All Forum Posts by: Antonio Denmark
Antonio Denmark has started 2 posts and replied 14 times.
Post: Birmingham Investor New to Bigger Pockets
- Investor
- Birmingham, AL
- Posts 20
- Votes 5
Thanks John for the Welcome. The market place advice was great. Can you tell me how to mention people in my post like you did with me. . Thanks again for the welcome.
Post: Hello from Birmingham
- