental business income and expenses through that account. You can have the mortgage in your name and make your payments on that from your personal account. Then take personal draws from the business account on a quarterly or monthly basis.

I have heard that it's possible to get a loan at a good interest rate using your crypto and stocks as collateral. I don't know who provides those loans, but it might be good to look into.

I just noticed the same thing @Ross Bowman. Were you ever able to get a confirmation or get someone to explain? It seems like there would be another box to check there. Or, it would be automatically included for down payments under 20%. 

Hi Rachel, I have some sample scopes of work that I wrote for a renovation job a few years ago. If you answer my "Connect" request with your email, I will send them to you. I'm a professional scope writer, so I think they will be good examples for you. 

Hi Tony, Are you sure that you only have $70K to invest? It's not just the amount of the gain that needs to be reinvested. Generally, the amount you will invest is closer to the total sales price of what you are exchanging. (Review the rules on BP or elsewhere.)

Have you considered just keeping your duplex wherever it is and hiring a property manager to manage the day-to-day operation? 

It sounds like you'll have a primary home exclusion on one of the four units if I'm understanding correctly. (You lived in one of the units for at least two of the last five years, correct?) You also get to deduct closing costs for each transaction and part of the $85K goes into your basis (excluding the renovations to the unit you lived in).

Is your anticipated sales price 1.4M? or $850K? I would suggest going through the math in a little more detail to determine what your taxable gain would be and what taxes you would owe on it given your tax bracket. Then post again for more input.

I am in the process of selling a small parcel of land with owner financing and have been reading up about the Dodd-Frank regulations that were put into place a few years back. Complying with those laws when a dwelling is on the property is a lot tougher. I would guess that the cost of having an attorney review everything to ensure compliance would exceed the benefits to be gained from that approach.