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All Forum Posts by: Trisha Pascall-Lopez

Trisha Pascall-Lopez has started 1 posts and replied 11 times.

Post: Owning property in personal name and having tenants pay LLC

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @Marcia Maynard:

Our LLC is our business entity, whether or not the property deed is in the name of the LLC or in our personal name is of little concern to us. (Some deeds are under our LLC name and some are under our personal names... for mortgage reasons.) We will still act in the name of the LLC and use a dba (doing business as) name of Fischer Properties for our interactions with our tenants. Therefore, the tenants know us as Fischer Properties and make payments to Fischer Properties. This is consistent with the entity name we have on the rental agreements... which is the name of the LLC dba Fischer Properties.

If I were you, I would list all your properties under your LLC and operate them under a business name. Talk with your professional tax preparer as to how this will impact the filing of your taxes. If you aren't already working with a tax professional (CPA or EA) then seek out the services of one.

Thank you!!!

Post: Ask me questions on Real Estate Tax Strategy or Investing. Answering all Questions.

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2

I I recently purchased the property in my personal name with plans of transferring it to my LLC (when paperwork was complete) but I'm now finding out that I will need to get new title insurance and it's not as simple as I initially intended. I've already started renovations on this property using my LLC debit card/funds, paying contractors using checks from my LLC account, set of utilities in my LLC, etc. If I decide not to transfer the deed until a later date can I still continue to use my LLC debit account/name/etc to manage my property? Does it have any questions tax implications? I plan to have good insurance coverage with umbrella to cover all my properties. Thanks for you help.

Post: Can I pay a contractor with cash and still write it off (taxes)?

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @Michael Plaks:

@Padric Lynch

Can you? Yes. Should you? No.

Many reasons why no, and they were already mentioned on this thread. Mainly, your contractor intends to cheat on his taxes, and you will be helping him. Unless he completes Form W-9 and provides his valid SSN, which he won't, so you won't be able to issue him a 1099. You will probably end up breaking two Federal laws: labor/immigration laws (as he may not be authorized to legally work here) and tax laws.

You're unlikely to be caught, but you might, and then you face various risks of extra taxes, penalties etc. 

If you insist on taking this risk, then your best practice for self-protection is to have a simple written and SIGNED contract: you do this, and I pay you this. Then have him acknowledge on the same piece of paper the receipt of the money.

Taxes are not the only reason to have things written and signed. He can later claim that he did not receive this money from you and demand a second payment - either because he is a crook or because he got drunk/high on your money and forgot he got paid (ask me how I know). He can even try to place a lien against you. 

Think about it this way. He ain't scared of the IRS. Would he be scared of you?

If he accepts Zelle or PayPal or check - you're better protected, but he probably won't.


 So good!!!!

Post: DIY Formica countertops

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @JD Martin:

OK, you have an easy kitchen to work with. Tips/suggestions in no particular order (because it's late and I'm blurry-eyed!)

1. Easiest to use a countertop that has off-the-shelf side splashes and end caps. You can make your own but it won't turn out well for a beginner.

2. Buy a trim router and an edge bit. I have a Ridgid I think I paid maybe $75 for brand new and I've easily made my money back on all the counters I've used it for. You will need this for trimming the excess from your end caps. You can trim it with a file but it's time consuming and doesn't look as professional.

3. Use contact cement to glue your end caps to the cut ends of the countertop. Don't try to exact match the counter profile on the top side - you want the top to have excess, which you're going to trim off with that router I mentioned. Try to get the bottom as flush as possible to the bottom of your build-out. The end caps in the kit come with heat-activated glue that you're supposed to use an iron on, but it sucks. Trust me on this. Contact cement is the only way to go. Get the stuff in a can and a couple of toss-away chip brushes to apply it with - you don't want the wand in a bottle. 

4. Speaking of build-outs (these are small wood that thickens the cut-end of the counter): it's easiest to nail these in place with small finish nails in an air nailer. You can use the little nails that come in the kit but they're a pain and often split the particleboard. If you use an air nailer make sure they're short nails that won't come through the top of the counter. If you don't use one, put a bead of construction adhesive down first before using the nails in the kit.

5. Put your end caps on before you mount the countertop. It's easiest to trim the laminate if the counter is floating free. 

6. Use construction adhesive to glue your splash panels in place. You can either use them on top of the counter, following the profile, or glue them to the wall and flush the counter against them. I like putting them on top because it's more protection for water. I usually don't bother using them where water is not an issue. Put a color-matched bead of caulk between the splash cap and the counter either way.

