Mark Prather
Hello from the greater St Louis area
1 May 2024 | 7 replies
One thing to note, is that if you are doing flips in either Solo or SDIRA the IRS is likely to see that as running a business and you could be subject to UBIT (unrelated business tax) which scales up to 37% so it can be pretty hefty depending on the numbers.
Amir J Reichental
Which address to use when buying a property under LLC?
30 April 2024 | 9 replies
Hey @Amir J Reichental, There are small pros and cons to this: Home Address:Pros:Privacy: Providing your home address keeps your personal information private, as it's not tied directly to your business.Convenience: If you're already receiving mail and other communications at your home address, it may be more convenient to keep everything in one place.Cons:Risk: Using your home address exposes it to potential risks associated with the property owned by the LLC, such as lawsuits or creditors targeting your personal assets.Tax Implications: Depending on your jurisdiction, using your home address could have tax implications, especially if you're claiming any tax benefits or deductions related to the property.LLC Address:Pros:Asset Protection: Using your LLC address helps separate your personal assets from your business assets, providing an extra layer of liability protection.Business Image: Using the LLC address for business-related documents can help establish credibility and professionalism for your company.Cons:Public Record: LLC addresses are often part of public records, which means they may be more accessible to anyone who wants to find information about your business.Mail Handling: If you don't have a physical presence at the LLC address, you'll need to ensure mail forwarding or a reliable method of receiving important documents.Ultimately, the decision depends on your specific circumstances and priorities.
Mounish Thatikonda
Failed to estimate a rehab
30 April 2024 | 8 replies
I can offer a few recommendations: 1) get an inspection while under contract to make sure you don't miss anything and do thorough due diligence in general (I wrote a long piece a while back that might help: https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...2) Read J.
Ishan Ishan
LLC formation NY or FL
30 April 2024 | 4 replies
Its also more cost efficient compared to NY in terms of fee's and overall costs to set up LLC.When I set my LLC up in Fl it took literally 15 minutes and you will need to get your Tax ID/IEN set up so you can get your business checking account set up with a local FL bank.
Robert S.
Standing water in yard and window well
1 May 2024 | 30 replies
My basement has flooded, possibly due to standing water in one of the window wells.
Jeff Daring
Requirements for conventional - using income from rental
29 April 2024 | 9 replies
Then later find out in underwriting that the loan officer did not calculate income correctly or used rents that do not qualify.You want to ask to see the math to see how are they running the approval it’s not just income, and rents it’s also what are the annual taxes and annual home owners insurance they are using to qualify.
Lonnie Perez
Rookie Investor from San Francisco
2 May 2024 | 23 replies
I moved from Florida to start investing in Columbus due to the same reason.https://www.zillow.com/learn/hottest-housing-markets-2024/
Nathan Alvarado
HELOC vs Cashout refi
1 May 2024 | 5 replies
If this is an investment property it is going to be much tougher to get a HELOC due to the LTV restrictions.
Bubba McCants
Navigating the Tides: How Current Economic Events are Reshaping Real Estate
29 April 2024 | 5 replies
Same strategy -> Let the data drive decisions (include updated tax, interest rate, rent numbers, etc.)2.
Miranda G.
Earnest Money Deposit Startups
30 April 2024 | 1 reply
This seems unfeasible for rental investments due to the high cost of capital.