Account Closed
Prroperty management company put previous tenant in collections
I recently had my property management company take over management of one of my properties I was self-managing from out-of-state. The tenant was becoming difficult and late on rent and I just did not have the time or ...
Kristi Monighetti
Buying House from Parent With Unique Circumstances
In 2018 I separated from my husband and needed to buy a house. Due to my pending divorce my dad helped with my house, I put the money down to buy it and he obtained the loan and also left me off title (long story ther...
Fernando Morales
Legal duplex converted to tri or quad
I am looking to buy a triplex or quad. I have come across some legal duplexes that have been converted to either a triplex or a quad. What are the consequences that could happen if I purchase a "nonconforming" propert...
Danny Shore
tax treatment of closing costs
What are the tax consequences for the following 100% residential rental situations?
1. seller paid closing costs
2. buyer paid closing costs
3. buyer tacks the closing costs onto his mortgage
4. what is the better sc...
Dan G.
Income taxes paid out-of-state with rental properties?
Hello,I am thinking about buying some SFH rental properties in the Midwest. I live in Florida. If I buy houses in Michigan, for example, do I have to pay state income tax in Michigan, even though I don't live in Mic...
Kortez Walker
Is wholesaling Ethical?
I'm having this way of thinking in regards to saying "we buy houses " so I'm starting to say "cash for houses". It kind of seems unethical and especially if your seller finds out what's going on it seems deceiving in ...
Florentin Grecea
Accounting Question- capital gain
Hello,
I have a property on my name for over a year. I am planning to transfer the title via warranty deed to an LLC (which I wholly own) before I sell it. Will that impact my capital gain tax bracket, if my corpora...
Michael Pruitt
Risks of Going into Wholesale Contract
Hey all, I'm wondering what some risks are that some wholesalers have encountered specifically related to their contracts? Have any wholesalers faced consequences due to missing clauses that they should've included re...
Larry H.
Is A Permit Required?
We are doing our first flip in Denham Springs, LA, just outside Baton Rouge. The house got about 5' of water and has been completely gutted all the way to the studs throughout. All electrical, plumbing, and AC will be...
J Shoe
LLC or Trust?
I am looking to purchase a 10 unit apartment. Should I purchase it in an LLC or a Trust? I am a little confused as to which entity to place it in and how. Do I purchase it in the name of the LLC and then quit claim ...