All Forum Posts by: Robert Chaiton

Hi All,

My girlfriend and I just closed on a property in AZ and I'd like to set up and LLC or LP which outlines our equity ownership and responsibility etc.. I'm not sure the exact path we should take and would love to bounce ideas of some real estate tax professionals. If anyone can help or knows of good real estate tax professional contacts in the Phoenix area that would be greatly appreciated.

Thanks for reading and any help!

Bobby

Hi All,

I am trying to get a property under contract in Denver, Co and was wondering if anyone knows the best strategies or some professional contacts of great investing minded contractors who can walk a house with me after I get it under contract to determine my renovation costs.

A contractor that can help out with egress windows/exits for basements and regular renovations with an investing mind at play that would be great.

Thanks for the help,

Bobby

Hi Bigger pockets,

Quick question. I am looking at a property with a mother in law suite in the basement with its own separate entrance, kitchen, basically everything to make this a stand alone unit. If I wanted to rent out the basement as a long term rental (1 year lease) is this legal if the house is zoned as the following

“additional home occupations and room-renting to one or two persons are allowed upon application and issuance of a permit. Density = 7.3 dwelling units/acre.” It’s a residential zoning with permitted additional home occupants upon application.

Thanks for the help,

Bobby

@Bill S. I appreciate the response. These numbers are in Boston not Denver.

Hey everyone, I have a few questions about an investment opportunity I am looking into. The specs are: it’s a 2-family property: 1 unit is a 2 bed 1 bath and the other unit is a 3 bed 1 bath.

HUD is 2700 for a 2 bedroom and 3375 for 3 a bedroom. The wrinkle in this deal is I am going to be living in the 3 bedroom unit so my questions are;

1. Can I rent out one section of my duplex to HUD tenants?

2. If I only want to take 1 bedroom, could I rent out the individual bedrooms to HUD tenants within the same unit as me.

Hi BiggerPockets,

I have read the book advanced tax strategies and want to take advantage of the Self directed Solo 401(K) I have a few question and was hoping the community could help me out.

Currently I have a W2 job, but I also do business consulting on the side and after reading the book I want to create a sole proprietorship in order to utilize the solo 401(k) retirement option. Once I create the sole proprietorship I want to transfer my current 401(k) from my W2 job into my self directed solo 401(k) plan. Then contribute as much as possible into the plan as an employor contribution from my sole proprietorship and match it with my earnings.

Once I have enough equity/money built up, I want to purchase a buy and hold investment property. The catch here is, I want to create a management agreement with the property which is owned by my self directed solo 401k to earn the cash flow from the property while making the net income 0 or negative. The agreement will be with my consulting company (or a new LLC/ sole proprietorship company). My questions with this are:

1. Is it possible to transfer my current W2 401(k) into a self directed solo 401(k) while contributing to receive contributions from my current employer?

2. Is it possible to create a management agreement with the property owned by my self directed solo 401(k) and my consulting/new LLC/business to earn cash flow from the property through management fees

Does it matter where my CPA is located. I live in Denver but would be open to help from a professional anywhere on this topic.

Thanks for reading!

Bobby

Hi BiggerPockets,

Quick question for you guys, what are you favorite CRE databases allowing you to understand real time data in the market? I've seen and used Co-Star at a previous job but wanted to see what others use to get market information.

Thanks!

Bobby

Hi BiggerPockets community,

First, I hope everyone is doing well during these unprecedented times. I have a quick question is it possible for me to get MLS access if I have my Massachusetts real estate sales person license but I currently live in Colorado? I ask because my brother will be looking for his first property in the coming months (he lives in Massachusetts) and I think it'd be a great way to help him out.

If anyone has any ideas or suggestions please let me know.

Thanks,

Bobby

Hi BiggerPockets,

I have been looking at houses to rent around a college campus to the students but as I am running my analysis one question came to mind which was: What should I do when screening college students as a tenant?

Since the majority of college students have very little credit history would a credit check be enough along with a background check?

What types of strategies would the community recommend when trying to screen college students as tenants?

I look forward to anyone’s help!

Thank you

@John Mayer thank you for answering my concerns! I am going to see all my options regarding financing since Id like to partner with my girlfriend and not sure how that effects the financing