All Forum Posts by: Lance Lvovsky

You could try a portfolio lender. Best bet is small community banks. They might have something for you. I have some contacts so if you are looking for a lender, send me a message. I can't comment on whether Fannie/Freddie have a product for you. Hopefully one of the lending guys on the forums can provide insight in that regard.

LLC taxed as a a C Corp is RARELY the best bet. What are your intentions with real estate investing? Consult with a CPA, preferably one who invests in real estate. I can tell you I almost never advise my clients to hold real estate in a C Corp. FYI - Series LLC are not permitted under the FL LLC Statutes.

I can provide you with the contact info for the insurance agent I use. Send me a PM

Generally, if you are in the business of flipping houses, then it is is inventory. I don't recommend doing this tax return yourself. Get with a qualified CPA who can advise you accordingly.

Consult with a CPA. With that being said, if you transfer title to your daughter, that is a gift. You will have to file a gift tax return, although likely no gift tax will be due (I assume you haven't used your lifetime gift tax exclusion). Your daughter's basis is "carryover basis" in the case of a gift I.e same basis as yours

Welcome Drew! That's a great mindset you have. I am in the Fort Lauderdale area too. Don't hesitate to reach out if you have any questions.

Interest expense on a hard money loan is deductible.

Paperless documents are very common now. Most 1099s are available online now, and if not, you can always scan them to an electronic format. You should always pick a CPA who a) you are are comfortable with and b) who can best advise you according to your individual needs. And yes, a good CPA will know state taxation laws, or the ability to research said laws.

Your CPA is incorrect, in my opinion. You can start taking depreciation and any other expenses necessary for the rental property the date it is placed in service, which you said is around Dec 2016.

Shawn Wilson You can actually use the date the property was available and ready for rent, and you advertised the property as available for rent. I do recommend finding a CPA to assist you you with your tax filings. The real benefit of a good CPA is the tax planning advice they offer. You want to make sure you have a CPA who you can call with questions and your CPA will be your trusted advisor on every transaction.