All Forum Posts by: Jonathan Rodriguez

Hello,

Would be interested to find out the process as well. I have seen some homes on homepath I even went to see one in Corona, NY but it needed a lot of work(demolition and rebuild). Id like to network with you or like minded people to see if we can group together to evaluate and offer on these homepath properties or even shortsales. Im an Accountant in Queens with a RE License in NY so I am actively seeking properties for sale.  Although I may not be ready to purchase on my own yet(45-50k available for downpayment)  I want to work on deals with investors and learn. 

If a flip is done under a llc and the llc is taxes as a s-corp. Can you just receive a k1 from the profits end of year? Just wondering from anybody elses perspective if this is a better option than to file the flip as a Schedule c. For new york city the city corporation dept doesnt recognize the s corp status so I dont think its best for nyc. Also have to consider if IRS wants the member or members to receive a w2. Id appreciate to hear anytype of feedback Congrats on your flip!

Congrats on passing your Real Estate Exam! I'm a real estate salesperson currently at Armonia Brokerage. I work with Family but I always wondered how working for Keller Williams would be. I believe they have some useful tools to help out. Century 21, RE/MAX, and EXIT Realty are also well known brokerages. At our office we have access to MLS and I have to pay for MLS since the brokerage is under MLS as well. I'm pretty sure you would have to do pay for MLS with one of the above brokerages as well but Id reach out to them.

I also have my Mortgage Loan Originators license so in the future I can help you with financing as well. Good luck! Hope some of this info helps.

Hello Mr. Pierce,

Welcome to Bigger Pockets. Have you found out how much you can borrow?

FHA loans do require income documents to be submitted so be sure to have that ready.

@Sherri Li I don't want you to rely on my advice however I attached the link so you can get some insight. I think LLC taxed as an s-corp is better so you can issue yourself a k-1, and a salary. The k-1 is issued as ordinary income and is not taxed for Social Security & Medicare. If you report a salary to yourself via a W-2 any way you are taxed or set up the entity will pay payroll taxes and unemployment insurance as an expense.

@Sherri Li Do you mean you want to file on your 1040 on the Schedule C Form?

@Sherri Li You could elect the LLC to be taxed as an s-corp so that you would file an 1120s corporate form instead of being classified as a partnership.

For more info here is a link:

https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partnership

@John Thedford Any and all offers will be presented to the lender. I am a licensed real estate agent in NY. It is currently listed on MLS as well. @Michaela G. I reviewed his divorce paperwork and it is agreed she has no ownership interest in the property. After reading these posts I'm going to speak with the owner on the eviction process and look for a lawyer who is experienced in the area where the property is on evictions. Thanks everyone your inputs I really appreciate it. 

Best,

JR

@John Thedford Could you clarify? I don't understand what you mean for the "assignment game". 

I want to give her a notice but I also don't want to be out of the law.