All Forum Posts by: Jeff Christman

I am interested in buying a house that is 'not yet' on the market.  I am in casual talks with the family and trying to be a helpful resource for them as well.  I am searching for the sale structure that would best benefit the seller while helping me to acquire a rental property on the best terms.  Here is the situation as I understand it...

Free and clear house locally in Ohio.  Owner is an aged widower man in failing health that NEEDS to move to a nursing home or assisted living facility.  He WANTS to sell the house and be done with it.  The 2 daughters are on board with selling, but concerned that the government, Medicare, etc. will 'take' the proceeds to pay for his care.  He has no specific long term care insurance.  They are wondering if he can transfer the house to their names prior to the transition in order to avoid this (and are there time limits?).

Ideally, I would like 'seller carryback terms' with a note and mortgage so that I can provide him with a monthly income stream.  I don't know if this avoids the "?confiscation of assets?" conundrum.   I can buy the house traditionally if they have no way around their problem.  The house needs a fair amount of work, so a master lease option is not a good fit.   I'm just looking for ideas and suggestions so that I can be better versed the next time I talk to them.    Thanks

I am having an attorney set up my first LLC this week. A recent 'get fundable' seminar cautioned about using several "denial trigger words" in your LLC name...words that would get flagged/denied by commercial lending 'automatic approval' software. They were all words you would naturally want to use in your LLC name to describe your rentals business...'properties, holdings, equities', etc. That has me contemplating using a completely generic name for my LLC and then 'adding' a DBA name for marketing purposes. I don't know if this is a viable workaround? If I use the DBA on business cards, tshirts, and on social media, does this in any way diminish the asset protection of the LLC?

To be clear, I WILL have an LLC either way. I just need to decide on the naming approach in the next 48 hours.

Thanks.  I will read up.

Thanks.  I currently do not own any investment property after I sold the flip in August.  Currently, I am doing a lot of driving for dollars and also looking at prospective houses while mailing to off market potential properties...

Question 1:    I completed my first FLIP a couple months ago.  I kept track of all my mileage assuming this was a deductible expense.  I'm not sure I did it correctly vs the IRS though.  On days that I went to the property after getting off work at my W2 job, I logged the miles from (work>property>home).  Now I'm questioning if I am only allowed to expense (home>property>home).  Clarification would be great.

Question 2:    Now I am searching for a RENTAL property.  Is my mileage deductible as I drive to look for properties, look at properties with an agent, etc.?   Office supplies and postage for mailing letters to owners??