All Forum Posts by: Jess Archives

Hi all are paved driveways a requirement in 66102? I just wanted to double check. I'm being told yes and it's an unexpected expense

Anyone have recommendations for zip codes to look at that are close to the Chicago center? Maybe 15 minutes away? I want to be near social life as I am coming from out of state and want to make friends ASAP.

I'm thinking a budget of $400k with $200 max for HOA doing a house hack in a 3 bedroom or more.

 You're right. Just found out today. They sold the loan. 

It’s not that. I’m just seeing a mortgage on bank 2 which I didn’t apply for. But it is the same mortgage amount on bank 1. So it looks like I effectively have two newly opened mortgages with the same amount. When I was just expecting one mortgage on bank 1.

Hi I recently did a cash out refinance. And I’m seeing the higher loan I owe for my original bank as expected. I’ll call this bank 1.

I then see a new mortgage show up on different bigger bank I have an account with the same loan amount a few weeks later. I didn’t expect that. This is showing on bank 2.

I don’t see how bank 2 knows of my mortgage of bank 1. Plus I never opened a mortgage loan for bank 2.

Is this an occurrence than can happen?

Unfortunately not. I decided to look into other markets where I could build a team from a larger city

I’m trying to understand how to structure a 2 person partnership.

Money and profit is split 50/50.But the loan will be in my name. We’re doing the first few purchases with an Operating Agreement only.

Does anyone see an issue with this? Specifically come tax day? Can my partner deduct expenses even if his name isn’t on the loan?

 

Network/Systems engineering background here

@Dave Smith Were you able to get traction in this area? I'm also looking to build a team here

BiggerPockets Questions

Partnership Structure/Accounting Checklist

Hi all I understand the advice you may give is an opinion. I’m curious on what they maybe

I was wondering if my ideas to form a partnership structure makes sense.

I'm planning on drafting and LLC and an Operating Agreement to be reviewed by a legal professional and my partner.

Here are some key points I would be curious for feedback on:

- Transferring partner's money from my bank to an Account under the LLC

- Right now I am planning to purchase a deal without it being wired to the Account under the LLC as it's not yet formed

- When the LLC is formed, the distributions will be made from there to our individual accounts

- Both of us will get personal umbrella insurance. Does the LLC require additional insurance?

- What extra steps can I expect during tax time for the LLC since it's not a sole proprietorship?

- Should I form the LLC in Delaware as we may buy from different states? But mostly MO/KS

- How should cash out refinances work? Hold the property in a land trust with the LLC as trustee? We're both planning to buy in our names and hold the conventional loans in our names up to the max

- 20/80 Money Split. I’ll be doing the majority of the work. 50/50 distribution including cash out. After the initial cash out, the partner will own 80% of equity