All Forum Posts by: Nick Naik

@Eamonn McElroy thanks. I was able to file using turbotax business. I don’t have any income in the first year and have only few transactions. Will do a better job tracking now onwards.

Gurus,

Need some advice on year end tax filing for S Corp based out of Georgia. I have a new LLC structured as S Corp and need to file my year end taxes. Couple of questions

1. Is Turbotax Business a recommended tool for a new business? Else can I simply file a Form 1120S, are there any other forms I need to submit?

2. For state of Georgia, all I need is form 600S filed right? Can turbo tax business be used for this as well?

Please advise and appreciate your inputs in advance.

Gurus,

I have been working on getting my financing for the next investment property which could be a rehab or rental. I spoke with a bank and another lender called homefinity. Was a little surprised when they told me that just b/c the property is non-owner occupied, I am looking at a rate of around 5.3% to 5.5%. This rate will kill my cash flow and I am glad I spoke to the lenders before putting in my cash offer. My question to you all is, am I shopping at the wrong place? Are there cheaper financing options available? My strategy is to draw on my HELOC to put a cash offer and then put in light upgrades and get it financed through banks or other online lenders. Would appreciate guidance from this group if I am doing anything incorrect here.

Regards,

Nick

Thank you all for the advice. Appreciate it.

Hello All,

I have a question on how to use existing equity in a house to either BRRR or buy and hold. The current rental I have has decent amount of equity and I want to leverage that vs. going to hard money lender or private money. Could you please share your thoughts and guidance on the pros and cons of this approach. Is this a common practice? How does it impact the current rental property's rates or payments if I take a HELOC on that property.

Regards,

Nick

@Mitch Messer thank you. I m based in Alpharetta. So will check with the city. Thank you.

Gurus,

Need some guidance if I will need any license to operate my company in Georgia? I expect to get into wholesaling, rehabs, foreclosures etc. I have already formed an LLC and classified in it as S Corp for tax purpose. Do I need anything else? Please guide.

@Kent Lyons

This is really cool. Thanks for posting. I am from Atlanta and will check out the GA zips.

Great thank you so much for your guidance and inputs. I will definitely consider alternate sources and work on messaging. Please recommend if there are any sites that are little exclusive and niche that you may be aware of.

I am a new wholesaler and have narrowed down on few options to collect my leads. 

- Website 

- Listsource to collect absentee owners list

- Listsource to collect pre-foreclosure list

- Probates - Are there any good sites to target this pool?

In order to get the best bang for the buck, could you all please guide me which list should I target for direct mail campaigns. Any inputs will be highly appreciated.