All Forum Posts by: Chan K.

@Account ClosedThis is just my feeling and hope you don't get mad. I think if the member is a lender, contractor, .... BP should really screen and ask for some proof. If we allow this scamper to be around the site, they are going to ruin BP reputation. Sooner or later, the people will be afraid to share information on here. Charge these lenders and contractors fee to get an account (maybe all lenders and contractors are required to have pro-account membership for at least 1-years with proof showing that they are really a lender and contractor), because they make money from BP when they lend. It is the least they pay for advertising and get customers.  

@@@@@@@@Cal C.Can you give me more details what you meant by "freeze your credit"? Is there another form of credit instead of credit card?

@Joshua DorkinI would like to report this lender from your recommendation? How do I going about doing that?

@Buck IvieThis guy (Randy Webster) had the nerve to call me. During the phone conversation he was very pushy. I asked him why his account on BP got shut down, but he never responded. He kept pushing, and telling me why I listened to other people, blah, blah ... etc

It is very creepy stuff. 

When he posted his picture on BP. It showed this old Caucasian guy, but during the call I noticed by his action that he is African American. 

I asked where he is from, and he told me that he is from Arizona. His phone ID showed that he is from Lawrence MA.

Now, the only problem is that he already has my inTake and application that I filled out with all my information drier license, home address, .... etc

@Robert Sepulveda

I post a request a few days ago looking for a lender who is allowing seller finance hold back, then a lender contacted me through BP offering 100% financing and 3% fee only with 5 years fixed and 25 years balloon. It was too good I felt at the time.

I checked the company on linkedIn - https://www.linkedin.com/company/quick-link-capita...

I checked the website - http://quicklinkcapital.com/

They sent me some application forms to fill, and I did that. I provide them my license and LLC information (operation agreement, incorporation .... etc)

I could not find the name of the officer Randy Webster when I googled it. Then, I suddenly just knew that his account was closed recently on BP. 

This is very shady ....

@Nadine Massarelli

 Thanks for the list of items to check. 

Hi Team,

Does anyone familiar with an organization called Quick Link Capital? The principal partner named Randy Webster contacted me a few days ago on BP regarding an excellent commercial financing option for a deal that I am working on. I connected with him on BP, but for some reason his account just closed.

Is this lender or organization is a scam on BiggerPockets?

Why did he close his account all of the sudden?

@Ann Bellamy

Ok, Ann

I walked through both Schedule E and C along with mine/my wife W2 personal filing. 

For Schedule C + W2 = the final number looks great, but it will have high chance of audit. The C also has a lot more write off, and once the depreciate section hits the return number hikes drastically. 

On the other hand, Schedule E + W2 = the final number is not that great, but will has less chance of being audited. The E is very simple filing and less complicate items to answer. The depreciation is very conservative compared to E. 

I will take your recommendation and file the "Schedule E + W2".

I have a good team on my side, except this accountant/CPA so far. 

In the past year, I was more focused on acquisition, sustainability, and cash flow. Hence, I have awesome real estate agent, maintenance personnel, exposed to many good lenders (conventional), a part time mentor, attorney, but it look like my team is not completed yet without the CPA/accountant. Hopefully, I will find a good CPA that I can reliable on as time goes on. 

It has been a crazy 1-year with small kid, working wife, working full time, and 16-Unit acquisition.

Now, I am sitting here at 2:30 AM trying to pushing out the tax return, then reporting back to the MAN @ 8:30 AM, LoL. 

Here is a link I found that seems to align with your recommendation

https://ttlc.intuit.com/questions/2346591-how-to-r...

 Anyway, thank you for your time.

-Chan-

@Paul Timmins

 Thank you for your input. 

Paul, I will check out Amanda.

Anna, I have been adding information into TurboTax for personal rental investment under Schedule E as you mentioned. 

I also have investment properties that are placed under an LLC, in which I am the only member and manager of it. I found the article below, and it mentioned that I should file such entity under Schedule C (at least the income and expense). I will check it out today once I got home with the software package that I bought (home & business) version.

https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/LLC-Tax-Filing-Rules/INF14395.html

Regards,

-Chan-

@Johnny Kula

Hi Johnny,

I really appreciate. I conducted the rental properties that my wife and I own under our personal name under Schedule E.

I conducted the LLC I own alone under Schedule C. I think this is correct according to the TurboTax.

With the LLC file, I have 3 options:

1) Partnership Filing - which I don't have a partner, so this is not applicable. Easy

2) Corporation Filing - This is if there are multiple members in the LLC, and the disadvantage is that the person will get tax twice.

3) Sole Proprietor

"the IRS disregards the LLC entity as being separate and distinct from the owner. Essentially, this means that you are personally responsible for all tax payments and filings. When you prepare your personal income tax return, you must now also complete a Schedule C attachment. The Schedule C only reports the income and deductions that relate to your business activities. If you calculate a profit on Schedule C, then the amount is included with the other income your report on Form 1040."

I think option 3 is best fit me.

@Brandon Hall@Johnny Kula

Hi Brandon and Johnny,

I am just looking for someone to help me files my tax return for 2014. I bought TurboTax the Home & Business, and start working on my 2014 filing, but I don't like the way it is going.  

I own investment properties under an LLC alone.

My spouse and I also own houses and rental properties together. 

So, I will need tax filing service. 

The reason I mentioned local, because it is someone I can drive by to drop off paperwork and stuff when required.

-Chan- 

Hi,

I am looking for an experience CPA from around the Middlesex County (aka Massachusetts License) to help me fills for my 2014 Tax. 

If you know of a good once, please contact me.

I highly appreciate it, and thank you ahead.

Regards,

-Chan-

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