All Forum Posts by: Kyle Brinks

Great meeting everyone! I learned a lot and look forward to the next meeting.

I have been doing my taxes this year and I came to this realization, currently I only own investments that I self manage, not a property management business. Right now I own a LLC for holding assets and a separate LLC that I want to turn into a property management company that manages properties I own.

I think there might be some tax advantages to separating the management side as a separate business. So my thinking is my LLC that holds my assets could pay my property management LLC to manage those properties allowing me to deduct management fees from my rental income and allowing me a whole buffet of business deductions for the property management business.

Thank you for sharing. Great info.

@Jeremy Scherer thanks for the update. I was able to get my inspection last Thursday as well. My inspector was pretty good about teaching me what he was looking for and why throughout the inspection. They had me add window pins the 8 of the first floor windows (had no idea what those were until the inspection), repaint the house numbers because they matched the side of the house because first respondents would have a hard time seeing them, and I had to buy and install a new window for an upstairs bedroom (old one was double-hung and too small to egress out of). That cost me about $250 to replace it with a casement window of the same size. 

@Brian Oswald is there a cost associated with the re-inspection?

@Jeremy Scherer I was under the impression that you must have your certification prior to having tenants move in. Is that the case or do you just need to register it, then get it certified when they can inspect it?

Hello,

I am a Grand Rapids native and an active duty Army officer who currently resides just outside of Washington DC. I recently closed on a rental property in GR and am going through the process of getting it registered and certified through the city. Reaching out to BP to see if anyone has experience with this process and would mind sharing some tips and lessons learned to ensure a first-time go on the inspection.

Hello,

I have worked out a deal with my brother-in-law to purchase an equity stake in his current residence and turning that into partnered rental property with him. This equity investment will allow him and his family to afford a down payment on a new home that fits their needs. We both like the deal and consider it a win-win.

I am looking for advise on what needs to happen to make this agreement legal, what to include in a contract, and what to consider when determining a proper investment price by me.

Also, what are the tax implications of me giving him a substantial amount of money in the form of an investment.

Thank you @Anish Patel. In order to obtain a business loan would I be able to get one for an LLC or would I have to set up a C-Corp? Also, would you recommend a big bank or a local lender for that type of loan?

Friends,

I am currently purchasing a rental property using a personal mortgage. My lawyer has told me that i can buy this loan using an LLC as long as i sign a personal guarantee with the bank guaranteeing the loan with my assets.

However my lender has told me that Fannie and Freddie wont let me do this and that is only possible to do this on a portfolio loan. He also told me that what I can do is go through with the current loan using my name and use a quick claim deed to transfer title after I close.

So, who is right? My lawyer that says I can do buy using my LLC with a personal guarantee or my lender who says I cant and have to wait until after closing to transfer?