All Forum Posts by: Spencer Liang

@Ray Slack you're a rockstar. Thank you so much for your help. I filed my annual report (didn't need to do the personal property form) & filed my LLC's federal & state taxes on the Small Business TurboTax that I purchased. I wouldn't have felt confident that that's all I had to do without your help, so I really do appreciate it tremendously!! I would love to hear about your experience as an investor some time if you're ever free :)

Thanks again,

Spencer

Hi Everyone!

I'm a pretty young and inexperienced investor. I've only completed one wholesale deal last year 2018 (I made $8,000) through an LLC I have. I'm trying to file my Maryland annual report before the due date April 15th (I know I definitely should have hired an accountant way before this but I think it's too late now!?). I have some really important questions below:

- Considering my LLC does not own, lease, or use personal property located in Maryland right now, I think that I do not have to file a personal property tax in addition to the annual report, correct?

- The Annual Report form says the filing fee is $300 for a domestic LLC; Do I include a check simultaneously for that when sending this form?

- Would I say the $8,000 I made last year is the amount of "gross sales" requested on the Annual Report Form?

- In addition to the Annual Report form, do I still need to file separate taxes? (I do my personal taxes through turbo tax - could I do my LLC's through there as well?

I'm really sorry if these are dumb questions, but any help with these would be GREATLY APPRECIATED!! Thank you so much!

Best,

Spencer Liang

Thank you, Cassidy! I work for Walker & Dunlop.

Florida State! Oh no! ;) That's awesome about the cycling - I bet you are in great shape with that! Thank you and I hope I can utilize everything I've learned in tennis for other parts of life. Good luck with all your endeavors! 

Best,

Ok I will have to let this one go then. Thank you so much for the advice Russell. I apologize for the amateur post/questions and greatly appreciate your time!

Oh no I am so sorry about that!! Would you also be able to delete my update to the original post that contains the address?

Not sure if I have to quote your comment to give you a notification that I am replying to it, but you’re right I’m sorry about that! I should have included more information! The address is4 bed, 2.5 bath, unfinished basement, new backyard porch but almost everything else inside is dated. Hope that helps provide a little more clarity!

You’re right I’m sorry about that! It’s 2,268sqft, .19 acres, 4 bed, 2.5 bath, unfinished basement, new backyard porch but almost everything else inside is dated. Hope that helps provide a little more clarity!

Hello Everyone!

My name is Spencer Liang and I am fairly new to REI. I graduated from the University of Florida last year where I competed on the women's tennis team. I transferred there from Harvard to pursue winning a national championship, which I was able to accomplish my senior year; It was an amazing experience. Tennis has been my whole life, so REI has kind of been my new focus transitioning away from the tennis world and finding my new passion.

I work full-time in Underwriting at a commercial real estate finance company in Bethesda, MD. I started learning about REI towards the beginning of this year and work on my business after my full-time job. I have completed one wholesale deal, which was very exciting after all the hard work! I would like to move to flips/holds once I eventually (and hopefully) gain enough experience.

Currently, I have a deal in the pipeline that I could please use a bit of advise on if you can spare. Because I do not want to make too long of a post on this new member intro forum, I wrote a new post under the “Maryland Real Estate Q&A Discussion Forum” that explains the deal and the current situation. Here’s the link: https://www.biggerpockets.com/forums/563/topics/626534-questions-for-a-potential-deal-in-silver-spring-maryland (I think it has to be approved by a moderator first). If you are able to please provide any help I would greatly appreciate it!! Thank you and I look forward to meeting and talking to many of you soon.

Sincerely,

Spencer Liang

Hi Everyone!

I hope this posts finds you doing well. I have a potential deal right now in the 20910 zip code in Silver Spring, MD. It has a great location (close to the metro and downtown Silver Spring) in a good neighborhood. It is going into foreclosure, but the seller does not have any vested interest, so she is considering just letting it go. Otherwise, she might sell it through a neighborhood realtor but doesn’t really want to go through the process just to make a little money after commissions etc. She’s not looking to make much, which is good, but unfortunately the house doesn’t have much equity (still a ~$538k mortgage). 

I think the ARV could be around $825k after looking at comps, but the house is very dated needing a lot of rehab, and the area requires a nice renovation. Rehab could be from $75k-$115k depending on one's plan and reaching certain numbers, but I am still inexperienced (please see my recent post on the new member intro forum to learn more about me:) and am not confident in my ability to estimate rehab costs. I took an abundance of pictures and videos and am willing to share them via email if anyone is willing to please take a look and provide some thoughts/insight.

I really want to be able to get a deal out of this (I am planning on wholesaling) but do not know if the numbers will work for me and/or the end buyer. The house has a lot of potential so it is unfortunate that there’s not a lot of equity. Other than my interest, the neighborhood realtor has an interested party almost ready to buy if it doesn’t work out with me. Any advise would be greatly appreciated, and I look forward to hearing from you!

Sincerely,

Spencer Liang