All Forum Posts by: Joe Homs

@Daniel Ben-Hur $100-$150 is nothing.  One repair and your profits for the year are gone.  You should look more at $500 a month plus.  Don't jump into something without some knowledge and cash in your bank account.

Good Investing... 

@Yuval Palman in California, yes it would if you did it the wrong way.  Our form here has a checkmark box next to wording like "Is this transfer to the same owner?  If you did not mark that they county may re-assess your property value.

Good Investing...

@Kristina Taylor you have so many moving parts here that's its difficult to give you advise.  I would try an separate the three sources of income and debt.  

A.  What is her personal debt situation and try and resolve that first.

B. Does her primary have equity that she can pull out a HELOC and pay her personal debts.

C.  Deal with her investments by raising the rents immediately.

To answer your questions:

1. Is this even possible? ...or lendable? (Not that I am aware of. Banks do not loan to LLC's only indivisuals.)

2.What, if any, are the legal implications of this? We don't want to make it seem like we are hiding assets. (You are. If you file bankruptcy, they will bring ALL your assets in to play. Even if they are in an LLC.)

3.Should we move her primary-residence to the Portfolio as well?  (NO, its not an investment property and should not be converted into one for tax reasons.)

4. How do we set the LLC up to make sure it's not going to be considered when looking at bankruptcy issues. (I don't think this is possible.)

5. Should we sell them for full market value to the LLC or should we just sell them for the price of the debts plus a little extra so the financing from the LLC isn't unmanageable. (The only reason you would place these properties into an LLC is for asset protection, from others, not the bankruptcy court.)

Good Investing...

@Chris Albert Beltran Welcome to BP.  I would suggest that you check out some local meetup groups in your area.

Good Investing...

@Jake Cyeed it uses a trust.

@Aaron Reyes I'm in.  OC is preferred for me.

Good Investing...

@Jake Cyeed I have had a checkbook 401K for nearly 10 years now.  Reach out to @Dmitriy Fomichenko who is the best in the business.

Good Investing...

@Angela Toy I am NOT a CPA, but what they are telling you does not make any sense.  First of all, a primary residence cannot be an investment property.  You can rent it to yourself, but then you would also have to declare that income, so it becomes a wash and not a write-off?  

AirBnb's in this area would be in the mountains, preferably Big Bear and less so Joshua Tree.  

You have different loan needs for a primary residence and an investment property.  

Reach out if you wish or check out this meetup: 

OC Real Estate Investor Networking - Investing out of Country (biggerpockets.com)

Good Investing...

@Ivan Chirolla reach out to @Dmitriy Fomichenko who is an expert in the field and can answer your question.

Good Investing...

@Derek Hagglof don't sell anything.  Borrow money on Property #1 (tax free) and use that to buy another home for yourself if you wish to slow down.  Hire a property manager for all your properties and let the renters pay off your mortgages.  You may never get the opportunity to get those loans and those interest rates ever again.  The minute you pay off those mortgages then your equity sits there earning 0% a year.  Why would you do that?  Keep all your tax write offs.

Good Investing...