All Forum Posts by: Joe Homs

@Harshal Gaikwad STOP! You have things done correctly right now with only a few changes. Keep the title in the name of the trust (privacy reasons.) In your (Private) trust change the name of the beneficiary to the LLC, (hopefully not in California.) This will give you the asset protection that you are looking for.

1. Create a simple lease amendment notifying the tenant of the Landlord Ownership change and that nothing else in the lease changes. (No, keep it as it is.)

Get this amendment signed by all parties

2. Do nothing: The Trust ultimately owns the LLC and therefore even if the property is re-deeded to the LLC, trust has ownership right too. (See above.)

3. Send tenants a notice of ownership change that you no longer own the property but now the LLC does.  (NO!)

Good Investing...

@Dylan Speer sell it, come up with the negative money balance, write the loss of on your taxes and move on with your life.

You can sell it "subject to" to someone looking for a home with no money down and save on Agent commissions?

Are you able to turn it into an AirBnb or is that not allowed or too much trouble?

Good Investing...

@Brandon Jones keep charging them a late fee and stay on top of it.  I don't know where you live, but in California, I would immediately serve them with a 3-day notice to pay or quit.  If you are having these many issues, don't renew their lease.

Good Investing...

@Maggie Swift  What are you looking for?  I assume a fix and flip?  Here is a meetup in the OC

OC Real Estate Investor Networking - Tax Tricks Every Investor Should Know (biggerpockets.com)

Good Investing...

@David Trujillo your father, like all Americans, has the ability to avoid up to $250K in capital gains taxes on the sale of his home using the 121 exclusion.  If he sells it at $425K and subtracts $250K then he must have purchased the home for $175K or less.  If he purchased the home for $100K then he would owe $75k in capital gains taxes at his ordinary income base.  Working the other way what did he buy the home for?  $100K plus the $250K exclusion then anything over $350K is subject to capital gains.  If he is still married, they can exclude $500K.

None of this should have an effect on his social security or part time job.

Good Investing...

(No cost, no pitch) Forming new relationships and networking may be the most important aspect of success in real estate. Furthermore, learning from the real-life success and failure of other investors is invaluable. This is a perfect place to learn, grow, and network!!

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The connections that perfectly complement you are out there. If you have not found them yet, you aren't looking hard enough. No successful investor will tell you that it is easy, but they will tell you that most could achieve success with hard work and perseverance. Don't give up!

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This month's speaker is Natalie Elser: I was inspired to create a proactive, collaborative, and personable experience for fellow entrepreneurs, closely held businesses, and motivated individuals. I wanted a space for clients and staff that is professional, educated, and experienced, while also incorporating a relaxed, balanced, and non-traditional environment. Boring accountant no more! It is important to me that people are happy and are constantly striving for and reaching their goals.

I not only hold a CPA license, but a real estate license as well, specializing in business sales, purchases, and commercial real property. No need to hire an outside broker to help you with your commercial real estate needs, I can do it all in-house for you. Real estate is a passion of mine, and after experiencing the process of purchasing a business firsthand and seeing what a nightmare the process can be, I wanted to help business owners never have to endure that same experience I had. My goal is to help ensure that the sale or purchase is as smooth a process as possible.
I am motivated both in the office and out. Besides spending time running the firm and helping clients achieve their goals, I also continues to chase my own. I work out multiple times a week, enjoy reading business and real estate books, and I strive to better myself and my business knowledge every day. I am a native Southern Californian and some of my favorite things are warm sandy beaches, a nice cappuccino, traveling, and my dog, Hefner.
Links
https://www.calproaccountants.com/
https://www.tiktok.com/@nmetheboss?_t=8nuto2siSSo&_r=1
https://www.instagram.com/nmethecpa?igsh=MWQ1ZGUxMzBkMA==

Agenda:

6:00 pm Pre-Networking (Please order some food or drink)

6:30 pm Introductions

7:00 pm Speaker Information: Natalie Elser

8:00-9:00 pm Networking

@Allen Ramirez your numbers are not making sense to me.  What is the loan on the property right now?  Why not due "Subject to?"  Is the $100K cash on top of the loan?  What is that total amount?  Is there equity at the end of the day?

Good Investing...

@Ruben Espejel PM me for the ones that I use.

Good Investing...

@Bryan Galaz the purpose of a HELOC is to use that money to invest, but you must be disciplined with putting the money back and not spending it on a vacation or expensive car. As long as the money is green anyone will accept it.

Good Investing...