Kerry White
Looking to save on closing cost
So i bought my first property 8/13 I'm responsible for the 2014 taxes which are roughly $3,500 i have been holding and renovating this for quite some time now due to unfortunate events. But now i am ready to sell. Hom...
Nicalaus B West
Quitclaim Deed, Mortgage, and Cash Purchase Rental Property
Situation:My mother owns a house in Illinois in the country and has no mortgage or outstanding liens against it except 1 year of taxes that someone someone bought in a tax sale. She was injured in her 30's and now rec...
Mike Helminger
UDFI Question (related to SDIRA)
I read through this post (and several others) and am trying to grapple with the idea of UDFI:https://www.biggerpockets.com/...Scrolling down a bit, Chris Wooten states the following in the comment section: I’m not a C...
David Gore
Tax Questions on Installment Sale of Inherited Property
My grandfather passed away two years ago. My mother inherited the home, but wants me to have the proceeds from the sale of the home.I have a potential buyer interested in a land contract.I need to determine the best w...
Kurt Pourbaix
Tax treatment - Lending for a fix and flip
We partner with a guy who does fix and flips. He buys the house and does the rehab. We loan him the money both to buy the house and do the rehab and we share in the profits when it sells. We don't charge interest p...
Benjamin Swicegood
Renting my house out to buy another house.
Hi BP question... If I am currently renting out half of my downstairs in my home and thinking about renting the rest of house approx 1400 sq. feet would I be able to use that money to help finance another house. In ot...
JL C.
Husband and wife LLC: member-managed vs. manager-managed
We (husband and wife) are about to acquire rental property and form our first LLC. From an asset protection perspective and a tax perspective, what are the advantages and disadvantages of choosing a member-managed vs....
Erik Williams
Should/Can I transfer my Multi-Family property in an LLC
I am currently under contract to buy my first Multi-Family (4plex) property and actively looking for my second property. Because of 1031 exchange rules, I have to make the purchase of the property under my own name, ...
Aman A.
LLC in which state and tax return complications
Hello everyone,I live in Washington state and have a few rental properties in Alabama. I want to open a LLC for any future buy and hold deals and keep the properties in an LLC. The LLC will be owned by myself and my w...
Mathieu Roegiers
Transferring property from one LLC to another // Commercial rates
Hi all,
I have an LLC in NY with one apartment. I have, with my brothers, created a new LLC and signed for a second apartment. We are trying to close since March, but due to covid 19, we are still waiting for the Ta...