All Forum Posts by: Scott Johnson

Good meeting many of you and thanks to Dawn for setting it up. See you next time!

Hi Dawn,

I'll make every effort to be there.

Hi Daniel,

Just getting started so no property holdings yet so maybe getting a few under my belt will help. I do like your business plan idea and will give it a call.

Scott 

I have a lot or untapped equity in my primary residence that I would like to use for REI (flips or fix and holds). I have approached a couple of banks and although I have equity (>$200K) and significant other assets in SDIRA and cash, I currently have no income as I transition to full-time REI. Banks don't like this. Any suggestions as to how I can tap equity?

@Dave Van Horn

I hate to jump on the free bandwagon but I would like a copy too.

Thanks much!

In setting up my LLC in North Carolina (a community property state) is it preferable, for tax reasons, to set it up with only one of us as a member or both? My CPA says it is better not to have things set up as a partnership for tax reasons. In my own investigations, I have found that if the LLC is a "qualified entity," and the LLC, and the husband and wife as community property owners, treat the LLC as a disregarded entity for federal tax purposes, the Internal Revenue Service will accept the position that the entity is a disregarded entity for federal tax purposes by filing Form 8832. In that case, the husband and wife would report the income and expenses of the LLC on Schedule C of their Form 1040. Is this the best way to handle this?

I'm new to BP and REI. Plan to be there with my agent.

Hi all,

Just getting started. I'm soon submitting LLC paperwork and need to speak with CPA and Lawyer familiar with RE investing (flipping and portfolio accumulation). Want to start out understanding taxes, etc. so I don't make a mistake from the get-go.

Best,

Scott