All Forum Posts by: Jimmy Wen

I am officially registered! Thank you for the invite Dan!

Hi all,

I am a mechanical engineer and still working. I am planning to retire and replace my W2 salary ASAP!

Jimmy Wen

Hi all,

If I get the $10k EIDL, will there be any future restrictions on more loans in the future? I am debating whether I should give it a try but afraid that I may not be eligible to get loans for future investment opportunities.

Best,

Jimmy Wen

Hi all,

I recently bought a duplex but couldn't find any tenants due to the Coronavirus epidemic. What type of financial aid am I eligible for? For example, would I be eligible to apply for SBA loan?

Best,

Jimmy Wen

Hi all,

I have a few questions when filing taxes for my first rental property. From my closure statements, what shall I do to the following closing costs for my rental/investment property?

1. Appraisal fee - I know this is not tax-deductible, but should I add this as the basis of my rental property's value?

2. Inspection cost- I know this is not tax-deductible, but should I add this as the basis of my rental property's value?

3. Flood certification - should I record this under "land survey"?

4. Credit report fee, tax service fee, and MERS - can these be also added to the basis?

Thank you all!

Hi John, thank you for your help. I understand the difference between ACV and RC. In fact, I ensured all of my insurance coverages are calculated by RC.

My question ties back to the land valuation from the County website. The total assessed value is $360k, which includes assessed land at $170k and assessed improvements at $190k. May I assume that 47% of the property value goes to land (calculated by dividing $170k/$360k)? Also, does "assessed improvements" pretty much the building cost of the property? Or does that mean something else?

Thank you,

Jimmy

Hi all,

I have a newbie question for all of the experts here! The question is for my recent purchase of a duplex (residential).

How do I separate the land value from the total value of the property I just bought? There are two reasons why I asked this:

1. I was told that the land value should be not be calculated for depreciation.
2. Also, when selecting the dwelling insurance coverage, land is not included under this coverage.

How accurate it is to look up the property taxes from the local county assessor website?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in University Pl.

Purchase price: $520,000
Cash invested: $130,000

This is a duplex at a nice neighborhood in University Place! It has a total of 8 bedrooms and 2 baths and it only needs light rehab. My plan is to rent out these two units and hold this property for several years. This will be my first BRRR strategy investment (a bit less on the Rehab, but it still counts!)

Hi all,

Allow me to ask another stupid question - for people who created separate bank accounts, do you ever withdrawal that fund into your personal accounts for other investment purposes or general spending?
Or would that count as co-mingling/mixing funds and thus losing the LLC protection?

Thanks everyone for the reply!