All Forum Posts by: Yuriy Tymoshenko

@Darnell

How is direct deposit into your bank accounts work? I tried to google it and I get a wide variety of hits.

All great points! Thank you!

Also another "mechanism" question.

Once PM will pick up a rent check written to my LLC or to myself, how can I receive this money? I will be in another area of the world.

Great! Thank you for the kind words and advice, guys!

Hello, Ladies and Gents

I am about to go on the military deployment for 1 year. However, I am leaving my 4 properties rented out on the leases to different tenants in same city.

I was thinking about the system that I need to setup long and hard. Now I want your sanity check.

Here is what I came out with:

Tenants will utilize Amazon Payment System to pay me using their credit cards.

My entrusted maintenance man will do a monthly round of in-person attendance with all the tenants to ensure that my homes are kept in good upkeep and tenants do follow the conditions of lease.

Couple of questions:

1. Given this system should I leave my maintenance guy with a limited power of attorney in order to conduct any evictions? I have decent tenants, but you never know.

2. What other things I should watch for?

Thank you for your thoughts!

So is LLC is a better option?

I forgot to tell you that I live in Tallahassee, Leon County, Florida

Hey, guys(non-gender specific)

I would like to get your opinions around the horn.

I own 4 houses that I am renting out. I do a good portion of driving and maintenance on these homes.

I understand that I need some sort of the umbrella insurance policy.

I am also in the military and about to deploy, I heard that there is a tax writeoff for corporation whose employee(me) is reservist deployed. Anyone knows any more details on this?

So the big question is SHOULD I INCORPORATE OR NOT?

After 3 years, IRS has figured out that I owe they some money. They send me a tax bill claiming that I owe them $500 from 3 years ago. IRS is claiming that I made and didn't declare capital gains in 2010.

I am 99% sure that they are wrong. But there is that one percent. HERE IS THE DILEMMA. Who should I turn to for an advice? Who will be able to sit down with me and take a look at my reported income?

I got a hold of the local "MSBA, EA, CPA, PFS" guy and he wants $200 an hour. Since I owe only $500, paying $200 seems to be wasteful.

Who else can I hire? Do I have to go to CPA for this?

Thank you in advance!

Update:

I applied 5 days ago for Wells Fargo for HELOC. Initially they said that I can take out the HELOC on my investment property. My case got to the underwriter, she called me couple times and ask some additional questions. I thought that its a done deal, but I just got a call from some other Wells Fargo rep who told me that Wells Fargo is not doing HELOCs on the investment properties. So I am back to step one.

This time my plan is to take a VA cash-out refinance on my PRIMARY residence. It seems that no one is down to deal with investment properties.

I just spoke with the number of banks and everyone is saying "No Go" so far.

They said since the price of my investment property is so low($50000)this will mean that I will be able to only take max of $30000. This also mean that the closing cost per law has to be below $1500. Since it is impossible to close on $30000 cashout refince below $1500, they recommended to use HELOC instead.

I called to Wells Fargo and received the following offer on HELOC:
If I pay Closing Cost $547
Monthly payment $117.19
Interest Rates 5.625%
I may take the HELOC up to 60% of the property cost(appraisal and credit score pending).

SO I am thinking about doing a HELOC right now.