Chris M.
Changing from LLC to S Corp - How does it affect taxable year?
Hey guys, so we are changing our LLC to an S Corporation for our business entity type this year. We were likely going to do this in February of this year, 2018. My questions:1. Does changing from an LLC to S Corp affe...
Matthew Groth
LLC or series LLC? is it common or necessary ?
Hello bigger pockets!!! This is my first post here in the forum and just wanted to say hello! At this time I only have one rental property and my house that I live in. Eventually I am looking to acquire more propertie...
Frank Scala
Buying in Other States
My partner and I both reside in New York, but are looking to purchase our first investment property in Pennsylvania. Do I need to form the LLC in PA? Or is NY fine to do business in another state? Honestly, I would...
Charlie Kimberly
LLCs for a partnership
I'm about to close on a SFR deal that will be my first partnership. We're planning to quitclaim the deed to an LLC, should we share 1 LLC, or each have separate & put two on title?Thank you, CK
Naudy Reyes
Rental properties and LLC Bank Account
Hi Everyone, I am hoping someone can help clarify some info for me. I opened up an LLC to help manage my rental properties, however I “house hacked” them and therefore the mortgages are under my name, not the company’...
Bobby R.
DC Area Tax Preparer
I have yet to do 2014 taxes (multi-state W2s, rental property) as well as 2015. My last tax person, an accountant, was not taking depreciation for the rental.I met with a company that would do both years for $600, an...
Pavel Feldman
Short sale deal
There is a Short sale property in Florida with the following:145K listed price130K in first lien20K in second lienThe second lien was sold to some private company and they tried to file the foreclosureIs there any opt...
David Brian Medina
Forming an LLC before purchasing Rental properties
Good Afternoon BP,
I was wondering if anyone here has formed an LLC before buying property? I’ve met a few individuals in my city that chose to form an LLC because they planned on purchasing a lot of properties. Plea...
John Morgan
Best guess on when eviction freeze ends
So my tenants got behind on rent in January. I won the eviction case in court March 16th. They halted all evictions four days later before I could get a writ of possession. In the mean time, my tenants have been getti...
Hubert Chen
Strategy for offseting passive rental losses for my active flips?
I am a full-time flipper. My wife and I just started acquiring rental properties and I want to offset the passive rental loses against my active flip income. I thought I just had to have 750 hours in my real estate pr...