All Forum Posts by: Cameron Skinner

hooah!  I'm a former Army Officer in PCB, and seasoned investor. Feel free to contact me via private message if you want to meet up and talk about our local market. 

defiantly a scam

@Courtney Jones sorry miss read your post did not see the "not" primary, defiantly put in an LLC, you can easily do a single member LLC yourself and you can actually treat a single member LLC as a "direguarded entity" for federal tax purposes meaning you can file it on your schedule e on your personal return.

Hope this helps good luck

No! Stop! never ever put your primary residence in an LLC. When you sell your home if there is a gain you will not have to pay capital gains tax on your primary residence in your personal name, but you may owe tax if you put it in an LLC. Also you can't avoid personal liability with an LLC. In other words if you are driving a car that is in the name of an LLC and you run over someone they can still sue you because your the one driving the car. Further most states give lower property taxes on your primar home and most states have laws protecting your home from law suits up to certain limitations. Google "OJ Simpson home judgement proof"

Hope this helps good luck!

@Jonathan Twombly

Nice post but I would like to add that IRS allows you to treat a single member LLC or and in some cases multi with a spouse, as a "disregarded entity" for federal tax purposes so you would not have to file in a separate return. This helps keep the compliance cost down

usually at closing you write a check to the closing agent and they pay the fees.  If so, since you did not pay the fee you would not be required to send them a 1099 the title agent would.  Also many of the fees you listed are "capitalized expenses" they go into the purchase price of the home.  Your not required to 1099 for the purchase of capital assets, usally only rents services and vendors.  So your not required to 1099 a title company when you purchase a property.

Hope this helps good luck

ok I have been licensed to practice tax for almost 20 years and own a bunch of rentals.  While the tax law is huge, I have never heard of a broker having to pay SE on rents they receive for something they own and rent as a personal investment.    The dealer vs. investor situation usually only refers to flips.  Rental real estate is passive by nature and even those who actively and materially participate and real estate professionals don't pay self employment tax.  IRS does considers brokers who buy and sell real estate as ordinary income not capital gain.  But rentals are a completely different animal.

Hope this helps good luck

yes you can depreciate your improvement in the unit you currently live in when you "place it in service" put it up for rent

You may be able to roll into a self directed ira and access the money for flips depending on how much labor you are planing to provide.  Talk with @brian Eastman he's an expert on the subject. 

Hope this helps good luck

It sounds like from what you described you are exempt from Dod frank if you only do 1 per year.  But realistically 10 years at 7% they will refinance befor you get that far.  Also Dod frank is not an enforcement regulation, no one is going around saying you can't do x or y.  It's only a defenses in foreclosure.  Say you took advantage of a little old lady and gave her a negatively amortizing rate mortgage and she paid you 30 years and ended up owing you 3 times more than when she started and her payments quadrupled, and of course she didn't understand all the language in the docs.  In the past she would have no recourse because she signed the mortgage, with Dod frank she would have a defense in foreclosure.

Long way to say your fine don't worry.  Hope this helps good luck