All Forum Posts by: Account Closed

Thanks everyone for your input, very handy info from everyone and I greatly appreciate it all.

@Ryan Harris just sent a connect to you. I invest in the Richmond/Petersburg area and always looking for more. 

Thanks

Chris

Yes this is true, I had a property under contract over on Harris and the insurance was higher due to the flood map. I just love those older homes out that way though. I might have drop you a line next time I am down there. I come down to PCB quite a bit since my grandparents moved down there. That why I started looking down there first. Dont know how the market has changed down there since 2013 to now. I still look down there from time to time, I like the whole panhandle area a lot. 

@Cameron Skinner Thanks. Apparently she may not have known all the details in this matter. 

On another note- I spent a bunch of time down in your neck of the woods trying to pick up some properties. I really love the Cove section.

Welcome Tom. Lots of people and info on here that will help you out.

@Jeff Rabinowitz Thank you. I will ask the CPA first, shes free to call, the attorney charges by the hour.

On a personal side I prefer brick. Love the old style brick homes especially the old style colonials. To me on the work end part of it, no siding to deal with, no painting required when it starts to fade or weather, seems (to me) to be more sturdy of a structure. 

After flipping a few properties and acquiring some buy and holds on my own I opted to start a LLC. However the LLC currently has no funds in the account and the bank told me that if I was to transfer any of my own money into the account the IRS would view that as "income". I could how ever "loan" my money to my LLC then pay it back to myself. So my question would be what would be needed to do something like this? Has anyone done this themselves, and if so how did you do it for tax purposes? Is it just as simple as making a note on a piece of paper with the amount loaned, any interest if added in there, and sticking into the recorder?

Thanks for any help or tips

One of the cons of having properties far away if you do not have a good crew that works for you to watch over them. Thankfully my GC reports back to me when ever I have subs come in and he over sees them to make sure they do not try and do a slack job just because I am not there. Good/honest help can be hard to find, and when you do find them you better hold on to them as best as you can. 

Just a little info I would not be basing your comps off of Zillow. Nothing wrong with getting a general idea by using Zillow for what sold/for sale, but the Zestimate is not accurate. If you are working with an agent they should be providing you with accurate comps by giving you CMAs. Good luck if you pull the trigger on it.