Mylene Bel
Transfer property to a LLC (2 foreign owners) to avoid FIRPTA?
Hi BiggerPockets,My husband and I are foreign owners of a condo in Florida that we want to sell to buy other investment properties. We didn't form a LLC at the time of buying. Now we're told that we should have in ord...
Michelle S.
Seller Changes the Closing Attorney - Should I be concerned?
Hi BP Family, I am in the middle of closing a deal. The seller chose the closing attorney originally. Now, he wants to change from the original one to a new one. The reason was given as follows:" when the seller bough...
Stephen R.
Forcing a short sale
I'm new to BP and REI Scenario: I'm looking at a property that I intend on buying and renting. It's a 2BR, 2BA, 1145 sqft condo. It is currently in foreclosure, (or pre-foreclosure and subject to probate.) I am famil...
Jered Collins
Question to recaptured depreciation and capital gains tax
Perhaps this subject has been discussed in depth before but I want to reinvigorate the importance of understanding the effects of recaptured depreciation and capital gains tax on sale of multifamily properties. I've ...
Jeremy H.
Depreciation of property
As a rental property owner I found there is something new to deduct which is not available from a owner occupied property.. which is depreciation of the rental property.My understanding is that you get that years ove...
Nate S.
Just got a property under contract and got more problems.
I got a property under contract, they called me needing to get of it. Sellers informed me they're behind backed taxes which is the amount I put the contract under for(Not above the comps calculations max offer). The t...
Rob Pattison
Needing a second opinion on my $51k tax obligation
I bought a house in Costa Rica, using partially money from my 401k through a covid distribution, which meant I escaped the 10% penalty but still am liable for income tax.I'm 59, and took out approximately $200k. This...
Emilio Attardo
FHA 203k loan for moving out of state
Good morning BP! I am currently looking to buy a small multi family with an FHA 203k loan. My short term goal is to buy a property, fix it up, rent the other units and move into the vacant one for a year. Sounds great...
Andres Murillo
Which market should I choose? Why are investors choosing certain markets?
I review this doc with nearly every new client I work with. I thought I'd get some feedback from the BP community.What's plotted here is "why are investors choosing this market". For example, investors are choosing Sa...
Sheryl Griffin
Business checking account
So what is the correct terminology when opening a business checking account when asked what I do? When I answered "Real Estate Investments", it raised a red flag, and it goes to the Legal Dept. for review. I never h...