All Forum Posts by: Matt Scholten

Applied for 10k EIDL on 4/1/20 for 3 member LLC holding 2 commercial rental properties using '0' employees in my application. Received generic email from SBA on the 14th, and 1k was deposited this morning into the bank account I provided in the application. Credit was pulled from all three bureaus within the past 2 days

Awesome, thanks for the detailed updates. Still a chance many of us may get the funds!

Has anyone received the EIDL advance the used ZERO for the number of employees in their application? or has everyone that has been receiving money used 1 (or 2 if owned with spouse) for personally owned rentals or single member LLC rentals

Hi All, I was reading through the new proposed bill by the House Ways and Means committee on tax reform. There was an important change to the exclusion on the sale of a personal residence proposed that would affect people flipping houses. Currently if you live in a property as your primary residence for 2 out of the past 5 years you can qualify to exclude up to 500,000 in gain from the sale of that personal residence. However, the new proposed tax bill would change this to alter the holding period to 5 out of the past 8 years and would be phased out for those earning over 500,000. If passed in its current form this would become effective for all sales happening after 2017. See link to the House Ways and Means proposal here 

https://waysandmeansforms.house.gov/uploadedfiles/...

Interested to get peoples reactions on if this will stand and become enacted. 

Hi All,

I am in the process of finishing the basement on the side I live in for a Duplex I live in and rent the other side out. I was wondering if anyone has a recommendation on an electrician in the Grand Rapids area that could help me out on some of the electrical work. I have framed out the rooms and installed receptacle boxes. However, i am looking for advice/help running electrical back to the panel and adding new circuits as the panel is currently full. Please let me know if you know anyone that you think would be reasonably priced and could help out.

Thanks!

@Nick Watkins thanks for the advice!

I would go with the first option. There is value in knowing that your payment will not rise. If the numbers do not work with the fixed rate loan, then you should probably not do the deal.

Hi guys, thanks for all the help. I just wanted to give an update on how the deal worked out. We were able to close on the property last Thursday. The seller closed at a Chicago Title branch in Montana and I was able to close in Michigan. The 15% withholding was required, and we completed tax forms 8288 and 8288-A. The seller was also required to fill out a W-8BEN, and a couple misc. withholding forms required by the title company. 

Hi Guys,

I just purchased a Duplex Property in Grand Rapids and I am looking for some advice in dealing with the current tenants. The duplex is separately metered for Gas and Electric and the lease existing with the tenants from the previous owner states the tenants are responsible for all utilities. The previous owner had all the utilities in his name including Gas, Electric, Water and Sewer, Internet, and Trash. When I took over the property I informed the tenants that we would be changing the process and all utilities would be in their names and paid directly by them to the utility provider. I am experiencing a lot of push back from the tenants, as they do not want to put the utilities in their name. I told them the lease states all utilities are the tenants responsibility. However, they argue that the precedent had been set for the landlord to have all utilities in his name even though this is not stated in the lease. 

Any thoughts or suggestions would be appreciated, as I am trying to avoid the hassle of paying all the utility bills and then having to bill the tenants back.

Thanks!

Thanks a ton Ken! In your previous dealing has the title company handeled the tax withholding or was that done in some other manner?