All Forum Posts by: Nicholas Benoist

The scenario: An LLC owns a rental property valued at $500k. There is a $200k mortgage remaining on the property. A home equity line of credit (HELOC) has been established on the property for a $200k line of credit. This LLC now uses this HELOC for a flip project. This flip project ends with $50k in profit. The HELOC is paid off and the whole $50k profit is put into the rental properties mortgage. The HELOC gets re-evaluated and credit line increased to reflect the decreased mortgage. 1. Would Capital Gains Tax need to be paid from the profits of the flip if the whole profit was going to pay down the rental properties mortgage (company debt)? 2. Is there anything else in this scenario that is illegal or could get a company into trouble?

Hello all! I'm relatively new to Tupelo, MS and there are no investor meet ups here. I got my real estate agent license recently and am working with Crye-Leike Realty. I have discovered that being an agent makes it very easy to network very quickly. Now I'm thinking about going ahead and starting up a REIA or real estate Meet up group in Tupelo. I'm still very inexperienced with investing but I figure I can compensate for that by bring in guest speakers such as; real estate attorneys, mortgage brokers, seasoned real estate agents, and other successful investors. Any and all advice would be appreciated. If there is already a thread about this, please direct me to it. Thank you very much!

Hello all! I'm relatively new to Tupelo, MS and there are no investor meet ups here. I got my real estate agent license recently and am working with Crye-Leike Realty. I have discovered that being an agent makes it very easy to network very quickly. Now I'm thinking about going ahead and starting up a REIA or real estate Meet up group in Tupelo. I'm still very inexperienced with investing but I figure I can compensate for that by bring in guest speakers such as; real estate attorneys, mortgage brokers, seasoned real estate agents, and other successful investors. Any and all advice would be appreciated. If there is already a thread about this, please direct me to it. Thank you very much!

Hey guys, my name is Nicholas Benoist, I'm 33, and I recently moved to Tupelo, Mississippi for a JOB. I currently work as an air traffic controller and I am a 6 year active Army veteran. I also have a commercial pilots license with instrument and multi-engine ratings. Right now I'm in the real estate knowledge collection phase. I'm on book number six and will soon be re-reading the books put out by BP. In January I will be starting a second job as a real estate agent (already took the 60 hours cource) to get my self in the industry and gaining some experience.