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5 January 2012 | 11 replies
Anyone that has dug into tax much realizes that the rules and regulations are only a small part of the law.
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19 November 2011 | 27 replies
NOTE: People, you need to read the terms of service which inlcudes the forum rules.
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11 November 2011 | 12 replies
From a licensing point of view you will need two licenses, the MLO and a consumer lending license for the company.The exception to that rule is if you are financing a home that you actually lived in for two years or more and it was your declared primary residence on your income tax forms.Even with the licenses go a plethora of compliance issues from Red Flag to Debt Collection practices, and everything in between.
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6 November 2011 | 4 replies
So far that appears to only be an option if it is my personal residence.Right now, the property barely breaks even or is slightly negative (using 50% rule)in cash flow until the credit card debt is reduced over time.
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6 February 2012 | 14 replies
David,When Canadians buy real estate in the US, they have to be concerned with four things, 1) how to own the property, 2) taxes, 3) probate, and 4) nonresident estate tax.
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8 November 2011 | 4 replies
I was trying to merge this goal with the goal of a moderate cash flowing property but it seems this isn't a possible scenario.I intend to invest in cash flowing properties outside of this deal and have already done one cash deal where I bought a property all in for 33k that would comp for about 35k and sold it on land contract for 48k, with 14k down and the balance to be paid at 8% over 6 years.I am continuing to learn and hope to develop my knowledge and comfort in doing a variety of real estate deals but for now I will start with buy/hold rental properties or land contract notes As I have minimal sweat equity/time.My financial situation is interesting as I am a fourth year medical student who will not realize a substantial income for another 5-6 years.
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21 November 2011 | 18 replies
The name C Corporation is used only to distinguish one taxable entity from another taxable entity (there is no Subchapter C, which governs how a C Corporation is taxed.)Because the "S" simply refers to a section of the tax code, choosing to tax an LLC as an S Corporation affect ONLY the rules used to tax the LLC - NOT the rules to form or operate an LLC, nor the rules that determine the liability of the owners of an LLC.LEGAL REQUIREMENTS & LIABILITYLegal Requirements:The rules to form and operate a Corporation are different from the rules to form and operate an LLC.
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13 November 2011 | 13 replies
So, at least in this one case, I was able to go MUCH lower than the approved price and still got the deal.That is amazing, I had no idea there was that much wiggle room with the banks (although perhaps this case was the exception rather than the rule?)
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10 November 2011 | 3 replies
Here's some numbers:GOI (minus vacancy) = 21240NOI = 10620 (50% rule), however, because everything is new, NOI could actually be near 70% with no cap expenditures in the near future.Cap rate = 11% minimumcash on cash return = 25%I have a side deal with my brother/partner where he would be property manager but would forgo any payment in lieu of earning equity in the property - I can explain more if anyone is interested.