7. Put a coat of oil-based polyurethane underneath the counter where the dishwasher goes, the front of where the sink is and the entire cut-out hole for the sink. Those are the major swell-up areas on laminate countertops. 

8. Unless your walls are seriously wavy, don't bother trying to scribe the backsplash as a beginner. You can do serious damage that you can't undo, and a small gap is easily filled with color-matched or paintable caulk.

9. Make sure the screws you use to screw the cabinet corners into the counter aren't too long to poke through the counter.

10. Build out the tops of your cabinets before you put on the countertop, and use a long level to check that it's level all the way across. Pull the stove out and check for level across those two cabinets. Also remember that your main goal is that it looks good, so if you have to choose between looks and perfectly level choose looks. Some houses/cabinets are so bad that if you make things perfect by the level you'll have huge gaps everywhere. So if for example you have a bad slope that your cabinets follow, it is better to let the counter follow the slope than to level the counter to where the slope is extremely obvious by the end. If you can interrupt errors with breaks in the counters (such as where the stove goes), you can somewhat correct errors on each side so that it looks good. 

11. When you cut your counters make sure you use a fine-tooth circular saw, support the counter everywhere so it doesn't cave in your cut, cut it upside down, and put at least a 1" strip of painters tape down the middle of the cut line before you start to keep chipping at a minimum. And don't force the saw. 

That's about it for now. I'm sure I'm missing things that I can't remember right now so if I do I'll put them up here. 


 THANK YOU!!!!

Post: Contractor Referals Virginia Beach, Virginia

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @Patti Robertson:

Congrats! Probably the highest volume Rehabber in our area spoke at the Tidewater Real Estate Investors Group last night and said that Green Run is his favorite neighborhood.   I suggest looking up his rehabs and doing what he does.  His model is working.  You won’t get his contractors though.  They work for him full-time.  He buys 70 a year.  

One other suggestion is to always look up your contractors license on the state licensing website and look in the General District Court and Circuit Court websites.  On the DPOR website you want to find a valid license and see if they have had any disciplinary action.  On the court websites you want to see if they are being sued, but more importantly, if they are sued and lose, do they pay what the Judge orders.

Here is where you look up VIRGINIA occupational licenses.  http://www.dpor.virginia.gov/L...

And here is where you will find the link to the case lookups on the Virginia Court website.  http://www.courts.state.va.us/...

Also wondering who this is....PM me if possible

Post: SOW (Scope of Work) Rehab Template

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @Kiara Justice:

Hello Kyle,

I found this link from a previous post.  I wish I could directly find the post because it has more info in it.

Here you go https://www.biggerpockets.com/files/user/drobertson/file/sample-contractors-scope-of-work-documents

I also suggest you do a Scope of Work search in bigger pockets (forum, blog, etc).  Alot of potential info, get a pen and paper ready. 

Or have an evernote document open like me when browsing the forum.


 Thank you!!! This is gold even now. 

Post: Do I need a CPA?

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @John Morgan:

I have 8 or 9 in my LLC. It's all under the same schedule E filing. Doesn't matter if they're in your personal name and LLC. For your rehab, I would just put the total amount down and depreciate it over 27.5 years. You can cost segregate some things over a shorter time period like floors over 7 years or driveways and fences over 15 years. It walks you through all that. But rehabs I depreciate over 27.5 years and turbo tax remembers all this for future years so you don't have to keep track of this.

This is great information. I'm worried I'll miss something. The language is always waaaay over my head.

Post: Looking for a good CPA in Virginia Beach

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @Erick Pinzon:

Late to this but Mark Robertson is pretty awesome. I was referred to him buy an entrepreneur friend with multiple businesses. Just used him for a third year and he's awesome. Usually $600 to get my taxes done if I do all the prep work. That's with a business, a W-2, and two rental properties. 



https://www.rgcpa.biz/

Helpful information. Thanks for posting.

Post: Looking for CPA in Virginia Beach

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2

Very helpful information!!!

Post: Utilities Account Owner Name

Trisha Pascall-LopezPosted
  • Rental Property Investor
  • Hampton Roads, VA
  • Posts 11
  • Votes 2
Quote from @Marcia Maynard:

Well, we own properties in LLCs and we put utilities in the name of our LLC. The utility companies record the owner's name in the file as well. They base credit worthiness on our past track record. We also have it set up for the utilities to automatically switch back us (in the name of LLC) in between tenants. Have you spoken with your local utility companies? What would they prefer you do? You might find some utility companies are fine with putting the utilities in the name of the LLC and for others it might be more difficult. Ask them about the pros and cons, before making your decision.


 Very helpful information!!! I just had to make this decision and this post gave me the knowledge I needed.