All Forum Posts by: Jocelyn Canfield

are they always third THursday?

Hi, I just messaged you on another forum. When is the next meeting?

@Justin Brown what is the meet up you are referring to? I am looking for a real estate investors group.

@Matt A., This is for a 5+ unit, so Embassy is offering 5-year fixed on 20 yr amortization until they actually do underwriting. may fix a little longer and amortize to 25 depending on the deal. I'd really rather have longer fixed period

If I can jump in on this post, does anyone have any other recommendations for commercial lenders in the lehigh valley, Allentown Bethlehem Easton area? I haven't jumped into any commmercial multifaily because I want a longer fixed term than anyone is willing to give.

Linda he was suggesting that I need to be a formal entity to get the 20% and when I was talking about real estate LLC I think he was suggesting that being a licensed agent could jeopardize the passive nature of the investing. is there risk of that?

thanks to both of you. I would never combine my primary business with the rentals. I only have one mortgage on the rentals and the rest free and clear so I do have net income and he does not seem convinced that I am eligible for the 20% because the rentals are investment and not an entity. I said that a sole prop is pass through. he is waiting guidance on this since it isn't relevant this tax year. I have been considering LLC for rentals but see so many mixed opinions it is hard to decide. as to real estate agent, that would be 1099 income but unsure if I need an entity as I would be being paid by brokerage. I guess that would just go on separate schedule C.

I am wondering same about  new accountant more versed in rental props. but I have been with him close to to years

Linda, I currently own 8 rental units and have a full time self employed business doing something else. I am getting my real estate license so that I can show myself properties of interest for investment and also for disposition of my primary residence this year. I was also considering an LLC structure for the rentals for greater protection and to ensure I am eligible for the 20% income deduction from the Trump tax plan. My accountant feels I am potentially exposing myself to self-employment tax assessments on rental income as well as ineligibility for preferential long-term capital gains tax treatment on dispositions. Thoughts?

 That is what I am looking for. I don't have an agent or attorney at this point. 

I previously posted on this forum about purchasing in a short sale with the OWNER/SELLER acting as agent on the deal. He is licensed but the guy is clearly shady. Would just like to consult with attorney on this process to ensure I am protected. Also want to know if there is any way to protect myself against possible exclusions from title insurance that could bubble up after closing, like mechanic's liens. Not sure if I can ask seller/agent to sign an agreement that he will accept anything that comes back after the fact. But this guys seems to know how to manipulate the system and I want to be protected