All Forum Posts by: Jay Elvin

For those of you who pay your kids out of your business, do you use an HR/payroll company?  I've looked into Gusto.  My accountant recommended putting it through payroll.  Gusto is about $45/month.  

My plan is to start a Roth for my children while getting the tax deductions.  

Thanks in advance! 

Thanks Anthony!  How did they do the appraisal?  On-site?  What was the cost? 

Has anyone used a HELOC on one of their investment properties to put a down payment on another property? Anyone know any banks in PA willing to do so? I have one bank so far but looking for others to compare. Thanks!

Jason

I'm considering using a management company for my duplex in the Philadelphia suburbs.  Anyone ever have experience with Slate House Property Management group? 

Jason

Thanks @Dennis Wasilewski and @Christopher Phillips.  One concern is the tank is outside above ground.   Thoughts?  I'm concerned about a potential leak but would definitely get annual maintenance.   

Jason

Hi everyone, 

I'm looking to buy my 3rd rental.  The 2 unit property I'm interested has oil heat.  I haven't experienced this in my other two rentals or my primary home.  Any own rentals with oil heat?  Deal breaker? 

Numbers work well so that's not an issue.  Any insight is much appreciated.  Thanks! 

Jason

@Joseph DiNardi-Mack @Steven Hamilton II

Thanks everyone!  I did talk to an accountant and you are right Steven.  

As far as student loan forgiveness, we are as certain as one can be with this program.  We get new paperwork each year saying she is enrolled in the program.  It does not look like its on the table for the government to get rid of the program and if so I read they would keep the program for all current participants.  

Hi everyone, 

I own two rentals in my personal name.  My wife and I file married separately due to her student loans.  Her loans are repaid based off her income and her loans are forgiven in 10 years due to the non-profit loan forgiveness program (We are in year 7 so I have to deal with this for 3 more years).  If we combine my income with her income then she would not qualify for this program and her loans would not be forgiven.  

My problem is my real estate deductions/losses do not come off my personal income because I file married separately.  So I'm not getting the tax benefits of my investments.  

The thought came to me today . . . if I form an LLC, will I be able to deduct my losses on my rentals if I file married separately?

I know its a specific circumstance but does anyone has experience or advice with this situation.  Thanks!

Jason

Has anyone used Lending Tree to get financing for a down payment for an investment property? 

I started investing about a year ago and looking to purchase my 3rd property.  I need financing for the 20% down payment.  I set up a Lending Tree profile and got a response from SoFi for 40K at about 6%.  Seems too good to be true. 

Any advice?

Jason

Hi everyone, 

I'm looking to get funding of $25,000 to cover the down payment for a new investment property that was brought to my attention last week.   I decided to create a profile on Lending Tree and received several quotes.  The best quote was 3 year term at 5.94%.  To me, it seems to good to be true so I wanted to see if anyone had experience using this method of financing.  

The cash flow from the property will more than cover this loan.  

Also, I'm looking to move from my primary residence over the next year.  Would this personal loan negatively effect my move? 

Any insight would be much appreciated.