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All Forum Posts by: Kevin Smith

Kevin Smith has started 2 posts and replied 2 times.

Tax, SDIRAs & Cost Segregation

Post: 1099 employee thinking of starting and using S Corp to buy house

Kevin SmithPosted
  • New to Real Estate
  • Nashville
  • Posts 2
  • Votes 0

I am a 1099 "self employed" musician out of Nashville. I'm wanting to house hack ASAP but I show so little on my tax return that I would not get approved. I'm looking into starting up an LLC taxed as a S Corp to relieve some of the tax burden. Could I purchase a house through the S Corp and claim the rental income/mortgage paid as income/expense? Does anyone have any experience in this world?? Is it legal? Is it smart?

0 Votes
Buying & Selling Real Estate

Post: Investing in a property with a friend wanting to start investing

Kevin SmithPosted
  • New to Real Estate
  • Nashville
  • Posts 2
  • Votes 0

A good buddy and I are looking at a property that has 3br and is listed for 140k. We would live there and rent out the 3rd bedroom. Looking at about 10k for renovation. 

When seeking financing, would we both be on the same loan? Or could a bank structure 2 different loans for the same property? For instance, we’re hoping to get 150k financing. 100k for me and 50k for him. Would they run our income together? Or could I get a loan for 75% of the costs and him 25%? What is the best way to go about a 75/25 ownership split? 

0 Votes