All Forum Posts by: Nathan Wierzgac

I have a house that I bought to flip in Durham, NC back in January and ran out of money to finish the renovations. Pretty much all of interior was done minus some paint touch ups, an interior door that needs replacing and reglazing a tub in one of the bathrooms. What’s left to be done is the exterior landscaping (new driveway, new sod and irrigation system, etc).

I have an appraisal for the house as-is that is from August (90 days old) for $600,000. There are new comps (from September) going for $700,000+. I do not have the funds to finish the house to bring it to sale. Does anyone have advice on what I can do before monthly interest payments kill me? I’m willing to let go of the house for less than $600k but not sure if that’s the best option… any advice is greatly appreciated. Thanks!

@Matt Cartwright rent value of the market STR or Long Term rental? Would love to talk further about this…

I have a house in Durham, NC that I rehabbed this year from January to June. I am all in on the house at $525,000 and have an appraisal on the property at $600,000. With rising interest rates I have not been able to sell the house without losing money on it and I'm looking at alternative solutions. I have attempted refinancing into a long term loan and leaving some money in the property in an effort to turn into a STR since it is in a prime location near Duke Hospital and downtown Durham. I can't qualify for that large of a loan unfortunately and am looking for other options to save this property before my hard money loan matures in February of 2023. There is $75,000 worth of equity with the appraisal in the property currently. Looking for genuine help on some alternative solutions on what I can do… thank you.

@Chris Seveney

Just want to make sure I’m personally still protected if in case of a lawsuit or something - I am not familiar with umbrella insurance policies so I will need to do more research on those.

This may be an extremely dumb question but I'm having a hard time getting a straight answer the more research I do…. If I were to close a loan in my personal name and then down the road transfer title into my LLC - does that solve my risk protection issue since the loan is still in my personal name? What would my options be?

Thinking of ways to make my Airbnb stand out a little more and I’m tossing around the idea of hiring a private chef for one night. Not sure how to go about it - should I bake that price into the nightly rate of the rental and offer it as a complimentary amenity for one night or make it an offer to guests after booking and charge them the cost of it? Or not do it at all?

Any and all advice or thoughts are welcome, thank you!

Hello all, I am curious to know if it is legal for me to purchase a house to flip under my LLC and then sell that rehabbed house to myself with my own loan in my personal name. My LLC has two other small percentage owners and is structured as an S-corp as to not be viewed as a disregarded entity. Any insight or advice is much appreciated!

 So if I were to 1099 him I would not be taxed on that portion of the income correct? Sorry I just want to make sure I am understanding correctly.

So if I were to 1099 him I would not be taxed on that portion of the income correct? Sorry I just want to make sure I am understanding correctly. 

Hey guys! I am hosting an airbnb property for my father-in-law. He wants it completely hands off and for me to handle everything.  I have added my tax information int Airbnb as it required. I am hoping someone can lend some experience or insight into how they have/would manage the finances for this... Should I open a business checking account and run everything through there and just pay him out his portion each month after expenses? How does that work tax wise if everything is under my name? Any advice is greatly appreciated. Thank you!