Nathaniel Irizarry
Personal Loan Question for financing a home
I'm just getting started with property investing and want to purchase a multifamily home and househack. If I was to borrow money from my parents for a $100k down payment, how would I draw up a contract or record taxes...
Kevin Kittilsen
Capital gain Ordinary Income Tax on rental to be demolished
I run a family owned general contractor business (custom homes). However, I am not a registered principal of the company (s-Corp). My mom and dad are the two registered principals as they started the company 30+ years...
Dina Harleth
Are gains from sale of the primary residence taxed at capital gains rate or ordinary income?
I have always thought it was at the capital gains rate, but someone today told me that the gain on the sale of a primary residences is taxed at the ordinary income rate. Can someone clear this up for me? Thank yo...
Holly Schuster
PHILLY INVESTORS (unique probate inquiry)
In Philadelphia, if a decedent has been deceased for MORE THAN 21 YEARS, letters (admin/testamentary) are unable to be obtained in the usual manner. I’m told that a lawyer must file a petition in orphans court before ...
Denise Pauzano
LLC or personal??
Did anyone create an LLC with multiple rental properties or keep them in your personal name? And reason for doing either.
Dina Harleth
Can I stay at a property while rehabbing it and deduct repairs?
I'm living in a house that I want to convert to a rental. If I need to come back to make repairs such as new flooring, is it ok to stay a few nights on the property itself while choosing flooring, overseeing minor re...
Spencer Boerup
New REI...is it beneficial to have your real estate license?
I'm a new REI and looking to add more to my portfolio, somewhere possibly between 10-15 units in the next year.I have a commercial unit fully leased (to another business I own), and a single Townhome with about $1130/...
Account Closed
Starting REI business with friends - LLC or not?
My friends and I are in the process of purchasing our first real estate investment out of state and planning to finance the investment through a bank. Each of us are bringing varying degrees of capital and sweat equit...
Frank LaSpisa
1031 Exchange 4 Member LLC Question
I'm buying a property and trying to finance the deal. The money is coming from a 4 member LLC 1031 exchange. Can i purchase the property and get the loan under the 4 members names so i can get a regular residential lo...
Jimmy Jones
how depreciation is calculated
Hello All,I am trying to understand how depreciation of a long term upgrade (Solar) is calculated for tax purposes / understanding the real cost. My question does the depreciation directly offset net profit? Examp...