All Forum Posts by: Miguel A Ramirez
Miguel A Ramirez has started 3 posts and replied 9 times.
Post: When a 1099 is required
- Posts 9
- Votes 1
Quote from @Samuel Eddinger:
I am not a CPA.
I run a property management company so I know I need to send them. I believe they are now 1099-NEC forms, not 1099-MISC for vendors.
I know you do not need to send them below $600 USD, if you used a credit card, and if the W9 you receive shows they are an S corp or C corp for tax purposes.
I would be very surprised if the IRS did not put that burden on you, the self managing investor but I could be wrong.
If I used my credit card for a unit that required new water filtration system and it was about $3,000
We would still need to submit a 1099-NEC?
I been following some groups on FB for Vermont investors but would love to meet up a network in person.
Located: St. Albans, VT -
Hello, just relocated from New Jersey up here. Looking to network and start investing: looking for a duplex/multi-family home.
Just to follow up on this thread. Currently living near the Lamberton area. Decently quiet. Near downtown, easy access to Route 1. Seems like a good opportunity.
@Tim Jacob apologies for the extremely late follow up. Currently I am only looking for a decent return on investment. Currently looking for a single family home in the surrounding area between 40,000-60,000 that is tenant ready to move in. Looking for something that rents for 1,000 to 1,200 in that market. Hoping to get just around 4-8% ROI. I am now starting to consider Philly area but refocusing my attention to NC / GA. NC-Finance sector / GA - Port of Savannah. Long-term goal is get an apartment complex
@Deonta Johnson, do you want to meet up for coffee or just browse around an area. Looking to connect with people in person and keep my vision. I was on and off but this year I want to purchase a rental.
Post: Out of State LLC in another state
- Posts 9
- Votes 1
@Sean Morrison, truly appreciate your response. I am having unsure situation myself at the moment. I am holding a condo in CA, wanted to get an LLC for it to protect myself and another condo I have a mortgage against in VA. From very brief research and including your response I am considering creating an LLC in CA for that condo. Thank you again.
Post: Manassas,Condo Learning Still 2020
- Posts 9
- Votes 1
Investment Info:
Condo buy & hold investment.
Purchase price: $147,250
Cash invested: $8,500
Sale price: $150,000
Middle unit out of three story unit. Purchased in 2019 when relocated for work. Currently renting for 1,450 negative cash flow, bumping to 1,600 to cover monthly mortgage and HOA fees.
What made you interested in investing in this type of deal?
I was moving from CA to VA in 2018 did not want to pay for someone else's mortgage. Ended up renting in 2020 to previous colleague able to not pay for property management and only focusing on mortgage and HOA.
How did you find this deal and how did you negotiate it?
Worked with realtor. Not a great deal because of HOA fees yet but hoping to pay off 20% or 25% of VTL and refinance solely to lower monthly payment and keep it. I am less than two blocks away from a Greyhound station; bus and train, and close to bus stops. NOVA seems to be almost recession proof which is always ideal since I plan to hold on to this unit as long as it pays itself off.
How did you finance this deal?
Used FHA loan hoping to refinance once I am 20 to 25% to LTV to lower payment and hopefully see cash flow. Pay additional Principal to help in 2021 hoping to refinance in 2023.
How did you add value to the deal?
Nothing yet, hoping to remodel in 2025 and rent out same price. Goal is to keep long term tenants after renovation.
What was the outcome?
Currently break-even until current tenant decides to leave then I will increase rent to 1650 and use PM and include vacancy charge for myself.
Lessons learned? Challenges?
Stop trying invest in Condos all though it is easier for Preventative maintenance such as Roof but still have to take into account AC unit, pluming, etc. Using this as opportunity to learn more about investment.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not truly recommend because used Realtor and they just kept calling me until I decided to go look at units. Have always been focused on 2 bed 2 bath for any kind of home/condo/etc.
Post: Baltimore, MD Introduction Networking
- Posts 9
- Votes 1
Hello,
I am looking to invest in a house in Baltimore. Want to network with a lender, real estate agent, developer, or investor to advise which area would be best to look more into. Just truly need some guidance on where to start looking.
FYI currently live in New Jersey, long term plan is to relocate back to Maryland within 2 to 3 years
Hello,
I am looking to invest in a house in Baltimore. Want to network with a lender, real estate agent, developer, or investor to advise which area would be best to look more into.
FYI currently live in New Jersey, long term plan is to relocate back to Maryland within 2 to 3 years