All Forum Posts by: Jerry Poon

Not sure if this is the right place to post this, but here goes.

My SO and I rarely talk about money. It has not come up because I do not want to let on that I have a portfolio of assets, mainly because I do not like talking about money. However, it will need to come up at some point because I want to have her onboard to align or parse out our long-term goals.

What are your general thoughts on this? When did you broach the subject with your partner? How did you do it?

Any advice or suggestions are greatly appreciated!

 I have my own website! Here: jerrypoon.com

I sell art haha

@Katie L. @Michael Plaks @Alex Bekeza @Bill Hampton

Thank you!!

 yes please!!!

I am looking for a California licensed CPA who has experience with real estate investors to help with my taxes!

bump

I started out REI on the wrong foot by getting blanket loans instead of conventional to start with. I don't regret it, but it has hindered me from taking advantage of these historically low interest rates. I have a few loans covering over 10 properties. The loans and properties are in a single-member LLC in my name. Because it is a single-member LLC, I have to report my properties on Schedule E on taxes. Underwriters do not like this.

A lender I spoke to mentioned that if it is a multi-member LLC, I would only be doing a Form K-1 on my taxes for the LLC, and that the properties would no longer be under my personal name, therefore making me eligible for conventional loans once again.

Is this true? I have spoken to a couple of different tax people and lawyers but no one can give me a straight answer. I need to know before I plow money into reforming my LLC and amending my taxes.

Can anyone confirm any of this? I am looking for someone to consult with on this issue. Even better if you are a CPA who can help me with this and my taxes.

 They gave me a formal quote today that came out to annual savings of $1570, not $2000. That's almost 25% less than what I expected. So basically I would be saving $10k over 7 years and then the rest of the life of the loan would be game to annual interest fluctuations. What are your thoughts?

 I appreciate the help!