All Forum Posts by: Roberto Costa

@Patti Robertson

I only mess with Churchland area of Portsmouth.  Matter of fact I'm in the process of closing one a few blocks from the High School.  Any other areas is what I call "C" neighborhoods...at best!  Hard to get good tenants.

In Norfolk...Church St, Brambelton, South Norfolk!!! Stay away and any flood zone area.

So to update you all...I got the license changed from contractor to Real Estate...it went from $.16 per $100 gross receipts to $.58 HUGE difference!!! Paid almost 4 times more for the license...even if you did not make money they charge you on gross receipts which is nuts.

Also got a letter from Worker comp in VA saying I need Worker's comp liability insurance as well...another pain...so I have until 31 January to comply. Just waiting on my policy so I can fax it over.

First year in existence so here comes the tax question...please bear with me...

1.  I have over $600 of expenses from my closing attorney for purchases and sales, so I know I have to issue him/her a 1099-MISC. 

2.  I requested a survey on a property.  The cost was $1,225 so I'm "assuming" I have to 1099-MISC him as well.  Am I correct?

3. I have Origination, appraisal, processing, legal, tax service fee to my HML for $4,901 on a purchase. It's an LLC. The proceeds were taken out from the HUD during closing. Do I need to 1099-MISC them?

4. Lastly, I paid in 2016 to HML $2,058 in interest on my loan. Do I need to send them a 1099-INT?

Thank you all!

@Jill Herges

I do 5/5 ARMs with my rental properties. They have to be in my name and not the LLC which I use only to do my fix and flips. My FCU requires 10% down and no MIP.

@Patti Robertson

Thanks for the help...I went to the downtown Norfolk office and got the category changed to Real Estate...almost 4 times more expensive license but it's correct now.  Also need to come back and pay Tangible Business property tax on computer equipment, etc...by 1 March...

@Patti Robertson. I am flipping...When I first got the business license they told me my category would be contractor, so I think that's why I am getting all these WC policy.  Should my category have been different?

This isa bit old fellas but just got my renewal forms and I am pretty lost...One of the forms is a VA worker's compensation form? Why would I need that?

@Melissa MacKay

Had the same issue on a property I looked at in Norfolk.  I would recommend going down to the City Hall building in the first floor and checking with the zoning person behind the desk...I believe her name was Nyoka and she helped me out tremendously. 

Is the property zoned as R-11 or higher?

@Lynn Jacobsen

I use USAA.  They allow me to transfer funds over the phone regardless of the amount.

I also have Chartway FCU and Wells Fargo and I have to come in person to do that.