All Forum Posts by: Jason Wu

Wow, this generated a lot of discussion :)

My original goal (which Dave Ramsey has suggested) is make more frequent payment without adding extra payment would cut down the loan.  In such a case, I went to my lender and ask if they accepts such payment option but they do not so I wonder what would be the next best thing.

@Andrew Fernquist yes you are right, i have to specify what the amount it apply to.

Hi everyone,

I am trying to schedule my monthly mortgage payment to a bi-weekly schedule but the lender does not accept this schedule option.  I wonder if anything out there run into the same thing and how do they overcome this issue?

Goal is I'd like to setup up more frequent payment to pay off early without having additional payments.

Thanks.

Hey thanks @Ned Carey!

Do you have recommended attorney in this space?

Hi everyone,

We are looking for some legal advise.

My partner and I have a duplex currently fully rented and is collecting income.  The title is under my partner's name and he also assume the entire loan.  I pretty much just threw in some cash behind the scene to help get the ball rolling.  We split the rental income accordingly and have no issues there.

At this point, our next step thinking is:

1. get proper ownership on paper, where I can be legally part owner of the property

2. setup an bank account for this property so that the team can track down the income vs. expenses (whereas mixed together with his personal finances)

We heard DST (Delaware Statutory Trust) is a good choice, or an entity such as Series LLC but we are not 100% certain what fits our situation best.

Question:

What is the best way to structure the above? 

(We both plan to continue to own more cashflow duplex together in the coming years, and down the road even consider selling them to our Chinese counterparts/investors so we will try creating some sort of cookie-cutter from this).  We definitely would like to work with experts/lawyer in this field, if you are or someone you know can give us a quick free consultation to understand our needs then we will be more than glad to move forward with the individual.

Thanks!

Jason

Hello BP!

My partner and I is formulating a business that will do both buy&sell and manage rental properties in New Jersey. The long term business behind it is property management after we purchase the rental, put tenants in, and sold it to our investors.

We think it makes sense to establish an entity to operate this on but we are not certain how best to structure it. We envision that the entity would hold a number of properties for sale at a given time, would a series LLC be best or one giant LLC that holds everything? Can we easily transfer the title if we sell it?

If you are an expert in this area or have experience, we love to connect!

Thanks

I'd like to work with a good real estate agent in the SoCal area.  If anyone has any good agent they know please let me know! thanks everyone

Quick one,

I understand profits from wholesaling activities are tax as ordinary income; but, is there a way to minimized the taxes that one needs to pay from money earned in wholesaling?

If say the goal is to reinvest those proceeds into Buy & Hold, how would one structure where to hold the money to reduce taxes?

@Austin Fruechting

THIS IS EXACTLY THE SAME POST THAT I WANT FOR MY FAMILY IN THE NEAR FUTURE!

So much inspirations; and gosh, does it feel good.

Fellow BP friends,

If I have an property address, what is the best way to find out the property owner and its contact (phone/owner mailing address/etc)

I know the property is vacant and probably in distress but I cannot have a good way to find the owner.  I tried the tax office and they won't give our that information.  I tried online and there are a couple of pay-services but I just don't know how good they are.

Thanks!

@Alina Trigub

Awesome. Thanks for the information.

Quick one, what does it mean that if I use HELOC as down-payment that it would generate some immediate equity?