Timothy Lawrence
House Hacking Advice (Washington D.C, Nova, Baltimore Area)
8 January 2025 | 11 replies
If there's a family member or friend in a similar situation, and you can both align on the initial plan (location, home type, price, usage/occupancy, etc) you can pretty easily get a co-ownership agreement in place and even a joint mortgage.The benefit here is it might open up your ability to buy a larger place in a nicer area which could lead to a faster rate of appreciation and overall better living environment.
Landon Sheveland
LLC for Renovation Costs
23 December 2024 | 3 replies
When selling a primary residence you have lived in 2 of the previous 5 years you get a tax exception on profits of $250k for a single person and $500k for a married couple filing jointly.
James Syed
5 Day Notice Illinois
5 January 2025 | 18 replies
Joint action is for possession of the property plus back rent.
Melanie Baldridge
“active income” and “passive income"
20 December 2024 | 0 replies
You must work at least 750 hours per year in a qualified RE business.So most people who have high-earning W-2 jobs outside of real estate wouldn't qualify.But the unique thing about RE pro status is that even if you don’t qualify but your spouse does, you can both file jointly and claim the losses from your RE investments to offset your other active income together.
Charlene Kingsnorth
Private Lender Loan Servicing Software Fees
15 January 2025 | 15 replies
If you have a RE attorney and mortgage broker then I am assuming you are using some type of joint venture or participation agreement to outline who gets paid what and who is in what position as you tranche the loan.
Francisco Ruiz
Snowshoe, WV - Condo or Home
16 December 2024 | 11 replies
Except in very specific markets, condos are a vastly inferior investment to a stand-alone dwelling.
Yents Ybrimovic
203K loan new investor question
17 December 2024 | 16 replies
For your specific question about doing a JV on the loan, my suggestion would be that both go on the loan and then do a separate joint venture agreement...because you can not have an LLC on the loan for those loan types, they need to be in your personal names.I am not a lender so maybe one of my lender friends could chime on exactly this would work @Zack Karp, @Michael Facchini, or @Jose Valdovinos?
Doug Kirk
Liens on a property and determining position
3 January 2025 | 8 replies
For example, Ohio Real Title provides property lien search services across all 88 counties in Ohio, making it a convenient option for obtaining a thorough analysis before bidding on a property.Ohio Real Title is the company I use, and we have a joint venture with them.
Scott Trench
Can Someone Please Explain Why A "Wholesaler" Would NOT Get Licensed?
18 January 2025 | 13 replies
That is like trying to sell a tofu burger to an animal rights activist having to disclose that the building attached to your tofu burger joint is a slaughterhouse you also own where they slaughter baby cows, and using the exact knife that slaughtered the cow to cut the tofu.
Samuel Kim
Real estate professional status 750 hours doable?
18 January 2025 | 13 replies
all are new constructions and I don't know how she is gonna be able to find 750h of work to do in these new construction houses.Any help appreciated Good questions, first the IRS requirements to meet Real Estate Professional Status (REPS) are: > 50 percent of his/her time working in real property businesses; AND, 750 hours of service during the year ANDAt least %5 ownerIf married filing jointly, one spouse must meet 750 hour requirement on their own.