All Forum Posts by: Lior Golan

@Andrew Postell

Thanks, I will

Hey.

I have a property in Ohio that I just finished to rehab and I am looking for the fastest way to get my money out as I need it to other properties that I want to buy.

The property didn’t rented yet, but my property manager searching for one right now.

Is anyone has a suggestion for me for a lender (even a hard money one) that can help me to cash out the property with the highest LTV that I can? Consider that I have an LLC and I am a foreign national...

Thank you

@Mike S.

Got you, so you also recommending not to file anything this 2019 year, Unless I am changing my LLC tax state (like as S corporation).

Thanks

@Mike S.

“And you didn’t elect...” what do you mean?

ohh yes forgot to mention that's a single member LLC.

Ok thanks Natalie :)

Hello Everyone,

A few months ago I entered into the whole world of investing in Rentals and because I want to have more than just 2-3 properties in my portfolio in the next years, I decided to establish an LLC.

I established in on December 17th, 2019 but I didn't have any transaction or anything with the LLC until February 2020 when I bought my first rental.

I am of course decided to do a search for a CPA that will help me out with my goals and of course to help me with taxes. After talking with a few, some of them advised me to send tax documents (I don't what is the right term in English so forgive me about that :)) on my LLC for 2019 and some told me that it's ok not to send because I didn't have any activity on my LLC in 2019...

The one that advised me to do send, told me that if I won't send and the IRS will audit me, I could pay a fee of 25,000$!! 

So from your experience, what do you think I should do?

@Jason Bott

Got you.

Do you know if i can cancel an already active policy that I accepted yesterday? (I didn’t pay a thing yet, just sign the document)

And please DM me the info when I can call too for that insurance!

Thanks

Hello,

I have buying my first two rental properties and for closing, I need to have insurance. These properties will need a rehab.

I know that there is a rental insurance and homeowners insurance, but I don't know what insurance I need for the time of the rehab. I asked my contractor what happens if one of the workers falls and breaks his arm, he said that he is covered for accidents and liabilities up to 1,000,000$... So it seems like the normal rental insurance will be enough and the contractor's coverage will cover the accidents that happen to the workers.
But then I encountered in some investors in the forum that says that I need builders risk insurance...

So from your experience, what do I need to do?

Thanks

Hello,

I just purchased a property in 76K that has an unfinished basement. I checked with the comps and got into conclusion that my ARV would be 115-120K.

The property is 3 beds 1 bath, if I will finish the basement, and even maybe add another bedrooms and bathroom, do you think the value of the property will be higher (for the refinance)?

I know that finished basement has like 70% ROI, but as BRRRR is for long-term holding, maybe the extra bed will eventually add me for the rent I will charge.

But because we are using BRRRR, it's also important to increase the ARV as much as we can in order to regain the most capital as we can from the property.

What would you do instead of me? Finish the basement? Add even extra bed and bath? or just live it like that?

Thanks

@Andrew B.

Week I do have some photos but I figured out that I could tell you in words, and thought that will be enough for you...

Yeah I just get couple bids from few contractors

Thanks