All Forum Posts by: Saji Ijiyemi

Thanks for your quick response @Chris Seveney. Not sure if he's licensed. I've seen his work and he does a very good job, though not as big as the one I want him to do. Do you have reputable and reliable contractor that you can recommend?

Hello -- I need to do a major rehab on a rental property that will cost about $50k-60k but the contractor does not want 1099 and wants nothing to be reported to the IRS. I want to be able to claim deductions. For tax purposes, can I still claim deductions if I don't give the Contractor 1099? Will the IRS want to know who I paid the money for the major repairs? I will appreciate your help. Thank you.

Quote from @Chris Seveney:

@Saji Ijiyemi

This in Maryland ?

 @Chris Seveney. Yes, in Maryland. Know someone who could help?

I have a rental property that is water-damaged. Insurance gave go-ahead to remediate, so contractor started work to get the water out and remove wet walls. The house has been sitting for 2 months now since insurance has been dragging their feet. They requested for energy bills and now said they will not cover the loss after 2 months of wasting time and giving go ahead for contractors to go ahead. I will appreciate if anyone can guide on what to do and suggest a good homeowners insurance attorney. Thank you.

1. "Don't wait to buy real estate; buy real estate and wait."  — Author Unknown
2. "Cash flow is better than cash."  — Author Unknown
   
   

Will you buy an occupied REO property when you cannot evict tenant during the COVID-19 pandemic?

Can you please help me breakdown Substitute Purchase of a foreclosed property in layman's terms? Thank you.

• Substitute Puchasers Agreement Sale
• Purchaser shall be substituted as purchaser under prior contract
• Buyer shall be responsible for terms of the original purchase contract, along with assignment fee and buyer’s premium fee. See purchaser’s agreement contract of sale, along with original purchase agreement in the documents section.

@Mark Lee, I am shopping HELOC too and Connexus keeps coming up. Do you know if the offer LOC on NOO properties? Will be glad to know what you find out.

Good thread here about HELOC and positive experience with especially PENFED. I am currently out of job but have substantial equity on 2 rental properties. Can anyone suggest how to get HELOC on rental properties with no pay stubs or employment income? Thank you.

@Rob Beeman, thanks for your wisdom. I'm still thinking of putting the properties back in an LLC, but is it a sound financial decision to refi the properties back into an LLC at a higher interest rate? Or are there other creative ways to transfer properties to an entity? Pls advise. Thank you.