All Forum Posts by: THU NGUYEN

Hi All,

I am claiming RE professional in 2019.  I'm active in managing all my rentals, my flips etc...However, I have a passive loss from a K1 issued by the syndication deal where I am set up a limited partnership.  Can I take offset this passive loss against my other active income generated from W2, flips, rental, private lending ect?

Appreciate if anybody knows and can share/advise?

Thu 

No more money :( 

Yes, 2 employees

Update: I received $2K in my bank today for one of my LLC. I applied for 3 loans with 3 different LLCs, 2 of them received $2K each. Nothing on the third one.

Don't know what the next step is for loans since there is no communication from SBA at all.  Money just showed up after submitting the application.  

@Michael Plaks

I did not file attach any documents, nor any tax forms because the application just asked for basic info...then submit. Anyway, I see $2K in my LLC bank account today. Very weird...no communication from SBA whatsoever...then boom $2K show up today.

Is there anything else I need to fill out asking for forgiveness of this amount?  or it's default that I don't have to pay it back since it's an advance?  Regardless, i am happy that I received some money to cover for non-payment tenants whom I can't evict ...:( 

Life of a landlord sometimes sucks.  

@Michael Plaks:  

So now checking/validating the info we submitted?  I just filled out the forms, did not attached any supporting docs....Is that correct?  

Any landlords here received EIDL funds?   

So many landlords applied for EIDL (loan directly with SBA, not through banks)....nothing for me...nada, no acknowledgment, no communications whatsoever from SBA....

Anybody here received communications from the EIDL Loan Applications?  And received any funds?   

I have done a few transactions for clients who have Quest, they are not the fastest for sure, delay a few days in closing due to funding etc....but that's the only one I have worked with.  Before moving, I just need get feedbacks and study which options are good for RE investing purposes....

Thank you all much for the help...more reading and talking/chatting with people before making a decision on what's best.

@ George Blower

What I am looking to do is transfer Roller IRA from Fidelity out ....That means I have to stay with some type of IRA...

Solo 401K is something I would have to start fresh and cannot transfer Rollover IRA into it, correct?