All Forum Posts by: Jess Azong

Hello @David M.Thanks indeed for your response, this is very helpful especially being a newbie. Yes, we care about anonymity and asset protection and wouldn't want to pierce the corporate veil. With making an owner's draw, it appears this might be opening the window for this? My friend has a holding company, would it make sense for the Holding Company to be the beneficialry of the 'owners draw'?  Beside an accountant, what other professional help would you say we look for? I would be interested to chat more. Can I dm you?

Hello! So, friend bought a property cash under their name and now refinancing (cash-out refinance) the property into an LLC that is jointly owned by both of us and we will be getting funds from this refinance for renovation work. The proceeds from cash-out amount is less than the initial purchase amount. The lender insists on paying the proceeds or the cash-out amount to the LLC and not to the friend's personal account. My questions are: Are they any implications (tax or otherwise) to my friend or the LLC? If after the funds are paid into the business account and my friend writes a check to their personal account from the LLC to get his money out, are there any accounting implications? Alternatively, what's the best way for my friend to get their funds back without any tax implications (if any) for him and business? Finally, we need a CPA, open to referral.

Hello! So, friend bought a property cash under their name and now refinancing (cash-out refinance) the property into an LLC that is jointly owned by both of us. The lender insists on paying the proceeds or the cash-out amount to the LLC and not to the friend's personal account. My questions are: Are they any implications (tax or otherwise) if after the funds are paid into the business account and my friend writes a check to their personal account from the LLC to get his money out? Alternatively, what's the best way for my friend to get their funds back without any tax implications (if any) for him and business?

I am under contract on a property in I am looking to BRRRR in Dayton Ohio and during the course of title exam, it was discovered that a board of revision transfer was in the chain of title and because of this, the underwriters will not permit the Title company to insure any property with a past or present Board of Revision transfer in the chain.

The concerns are:

"Properties are transferred by a Sheriff’s Deed pursuant to a Board of Revisions foreclosure case under Ohio Revised Code Sections 323.65 – 323-79 without sale or appraisal. Due to a lack of due process and other concerns the viability of those transfers are questionable. It is noted that title insurance is generally not available in the State of Ohio for properties transferred in this manner

The Board of Revision is an administrative procedure and not a judicial foreclosure in common pleas court. Administrative means proceedings before a board with fewer legal rights. Bear in mind that the foreclosure process takes away a person’s property and their rights are better protected in formal judicial proceedings."

The property is strategically located and will give excellent cashflows with infinite returns. I am not sure if i should just buy cash or back out. My concern being, even if i buy the property cash, what the chances of me selling or refinancing it? Is there a way to fix this title issue. Has anyone here ran into something similar and what did they do? I am just looking for advise so that i do not back out of very lucrative deal if there are creative ways to think about this or fix it. Thanks for your feedback. 

I am under contract for a property in Ohio and during the course of title exam, it was discovered that a board of revision transfer was in the chain of title and because of this the underwriters will not permit the Title company to insure any property with a past or present Board of Revision transfer in the chain.

The concerns are:

"Properties are transferred by a Sheriff’s Deed pursuant to a Board of Revisions foreclosure case under Ohio Revised Code Sections 323.65 – 323-79 without sale or appraisal. Due to a lack of due process and other concerns the viability of those transfers are questionable. It is noted that title insurance is generally not available in the State of Ohio for properties transferred in this manner

The Board of Revision is an administrative procedure and not a judicial foreclosure in common pleas court. Administrative means proceedings before a board with fewer legal rights. Bear in mind that the foreclosure process takes away a person’s property and their rights are better protected in formal judicial proceedings."

The property is strategically located and will give excellent cashflows. I was going to BRRRR the property but my concerns now are even if i buy the property cash, what the chances of me selling or refinancing it? Is there a way to fix this title issues. Has anyone here ran into something similar and what did they do? I am just looking for advise so that i do not back out of very lucrative deal if there are creative ways to fix this.