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Hi there,

Another newbie question. We are newly investing in some properties out of our home state of California. We are being advised that we would have to establish an S Corp in every state where we are investing because of tax implications within that state. Apparently State of Calif will fine you substantially if you are investing in Calif and do not report it or register with the state of Calif. as a business. So therefore would the same be true for other states? Has anyone had this experience?

We are not doing an LLC because it imposes self employment taxes.

Comments and suggestions are welcome.

thanks

Hi There!

My husband and I have been actively searching out agents in PA, around Pittsburgh. I have spoken with a friendly finance guy there, and a lawyer. And I have found one agent that is working fairly well with me. But I have to drag all the information out, like DOM, what's the motivation, they can't get in because of the other realtor not calling back...the list goes on. So I tried calling a couple of other agents looking for someone who is proactive and knows the inventory and the areas. I have people say yes they know exactly...blablabla...and no calls or emails.

Do you have any recommendations on how to go about finding an agent out of state? We are looking for lower income properties, that could be either nice rentals or section 8, single family homes. We are prequalified for the purchase of a number of investment properties.

Would this be something that realtors in PA shy away from? Is there something that I am missing in my approach with them? Or is it that they can't believe someone from out of state would want to buy property like that without being there in front of them?

I am doing the calling and interviewing rather than my husband, so is it because I am woman? I am dealing with women, but they talk to me condescendingly. My husband and I have purchased and sold 7 homes in the last 15 years and were landlords. So we are experienced in the whole process. We both work fulltime and have a family, so travelling would be difficult in the searching out process. Another thing, weekends are off limits to these agents as well. Can't do any business over the weekends. No calls, no emails. Seriously. They go unanswered.

Any ideas on how to proceed?

thanks a lot

I have searched the archives and couldn't come up with anything exactly pertinent. So here is the question....

Scenario: excellent Fico score 880, liquid assets, and want to make a purchase in the 30K range for an investment property but don't want to use cash. We want to save the liquid assets for other investments for down payments etc. Is there a minimum mortgage amount that a bank will require that we have to borrow based on salary, assets etc.?

In other words can we make an 80% loan at the current mortgage rates without having to pay an interest penalty for being under a minimum mortgage loan?

And secondly, will quit claiming from a personal loan to a living trust help protect the assets rather than having to establish an LLC?

Thanks for your help!

Karen K

:D We are working with a realtor/broker in PA, and so far we have been looking in Belle Vernon, Charleroi, Washington? California? not too sure on the areas. We are going with the advice from the realtors since we are not familiar with the areas. Once we narrow down what we will be interested in, we will make a trip back to see for ourselves, do our due diligence. Luckily the realtor/broker we are using also invests in section 8 type housing and is very familiar with the needs and wants etc. We want a good deal, and something ready to rent.

I tried call the PHA, but they weren't any help. We have been trying to determine steps, 1, buy house, 2. inspect and register with PHA, 3. advertise section 8 and 4. Sit back and relax right??? Just kidding. I found some excellent info on LLC's vs. incorporating vs. umbrella coverage. We will have to find an attorney back there too. I have checked out the Section 8 section of our site. I will do a search too.

The area where we live in California is in Riverside county, above Lake Matthews. It is pretty hidden up here, it's about 2300 ft elev. but there is a new development called Gavilan Springs Ranch (2 acres with big houses), but we are technically in Perris zip code. We are still about 20 minutes from Perris city. We are in the middle of Perris, Riverside and Corona. We are in an unincorporated area with 5 acre parcels, lots of new customs being built up here.

Hi everybody, I am so glad I found this site. So far it has been a treasure of information!

We are new to real estate investing in the rental aspect. We have bought and sold homes as primary residences, but we are interested in Section 8. I love the thought of helping families get on their feet and recycle houses.

Any areas of recommendation in the Section 8 world would be helpful. We are looking in PA.

Thanks again!
Karen K