All Forum Posts by: Michael Sauls

Hi @Scott Trefethen! I know this is old, but curious what you ended up writing for the letter? How'd it go? I'm planning to just write "debt consolidation". Also thinking about adding "to increase savings and cash reserves". Thanks!

@Michael Klinger Hey thanks for the detailed write-up! This is immensely helpful and potentially saving me from a bunch of headaches. Did you find a different platform you like instead?

Thanks!

Hi @Nicholas Aiola! Wow this thread is priceless! Just signed up for your newsletter :)

Question about 1099-INT. 

Myself, my sister, and her husband all share a personal joint account (but really it's their account with their money. I'm just "technically" a joint owner).

- They have $10,000 in the account.
- They loan my LLC (S-corp) $10,000.
- My LLC pays them monthly interest by depositing $100 into the joint account. 
- My business needs to issue a 1099-INT. 

Who receives a 1099-INT and reports the income on their tax returns? Am I able to just issue it to them, and have them responsible for the reported interest income? 

THANK YOU!!

@Gita Faust Hi there! How updated is the QBO for flippers course since 3 years ago? Is it roughly the same product or completely redone to incorporate the changes QBO has implemented over the years?

Also I noticed somewhere you preferred QB desktop for flipping. Is that still the case or has QBO improved enough to be a contender?

Thank you! ☺️

@Ashish Acharya Curious, do similar rules apply to an LLC taxed as S Corp, where I have quarterly payroll filings and payments due?

Trying to figure out how much salary I need to take when I don’t know what my annual net income will be. (Should be somewhere between $50k-$100k)

This will be my first year with taxable income for the LLC.

@Ben Guttman Appreciate the info and fast response! Are there things that the Builders Risk doesn’t cover but a vacant policy would? Is theft and vandalism usually included? 

@Ben Guttman Curious what are the main reasons you prefer builders risk over a Vacant policy? Thanks!

@Jesus Lopez Jr Hope your HELOC goes well! We successfully used our HELOC to purchase a house as a "cash offer" 3 weeks ago. Closed in 6 business days. Wish all my closings were as smooth and fast as that. Saving so much $$$ instead of using my previous hard money lender.

@Michael Norris This is really great info, thank you! You listed a couple different options for coverage. What would you recommend for a typical flip? One of them, all of them, etc?

@Stefanny Gonzalez

My first 2 flips we're with HML. It's worked out great so far - fast close, less than a week. Almost like cash. Only con is it can be expensive, 2-3pts, 8-10%. Held onto for 3-4 months, no prepayment penalties.

As long as your analysis and numbers work, you're good! Although I just got a HELOC on my primary, so I plan to use that for my next project to save on financing.