All Forum Posts by: Account Closed

Does anyone have ideas?

We are fully leased. If anyone thinks they can help me, feel free to inbox me.

Ok guys. Thank you all for your feedback. Space is all leased out! Is it ok if it's leased out with five leases? It's technically and legally a 2 unit, but I converted my basement into a storage unit for a lessee and the garage space as another unit. I built an addition to the 2nd floor, so my friend gives me 1900 per month. it's a studio loft space with no kitchen.

Great question. I actually have a similar one. But mine is for an S Corporation. I filed both years and now thinking there is no benefit as your accountant said.

Been filing both an 1120s and a personal tax return the last two years. Now I'm thinking I should just do a personal return only, since my building is under my name personally? Any thoughts?

I would sell it and with the profits downsize and get a smaller home or condo since it's only the two of you correct? You will also save on taxes if you put the money into another property. No banks

Hello all. First off, I appreciate all the help Bigger Pockets does for everyone in this industry, so big ups to you guys, (love the podcast). My loan matures next year and wanted to know if this was a good idea. My credit is bad and have a bk from 2011. Nobody will lend to me. The property makes 10k net per month. I have a tenant that is interested in only renting the property and has a good credit score and job. He agreed to do the following as long as he would get a 3 year lease for the space at no cost to him. My plan is to do this in two steps: 1- Sale leaseback. I would sell it to him for the balance of the loan 400k. Estimated value is 800k. 2- Master Lease Agreement. Once the loan is funded, he will do a master lease agreement and sell me back the property after the 3 years, (no prepayment penalty). Has anyone ever done this type of deal? What are the risks for the two of us the seller and the buyer? Is it legal? Everyone's telling me to "just sell it", but what would you do if your property netted 10k every month? I'll only make 200k in profit if I sell, which I put 100k alone on repairs this year. Help is appreciated and will be compensated as a consultant fee.

I have a realter and has it on the mls. It's been empty for 2 months. Can I get refinanced as a residential mortgage. I decided to live here and give my my apartment. I'm really scared I put my life savings in this.

Derrick Moore this was a chapter 7. They didn't take the building because it wasn't worth as much as it is today.

It didnt work. I got denied on both sides.