All Forum Posts by: Pichael Miper Holmes

Does anyone else get the Foreclosure Alert emails thru the biggerpockets.foreclosure.com system?  If so, can you still access your preferences?
I cannot update my preferences and every attempt to access even thru the BP Tools link shows "403 Forbidden" and I'm wondering why...

Michael and Piper Holmes

Hello, BP community. Anybody looking to partner in the laundromat business? I realize this is REI-centric, but Codie Sanchez is a regular on the podcast and she recommends buying cash flow in established businesses. This certainly qualifies. Please let me know, we are seeking ~$200k private money equity partners.

Michael and Piper

@Chris Picciurro, correct, the state-specific is 100% owned by the WY holding LLC

From all that I have read, and using that to base our organizational structure from the very start, I would love to know the possibilities of recouping the start up costs from setting up what my wife and I hope to grow into a large portfolio.
We started with a WY Holding LLC (as recommended by many) into which we put ownership of the state-specific LLC where our rental property is.  We plan to move the rental property into that state-specific LLC as soon as feasible with the lender's blessing, and have already set up a business bank account using the state-specific LLC's EIN.  All future transactions will be thru the business bank account, but some of the start up costs were on a personal credit card.
We did need to qualify for the loan as individuals, and paid the down payment and closing costs out of our personal money.  This also included things like appraisals and inspections prior to close.
Is there anything I can do to make my CPA's job easier for next year other than having the specific charges highlighted on the personal credit card statement?
Thanks BP Family!
Michael and Piper Holmes

Thank you, @Todd Hoffman and @Ben Einspahr!

That was where my thinking was, and you both clarified the steps for us. This community is fantastic.

Hello, Bigger Pockets!!

It is with great joy that I announce that my wife, Piper, and I have closed on our first rental property! We bought a 2/1 in OH and have the property management company in place to get it rented ASAP. We also used a service to establish an LLC to own the property and I would love anyone's advice who has already accomplished the task of transferring ownership in preparation for proper tax filings next year. I would like to avoid any pitfalls, speed bumps, and hurdles that I can, or at least prepare myself properly for them in order to navigate them successfully if they cannot be avoided.

Thank you all for your experience, we are looking forward to hearing from you!

Michael and Piper Holmes (Newbies!!)