All Forum Posts by: Jeffrey Vanicky

@Ned Carey @Jay Hinrichs @Frank Chin A huge thank you to all of you for the knowledge and feedback. I will be speaking with some professionals in the near future and I appreciate the information to give me a better understanding. 

@Ned Carey thank you for all the great advice. New to posting on forums. I appreciate the feed back and will consider all points. 

My Thought process is as follows:

I was thinking I can limit profits from the flip by renovating my permanent residence that was bought with my LLC. Not sure if it is possible or not.

If I have a loan in my LLC does that lower my personal DTI and allow me to get a personal loan to buy another house?

Gives credibility to my LLC having a house with equity and season the loan a bit so I could get some more loans in my LLC.

Adding anonymity to our families assets.

Unfortunately I have no experience and limited knowledge in this field so if you looking for me to explain I am sorry. While listening to the bigger pockets podcast on my drives to and from work, I realized I jumped into real estate investing with not only zero experience but zero personal asset protection. Believing that sometimes the best way to learn is to jump right in, I was not that worried about learning on the go. It has now been a few months since I have bought my first fix and flip. As the time goes on and I consume more and more BP podcasts I realized I should have taken the time to do some due diligence to protect myself. I understood the numbers and the costs and thought that would be pretty much all I needed, I was wrong. Some of the due diligence that should have been done is how to protect my money and profits from lawsuits and taxes. Now I know that I should be speaking with a real estate lawyer, accountant, and financial planner, I just wanted to try to get some feed back and some questions that I should be asking. I have my primary residence that my family lives in with substantial equity along with the fix and flip house that we own outright, however the houses are not in an LLC. My wife and I were thinking that moving forward we would like to have more anonymity and personal protection. So QUESTION #1 We wondered if it was possible to wholesale our fix and flip to our own LLC and keep the profits in our LLC. QUESTION #2 We wanted to take the profits from the fix and flip sale and purchase our current house in the name of the LLC. We would sell the house, rent from our own LLC, and pocket some cash in our personal name. While the LLC would have instant equity with the purchase of the house at a cheap price. QUESTION #3 Since the LLC has profits from the personal wholesale would we be able to pay less taxes by investing in the house we bought from ourselves to renovate. QUESTION #4 Would it be a smart decision for the tax purposes of losing our personal home deductions in our taxes compared to the benefit of depreciation and others tax benefits with the LLC. I would love to have some feed back if any of this is legal and a smart decision being that we are looking to purchase buy and holds, multi families, and fix and flips in the future. Also I heard about the possibility of opening a series LLC to help.

Hello all, I am Jeff Vanicky a newbie to real estate. I have done a couple single family house flips with a goal to own multiple rentals. I like to jump right in the ring and take a couple bruises on the way, but I am a lightweight trying to get in the ring with a heavyweight. I came across a commercial building that is around 12,000 sq feet. The building is three stories with 2 retail store fronts totaling approximately 3,500 sf and 12 units at around 800 Sf. There is only 6 units rented averaged $600 per unit. The store fronts and other 6 units are vacant and look to be in need of renovations. There is no hard data on expenses and rents all is estimated. Not sure what a good asking prices should be and what other expenses I should calculate.