All Forum Posts by: Jonathan Edmund

Hey Shane,

I am a Realtor/Lender/Investor based out of North Myrtle Beach. I'm not currently a wholesaler but I'm always looking for deals whether on or off market. Starting to see some anxious sellers in our market here. Reach out anytime if I can be of any assistance at all. Definitely going to be some deals to be had in our market! 

@Jennifer Wilson Thanks for the advice I'll take with my accountant than proceed from there. But that's a good plan!

@Nate Sanow yea the s Corp has saved me a ton of tax money and I don’t have to file quarterly like 1099. I avoid paying self employment tax on about 85% of my income. It’s awesome. Thanks for the advice as well. 

So I operate my real estate business as a Realtor in Myrtle Beach under an S corp for tax purposes and pay myself a salary. I also recently bought a rental under my S Corp. I paid cash so I'm going to move it into it's own LLC. When you put a property into an LLC, can you still have the rental checks go to the old s corp in my situation and still own the unit under a different LLC. I'm only doing it for liability purposes. Moving it is the easy part on that one because no mortgage.

Now I'm looking to buy more rentals but not pay cash so I can leverage my money. I don't want to keep putting all my properties in the same corporation that I'm running my business out of. I'd like to have an LLC for every single unit I own. How would one go about buying a property and moving it into an LLC after the fact. Most banks won't let me finance a property under a new LLC with no income history so I'm trying to figure out the best way to do this to protect myself and my investments. Since I'm using the LLCs just for holding property, I'm assuming I don't need to establish EINs and everything just get the LLC established?

I guess this is more of a tax question than anything. Any guidance here would be greatly appreciated. I just don't want the loan to be called because I moved a property after the purchase. 

I am looking at buying a property in my market. It's just an efficiency condo and it's currently rented for $700 a month. Tenant in place through May 2021. I ran my calculations on it and if I purchase it and put 20% down, I'm looking at a $167 a month cashflow after factoring in taxes, mortgage, HOA fee and costs that vary. But my cash on cash return will be 19%.

If I pay cash for the unit, I can cashflor $329 a month but my cash on cash return is only 8.5%. Since rates are so low right now, would it make more sense to finance it and keep my cash so I can try to get another unit sooner, or is there a good reason why going cash makes more sense in this case?

Hey Clark!

I'm an agent in the Myrtle Beach area. I am originally from the area and can definitely assist you with your search for properties. I have dealt with quite a bit of multi family so feel free to reach out to me anytime!