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20 February 2025 | 7 replies
Quote from @Jokari Trueheart: HI, almost 11 months ago I purchased 3 duplexes and I borrowed the funds from my personal residence which I took out a equity agreement for the down payment on the investment property, great idea at the time because I have 10 years to pay it off and theres no payment requirement, but , I learned more about the consequence that it takes a large chunk of my equity the longer I take to pay it back, so my goal was to refi cash out the investment property to pay it back but I don't think theres enough equity yet to pull the full $106k needed, I only borrowed $88k but with the equity percentage for one year i'm paying about $18k in equity on top of the amount I borrowed if I pay it off in year one, so I need this paid off ASAP before it increases more.
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11 February 2025 | 18 replies
Some documents require “wet” signatures… meaning hand signed.
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16 February 2025 | 3 replies
Maybe I could leverage my other business but I don’t know the requirements for that as we do have outstanding loans already
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20 February 2025 | 2 replies
Additionally the lender might require 6 months of payments to be made on the loan before you can refinance again.
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25 February 2025 | 15 replies
For those, each has its own LLC because I need to segregate investors in different properties (in other words, the ownership is different so the entity has to be different) and because our lenders for those size deals require single purpose entities.But if I formed a separate LLC for each of the 700+ properties that I’ve purchased in my career (all of the houses and small multi), I’d need a full-time legal team just to handle entity administration.
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12 February 2025 | 4 replies
This requires careful structuring and compliance with IRS rules.Installment Sales or Buyouts – Instead of distributing properties outright, investors can sell or buy out their respective shares over time, spreading out tax liability and reducing immediate capital gains impact.LLC Restructuring (State-Specific) – Converting the corporation into an LLC taxed as a partnership may allow for a more tax-efficient asset distribution.
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22 February 2025 | 13 replies
So thats why its a bank requirement.. this was a HUGE mess in the GFC.
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21 February 2025 | 7 replies
Second, beginning in October of last year, the TCPA was expanded to require express written consent for all autodialed calls to cell phones.
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29 January 2025 | 4 replies
Do you have central boiler for water and heat or individual units?
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26 February 2025 | 15 replies
This exemption is designed to provide tax relief for family-owned businesses, so failing to meet the requirements can add an unexpected layer of tax liability.