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All Forum Posts by: Dave Pricken

Dave Pricken has started 6 posts and replied 24 times.

Charles Carillo, thanks so much for the information.   My partner in the upstate NY portfolio is based in FL.   I'll be moving forward with the local lender and see how quickly we can get this together. Both my partner and myself have good income and credit scores, so I'm hoping it won't be too much of a process.


Dave

Hi, I hope this is the right forum.

We have a total of 14 properties / 36 units with great cash flow in Upstate NY that we've owned for almost a year now. We'd like to refi with only the information about the properties income/expenses figures and without our personal assets and  income/tax returns.  Is there a bank that will do this type of loan?   We can use our personal information as back up, but would rather have the properties support the foundation of the loan.    

Also, we use a small local bank for our servicer, would we have any better luck with a larger / national chain bank?

Any help would be greatly appreciated.  Thanks, Dave

Post: Property Management Sample Invoice

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

Thanks for the feedback, but it's an older woman who had a relationship with the previous owner and agreed to stay on for the transition. We really just need a form if someone has a sample they can e-mail me.    Dave

Post: Property Management Sample Invoice

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

Hi everyone, we have found a part time property manager for our rents, but she doesn't have an invoice to bill us. Can anyone provide a resource?     She used to handle properties in the area, but only does so on a small scale so it would be informal, but just for record keeping.    Thanks.      Dave

Post: New Jersey Resident Doing Wholesale Deals in NY

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

Thanks, I don't want to make a loan, I just want to show that my NY LLC hired my NJ LLC to perform a service so I can show the income in and out of the NY LLC and have the NJ LLC receive the money as services performed.

I know it sounds weird, but I'm just trying to limit my tax liability for the NY LLC. I know I'll have to pay the taxes either way, but I'd rather have the NJ LLC pay them.

Thanks again for taking the time to answer.

Dave

Post: New Jersey Resident Doing Wholesale Deals in NY

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

@BasitSiddiqi, thanks so much for your feedback, always great to get some professional advise, that's why I love Bigger Pockets, people willing to help.

I am the owner/member of both the NY and NJ LLCs, but I live in NJ. I'd like to transfer the money from the NY LLC to the NJ LLC as a "consulting fee". Can I do that between the LLC's?

Thanks again, I really appreciate it.                Dave

Post: New Jersey Resident Doing Wholesale Deals in NY

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

Thanks for the info.   Just looking to minimize my tax burden. I did a wholesale deal in NY under just my name and they hit me for almost 33% tax at closing. That reduced my take-home amount considerably. I keep a separate savings account with extra funding and pay my taxes at the end of the year, but it's nice to have that floating cash if anything good comes up.   

I have always found that if you really have a great deal to sell, the buyers come out of the woodwork. Seems most wholesalers don't "earn" their share and just offer marginal deals that other investors could pay retail off the MLS for.

Post: New Jersey Resident Doing Wholesale Deals in NY

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

Hi, I have a wholesale deal closing in NY and I live in NJ. I created a NY LLC for my wholesale deals, but want to get the money back to an LLC that I have in NJ. Should I take the funds/profits from the wholesale deal to my NJ LLC and pay the out of state taxes, or should I take the funds/profits into my NY LLC and then have that LLC pay my NJ LLC?

Sorry, I'm kind of new at this. 

Thanks.          Dave

Post: Has anyone joined the group "snap-flip"?

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

Just to follow up, the Snap Flip people called me a few days later and offered to let me take their 3 day seminar for $225 after asking people to pay $1495 at the promo event.     Again, I've learned more at BP web site than all the education info I've seen in the past 10 years.   God Bless BP and Merry Christmas to all!

Post: Has anyone joined the group "snap-flip"?

Dave PrickenPosted
  • Wholesaler
  • Wayne, NJ
  • Posts 24
  • Votes 3

I went to one of their 2 hour pre-seminar events yesterday in NJ.  The best part was the free box lunch they gave away.  I'm not trying to bash them, I'm sure they have tons of knowledge and resources, but I'd have to agree that, if you're willing to take action, you can get all those answers here in BP.  Good luck everyone.   Dave