All Forum Posts by: Ralph Palma

thanks Jason/Bill/Dave.
Is a cash offer, when I made the offer they ask me if this is an investment or owner occupied. I mention OC.
Then plan is sell in 3 to 5 month this year.
Where can I use the 1031 when I buy and hold & rent for over 2 years and then sell?
I will search for 1031 in the forum. 
I was not sure if to live there or just do the regular flip.
thanks

Hi, I think this is more a tax question, looking for best outcome in this particular deal:

buying a property that need repair, will live there but will put it for sell as soon as the renovation is completed.

1_Should I purchase as Investor or owner occupied?

2_Do I need to do a 1031 for owner occupied?

3_New investor so this year 1 purchase (buy, renov, sell) will the profit be treated as Ordinary Income or Captial Gains?

    especially if I'm owner occupied.

4_Eventually I will buy & hold/rent, but not in this case

thanks Ralph

Thanks Jon for your replay: Actually I'm asking many question in one. let me rephrase.

1_ How do you protect your property from any lawsuit a) by tenant, etc "inside". b) lets say a car accident "outside".

2_If you buy a property (cash), you can buy it thru your LLC and depending in which state is the property it will have inside or insisde & outside protection.

3_ if you buy a property (w/ mortgage) you can still move it to your LLC (correct?)

So I guess the main question is how do you guys buy your properties (BRRRR) thru your own name , or you use an entity (LLC) to hold one or a set of properties?

In the very distant past when I did this (flip's) I use my name and no entity. Now to use the BRRRR process it is better to use an entity?

I hope it make more sense now (let me know)

Thanks, Ralph

New to this site: when holding a rental is it better /wise, etc. to create entities with Inside & outside protection to hold all future BRRRR properties?

_ Also how to add an existing multi-family rental property to this this type of entity?.

_ For BRRRR properties what the best type lender to get a Refi, like big banks or community banks, etc

Thanks, Ralph