17 February 2018 | 2 replies
You might have different options if property was held in an LLC and the transactions were real bank transactions to your LLC account, but even then, its a wash since LLC is pass through to personal and you would be recording both an expense and an income resulting in no benefit(not a tax professional. just opinion.)source:https://pocketsense.com/can-declare-rental-properties-primary-residences-8116.html
18 March 2018 | 23 replies
@Jeremy Woods if we really want to get in the weeds...An LLC owner can be held personally liable if he or she: personally and directly injures someonepersonally guarantees a bank loan or a business debt on which the LLC defaultsfails to deposit taxes withheld from employees' wagesintentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, ortreats the LLC as an extension of his or her personal affairs, rather than as a separate legal entity.Wouldn't buying in your name then transferring to the LLC meet the two bold comments?
13 March 2018 | 13 replies
OPM is the #1 reason you should invest in rental real estate) the bank will force you to get one.
24 April 2018 | 46 replies
And guess who is then on the hook for the money that was in YOUR bank account.
17 February 2018 | 1 reply
How do I find out which bank to contact to purchase it?
21 February 2018 | 12 replies
I have been to approximately 8 banks in our area and with the exception of two national/regional chain banks, the others are actually locally owned banks.
19 February 2018 | 3 replies
I have been reading a book called the bankers code It talks about becoming the bank and using lines of credit from a bank to then do private lending.If anyone is actually doing this and could give me some input about the tax implications.Private lending tax implications when using line of credit.
18 February 2018 | 4 replies
Account ClosedYou can technically get a HELOC right after purchasing a home, but most banks will only do up to 80% LTV max.
18 February 2018 | 5 replies
Often your jurisdiction will require a separate T off the main line, which would involve trenching to get to a 2nd meter.
18 February 2018 | 4 replies
You'll be able to find out how much a bank liened when the property was sold and you could probably estimate monthly payments since then- just use an online amortization calculator.