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15 September 2024 | 2 replies
Family situation changes, location changes, employment status changes, businesses open and close - nothing is permanent.
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14 September 2024 | 11 replies
If there are excess funds after paying the local/school real estate tax bill, the remainder can go to:Current real estate taxesCurrent Muncipal liens for water/sewer or any other bill initiated by the municipalityState Liens, usually for outstanding state taxes, sometimes employee/employer taxesPA State Inheritance Tax which applies to all deceased owners and starts at dollar one with no exemptions, unlike the Federal Estate Tax.
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12 September 2024 | 6 replies
My plan is to use the LLC to acquire properties and to be the employer for the property manager when I actually acquire some walls and a roof besides my own personal home.
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15 September 2024 | 38 replies
Simple answer as to pros/cons:Pros: easier to get approved than conventional without your personal income/employment/taxes/assets/DTI being evaluated, i.e. lighter paperwork and more flexibility, usually faster too.
14 September 2024 | 10 replies
If its positive it adds to your job/self employment income as a total income figure to determine your DTI or debt to income.
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13 September 2024 | 9 replies
Being self employed then too, I would not qualify so I never started that way (and I was very young (like 23).
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10 September 2024 | 14 replies
That's just click bait.
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11 September 2024 | 18 replies
This is the IRS "intro":https://www.irs.gov/businesses/small-businesses-self-employe...and this is their 256-page guide to train their auditors:https://www.irs.gov/pub/irs-pdf/p5712.pdfSo yes, you will come across different opinions from different tax professionals.
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10 September 2024 | 0 replies
As long as the property generates enough cash flow to service the debt, you qualify—without the need for personal income verification.This type of loan is ideal for those serious about growing their real estate portfolio, especially if you’re self-employed or have irregular income streams.Why DSCR Loans Matter for Real Estate InvestorsWhen it comes to real estate investing, traditional loans can often be restrictive, requiring personal income verification and imposing limits on the amount you can borrow.
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10 September 2024 | 2 replies
Reasons were many, but financially speaking, I had received a growth opportunity from my employer in exchange that I relocate to another part of the country.