All Forum Posts by: Saajan Bhakta

@John Woodrich Thanks for your input.

Employee (my father and mother) of the corporation doesn't have any residence.

Any way we can assume the corporation is letting the "employee" stay in this house and can double as an investment for the corporation?

I'm just shooting some ideas - I know you are very knowledgeable John so I thought I'd ask.

Hi All,

My father owns a motel (located in WI) and lives on property and works. He is planning to move across the border to MN (much cheaper health insurance) and live in a house and step away from day to day activity. The motel is under a corporation and with no mortgage. Credit is excellent.

My question is - can he buy a house ( valued at 500k+) while putting the mortgage under the corporation? We essentially would like to put the house mortgage through the corporation to get various deduction such as mortgage, real estate taxes, etc. Is there any other ideas or options for tax savings?

I have heard the hotel owners (or corps or LLC) also buy apartments and let employees live there (rent free) to entice them to keep working for the same company. Can we do something like this?

Any recommendations on who to talk to? I thought I would ask BiggerPockets community as I read posts time to time and learn a lot.

Hi,

I'm not 100% sure - but look into wrap around mortgage. Essentially, it means - you pay the owner which in turn he pays his existing $150k mortgage. I've heard of this before in the hotel industry. Not sure how they could pay off their mortgage upon sale as your down payment might be lower than $150k.

I'm also in the hotel industry (30 unit motel near Minneapolis) so if you need any advice or questions, I'f be happy to help.

Saj