All Forum Posts by: Mora Clark

@Michael Plaks hahah oops. Thank you I’ll make sure I won’t use your name for the business  :D thank again for your input above sir. 

@Michael Plaks Thanks for clarifying that. Do you need to register your business with EIN though? My PM asked for my business name and I assume it’s My Name? I created a business checking account under that EIN too so hopefully I’m on the right track 🙏

@Michael Blank Hi Michael, so I do have an EIN for my freelance work and work as a sole propietor so now I want to use that EIN in my W9 to my PM on my new rental property. Is it ok to do that? I open a new biz checking acct under that EIN as well for this rental. So my PM and my bank as for my business name, isn’t my business is just my name with this circumstance? Also, I bought the house with my SSN so the deed is under that SSN, will it be a problem using EIN in W9 and all other tax paper? Please enlighten me 

I read on turbo tax’s blog and stated that your SSN is tied to EIN so you can put EIN when instead of it in that blank. 

I am in the same situation, bought a SFH rental under my name but with my SSN and now I want to use my EIN as Sole Proprietor in my W9 for my rental income and so on. I am not sure if I can do it?

@Jaron Walling thank you, Jaron! My house price is pretty low though less than $80k and it’s more like a cash flow rather than appreciation I think but it’s good to know how this works. Never know what the future brings :) 

@Michael Plaks haha Thanks for the recommendation! 

Still waiting to hear about the cash out refinance scenario. Do you just get an appraiser to appraise your home after a year or two and go to the bank to do a cash out refi if the property appreciate? Sorry for my rookie questions but would love to better understand the whole process :)

@Nathan Broekhuizen Thanks Nathan! What cities are you working with right now?

@Leo Furest Great stuff! Thanks you! I am looking in the Midwest and Detroit Market as well. Would you mind sharing your team contacts? I lived in Holland, MI for a while and wouldn't mind putting money back in the Mitten :)

@Courtney M. I was in the same boat, looking at different Turnkey Company but finally ended up buying an individual deal with the help of a local investor/realtor. I'm closing the home today in Alabama and I live in Boston MA. I would suggest studying the market that you are interested in and network with people in that market (BP is a great place to start) and build your team for that deal. 

I am now looking for my second deal (MI) is in my list but haven't really get connected with any local folks yet so if you ended up going that route, let me know how that goes :)

@P.J. Bremner I like the idea of BRRRR but haven't got a chance to try it yet since all the properties in MA is too overpriced to even start.