Account Closed
Realtors loaning commission @ 2.25% rate post closing 2nd mtg
Anyone ever heard of Realtors loaning the commission @ 2.25% interest rate as a Cash Out 2nd mortgage above 97% CLTV post closing? Example: 500,000 purchase x 3% $15,000 commission- 5,000 for tax realtor has t...
Rich Weese
Taxes, Taxes, taxes!!!!!
I have many posts and blogs about my extreme dislike for Income Taxes. I've been working on last years' return and I may end up paying something. That is very frustrating and I committ to work harder in the future to ...
Kristen Bouvier Scoville
LLC vs S-Corp/ Too many Properties Rentals?? CPA - Tax Attorney
Could use some Tax Attorney or CPA advice! Here's what I have.. My husband and I live in a small Western New York College Town. We currently own over 20 properties primarily Student Rentals; 1- (6 unit 1bd), 1-(3 bldg...
Brian Gibbons
Tips from Brian Gibbons re: Creative Financing
It is the spring and I thought I would give a primer on "creative financing" for the BP community.I will break it up into Beginner and Advanced.I will talk about well known and not so well known strategies.Beginner st...
Nad Oli
Helping my tenants sue their previous management company , suing the seller.
Hello,
I am seeking help with a situation involving my tenants and their previous management company. I recently purchased a duplex, and the previous owner had employed a property management company. One of the apart...
Marcus Johnson
Is it financially better to own multiple properties or less?
Let me try to give a real world experience that may provide some conclusion as to whether or not owning more properties provides greater protection.I’m going to use a duplex that I purchased in city of South Minneapol...
David Li
Real estate horror story, need some advice
Hello everyone. So last year I bought a 7 units apt for 1.06 million dollars. Everything looks great on paper. Bought it with 3% seller financing on a 8% cap. What could go wrong right? Only thing is I didn’t check wi...
Bryan Hancock
At What Point Does Someone Become Rich?
We have a progressive tax system in this country that supposedly taxes the "rich" more than common folks. I was wondering at what point someone magically becomes rich and should shoulder the burden of carrying others...
Account Closed
Approved Tenant requires Owner's SSN/Taxpayer ID for 'Reporting' purposes
does the approved tenant (for one of the 2 units in a legal duplex) have legal grounds to be demanding the owner's (landlord's) taxpayer id? tenant explanation is that intends to file a 1099 for each year she is owner...
Ray Reed
inherited 85 year old tenant but rent is way below market
Hello BP,I recently closed on a 5 unit property where all of the units are way below market. With the current rents I am operating at a $200 monthly deficit. All of the residents are on month to month leases and this...