Vito DiIenna
Confirming Legal Status of a Multifamily Home in NYC
13 November 2024 | 7 replies
I've only experienced this on the buy-side of multifamily acquisitions, but have been involved in transactions where the lender requires a CofO and they have gotten comfortable with just the I-card, when there is no CofO for the property.
Peter Thielemann
Will be inheriting a property I want to turn into a rental.
14 November 2024 | 13 replies
It's been a while since I've involved myself with Bigger Pockets.
Shannon L Fogarty
Deed vs mortgage
11 November 2024 | 14 replies
A resolution might involve a refinance or buyout agreement to remove her from the mortgage, aligning ownership and liability.This post does not create a CPA-Client relationship.
Melanie Baldridge
RE Pro status to make the best case with your CPA and the IRS
12 November 2024 | 1 reply
If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.
Chi Sastry
Sub-To mentorship/education or mastermind options...
12 November 2024 | 11 replies
Probably 90% of sub to / seller financed transactions involve purchase price ABOVE what an investor would pay having to obtain new institutional financing or paying cash.
Sahara Faughn
Please advise - Covid-19 partial claim, Preforeclosure auction and home sale
14 November 2024 | 12 replies
I may be wrong in my understanding of the real estate code of ethics outlined in the Arizona state statutes, and everything else I've read regarding real estate transactions, but as far as I understand it the original agreement to sell is null and void due to the nondiscolure committed by the real estate agent/broker first in the fact that he signed the agreement to sell as the buyer, misrepresentating himself as the agent and stating he had a buyer/investor and Secondly because the agent involved should not sign in representation of the buyer but may only accompany the buyer to the signing (it was done through docusign, I signed first and then was notified that the buyer had signed and downloaded a copy, I didn't look at who the buyer was until just last night).
Roopesh Krishnamoorthy
NON-US Citizen wanting to invest in real estate with a work visa!!!
11 November 2024 | 8 replies
When you're on a temporary visa, especially without a clear path to permanent residency, the risk involved can be substantial—both financially and legally.
Daniel Suarez
Renting to sex offender
17 November 2024 | 32 replies
People are just to involved in others lives that that can't manage their own respectful and dignity is out the window in this time of humanity,..we should just stop pointing and be right in doing so if we have to be such ruthless running to the top for that reputation and greed of money ...it will all be gone and by then who s helping u and yours cause it will only get worse with that attitude.
Steve Holt
Is BongoStays legit?
12 November 2024 | 47 replies
It's critical to to get references and work with BB&B-accredited and fully insured companies when this amount of money is involved.
Karl Kauper
Are there no actual property owners on BP?
15 November 2024 | 18 replies
I'm a property owner on BP and a W2 employee (nothing involved with real estate).