All Forum Posts by: Patricia Vildozo

@Sherief Elbassuoni could please the name of the accountant for our real estate endeavors? We are also located in WA

Hello Community,

I opened an LLC, purchased a flip with it in 2018, had a bunch of issues while rehabbing it, when we were done with it, it didn't sell quickly, we try to refinance it, bank made me quit claim deed it to my name and the refinancing feel through. Finally, it sold at the beginning of 2019.

I know that is better to talk to a tax professional but my tax professional seems to be lost. On your experience, would it be better to consider it an investment or file schedule c ( purchased under company name and sold under mine, only one flip that year)? I haven’t included the costs for this flip in 2018, do I need to amend it if included in Schedule C?

What type of expense the 2018 property taxes would be I schedule c ?

I would really appreciate tour input .

Hello community,

A while ago I decided to rent my primary home located in Wa, and rent another house in a better school district. I divided that house into two units; the main house ( unit 1) and a separate entry bedroom w/ bath ( unit 2) and since then I had great tenants. Everything was fine until the Corona Virus crisis hit us all , the tenants from the bigger unit payed April’s rent on time and said that they are economically stable . However, the tenant from the second unit who moved on November of last year told us that he can’t pay. We understand that many people is going through really hard times , including us since I’m afraid my husband job is also on jeopardy, thus we offered different options to pay this month.

First, we gave him a discount of 20 % if he payed on time.

Second, a payment plan so he pays 20% on time , and the rest over two months .

And third, we offered to break the lease without penalty and apply the last months rent for the month of April and just let him go without any penalty.

Since then he has ghosted us until two days ago letting us know that he still doesn’t have money. Also, he hasn’t chose any of the options offered.

Our next step was to send him a 30 day notice to vacate this 18 of April which was when the moratorium was going to end. However, now the governor extended the moratorium until early June.

We feel that we gave him options, and we are afraid that he won’t be able to pay the money owed at the end of the moratorium either since all the balance is going to accrue and we might end up going to court or collections which we don’t want to do.

I would really appreciate some advice...

Mushfiq S. Could you share which company are you using? . I’m in Wa and also investing in Jacksonville . I hope to meet you soon in a networking meeting !

Hello BP members , I was about to contact a lawyer to provide me with a WA contract to use for my contractors. However , I thought I can try first here. Does somebody have a sample contract to share ? Your help will be appreciated! Thanks Patricia

Gita Faust and Steve Babiak what Quickbooks version would you recommend ?

Hello Maggie Lalor I would like your insight in property I’m about to put a offer in. I would like to contact you but for some reason you contact info is unavailable. Is there a way we can chat ?

Besides 12% of interest, the HML may charge you points , generally 2 points that will be added to the monthly interest payment . Also they might roll in the closing costs for buying and selling ( in case you want to sell) the property . The note begins the day you sign the purchase and sale agreement in my experience

@Neil P. what type of loan did you end up using? 

A commercial lender could give you a portfolio loan . Not the best terms . If you want a convencional to refinance it will have to be under your name then quitclaim it to an LLC