All Forum Posts by: Randy Hill

Looking for an attorney to assist Michigan Application For Certificate Of Authority To Transact Business In Michigan Form CSCL/CD-760 for buy and hold properties in Warren and Detroit areas.  Or recommendation of an attorney to assist.  Thank you

I am looking for a lender or hard money lender to pull equity (roughly $50,000.00) (term of 2 years) out of recently rehabbed duplex in Cleveland. Duplex is being rented $2400.00 monthly. The funds would be used to repeat what I have done with the current duplex, rehabbing and getting another duplex ready to rent  in the Cleveland market.  

Thank you,

I am trying to find a CPA or EA who knows how to complete the annual 568 LLC tax filing for a single member LLC self-directed IRA. Thanks

May I encourage you to google and research the advantages and disadvantages on holding real estate in a S-Corp. This could potential be a costly error in your situation. If you are holding the properties as an investment for rental income, you may want to consider forming an LLC.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $410,000
Cash invested: $85,000

4 plex, 1 bedroom units

What made you interested in investing in this type of deal?

Change from prior single family units

How did you find this deal and how did you negotiate it?

With a realtor

How did you finance this deal?

Hard money lender, then refinanced to a 30 yr loan

How did you add value to the deal?

funds from my cash flowing rentals

What was the outcome?

Fully rented and cash flowing

Lessons learned? Challenges?

Challenge on how to find more perm financing rather than hard money lenders. Still looking for a solution to this on my next purchase