Thomas Weiss
Bank account set up for 2 partners while doing real estate
Hello everyone, so my business partner and I are moving into real estate. Mainly buy and hold with some flips mixed in for extra operating revenue. My question is how should we set up our bank/credit accounts to be th...
Kimberly T.
Can "having a job" be part of your tenant screening criteria?
Hear me out.
Let's say part of your screening criteria is a minimum of 3x rent as income. In CA and some (all?) other states, you cannot discriminate based on source of income. That means if the prospective...
Dan Cahill
Combining IRA funds with non-IRA funds to purchase single property
I know an IRA can be used to purchase real estate, but can I combine IRA funds with non-IRA funds to buy a single property? I.e. I would see it as a partnership from a tax perspective, with IRA owning a portion, and ...
Luke M.
Solid credit, but it's reducing with each deal
I started out with a credit score of 790 when I bought my first rental. In 3 years, I've acquired 4 more, and my credit has dipped with each loan, and is now at 710. I have no debt except for these loans, and no credi...
Michael Weis
Receiving 100k as a gift
Good Morning, I have someone who will be helping me get my journey started by gifting me 100k. I know they are responsible for tax forms on their end. What's the easiest way to receive the money? Is it as simple as...
Kyle K.
Mortgaged Properties in LLCs
Say you decided to place one of your mortgaged investment properties into an LLC for asset protection. You're doing what you can to treat your LLC like a business (it has its own checking account, filed separately fro...
John Garretson
Help Analyzing My First Deal
Hi All,I'm getting ready to do my first deal and I wanted to get some sense of whether the numbers work well...Fully renovated, new roof, new interiors, granite countertops, LVP on all floors, etc. Basically look like...
Terry N.
Reporting Rental Income
Dumb question...I'm a newbie, please forgive...If I get 1100 a month in rent but I pay 900 in mortgage payments. Do I report my rental income as 2400 a year? or 13,200?
Account Closed
I doubt you can answer this...
I have two tax questions:1. Last year I earned income from 1099's as well as business income. Is it more advantageous for me tax-wise to apply my deductions to the 1099 or the business income?2. Last year, I made seve...
Harsha G.
Private Lending - Passive Losses on Schedule E
Hi All,Is there any way to structure a private lending arrangement so that income is considered passive (by IRS standards) and can offset accumulated schedule E losses? Perhaps as a syndication or credit fund?