All Forum Posts by: Michael Ming

Hello everyone,

I'm seeking 1-2 equity partners to join me in an exciting real estate investment opportunity near the Ohio State University (OSU) campus.

I am in the process of purchasing two income-generating properties located within a 10-minute walk from OSU:

1. Retail Property

- Purchase Price: $750,000

- Current Annual Income: $56,000

- Lease Terms: Triple Net Lease (NNN)

2. Multi-Family House

- Purchase Price: $450,000

- Current Annual Income: $36,000

- Lease Terms: Triple Net Lease (NNN)

*Both properties are fully rented, offering immediate and stable cash flow.

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What I'm Offering:

- Down Payment Contribution: I will provide at least 75% of the total down payment( Like $250K）.

Next Steps:

I'm open to negotiating terms and am eager to discuss profit-sharing arrangements that are mutually beneficial.

Serious inquiries are welcome, and I'd be glad to provide further details or arrange property viewings.

Quote from @Ashish Acharya:

You're in a tough spot, but here’s what you can do:

1. IRS Payment Plan: Set up a payment plan with the IRS to spread out the $200K tax bill. This might avoid a lien and free up cash for your down payment.
2. Hard Money or Bridge Loan: Look into hard money or bridge loans to temporarily cover the taxes or down payment. Just make sure they won’t place a lien on your company.
3. Equity Partner: Consider bringing in an equity partner to help with the $300K down payment in exchange for a share of the property.
4. Renegotiate Terms: Try to renegotiate the closing date or lower the down payment amount.

 Hi Ashish, thanks so much for your advice!!!

We solved the problem by extending the closing date and got an installment plan for our tax bill.

And is there a place where we can find an equity partner?

Not for this project but for next one maybe.

Quote from @Bill Hampton:

@Michael Ming

Pay the IRS and postpone buying the property. Not paying the IRS comes with serious consequences. There will always be properties to buy. Get your priorities straight. 

 Solve IRS first, then the property.

I got your idea, thank you!

Quote from @Bill Hampton:

@Michael Ming

Pay the IRS and postpone buying the property. Not paying the IRS comes with serious consequences. There will always be properties to buy. Get your priorities straight. 

 Thanks for your advice!

Quote from @Patrick Roberts:

Are you able to get on an installment plan with the IRS?

 Yes, I think so.

Hope it’s not too late.

Thank you!

Columbus, OH

Thank you for your advice, Jason.

I agree, A cash-out refinance is indeed a viable solution to my problem.

My main concern, however, is the tight timeframe I'm dealing with rather than the availability of funds per see.

With an additional three months, I could potentially refinance my other properties to raise the necessary capital.
Unfortunately, I'm currently pressed to address both the tax obligation and the property closing within a span of less than 6 weeks, complicating the situation further.

Hello everyone,

I find myself in a challenging financial situation and would greatly appreciate any guidance you can offer.

I have a pending income tax payment of approximately $200K for the year 2023, due by September 10. 

Additionally, I am in the process of closing on a commercial property, which requires a $300K down payment by October 15.

If I settle the tax bill, I won’t have sufficient funds for the property down payment. 

However, failing to pay the tax could result in a lien against my company, complicating the approval process for a mortgage and incurring an estimated $10K in penalties. 

Obtaining a $200K loan to cover the tax appears to carry a similar risk of a lien, potentially jeopardizing my mortgage approval.

What would you advise in this situation? Are there any hard money lenders or alternative solutions that could help navigate this dilemma?

Thank you for your insights.

Hello everyone,

I find myself in a challenging financial situation and would greatly appreciate any guidance you can offer.

I have a pending income tax payment of approximately $200K for the year 2023, due by September 10. Additionally, I am in the process of closing on a commercial property, which requires a $300K down payment by October 15.

If I settle the tax bill, I won’t have sufficient funds for the property down payment. However, failing to pay the tax could result in a lien against my company, complicating the approval process for a mortgage and incurring an estimated $10K in penalties. Obtaining a $200K loan to cover the tax appears to carry a similar risk of a lien, potentially jeopardizing my mortgage approval.

What would you advise in this situation? Are there any hard money lenders or alternative solutions that could help navigate this dilemma?

Thank you for your insights.

Hello everyone,

I am in a quite awakward situation and looking for some help.

I need to pay around $200K income tax for 2023  before Sep 10. 

And, I'm closing a commercial property that requires $300K down and the closing date is Oct 15.

If I pay the income tax, I will not have enough fund for downpayment.

But if I don't pay the tax, I may get a tax lien on my company which may prevent me from getting an approve for the mortgage plus I need to pay around $10K penalty.

And, if I get a $200K loan, they may put an lien on my company and potentially prevent me from getting a mortgage too.

So, what should I do now?

Is there some hard money lender can help or I have some better choice?

Hello everyone,

I began my real estate investment journey in 2016 while pursuing dual degrees—an MBA and a Master's in Computer Science. 

My initial focus was on flipping, holding, and selling residential single-family homes in college areas, which provided a solid foundation in the nuances of real estate.

After completing my degrees in late 2018, I transitioned my portfolio to a trusted partner (with whom I still collaborate) and relocated to Columbus.

In early 2020, I ventured into the industrial sector by acquiring my first warehouse just before the pandemic hit. 

Currently, I am in the process of negotiating another commercial building and an additional industrial warehouse adjacent to my initial investment.

Looking forward to connecting with like-minded individuals and exploring potential synergies.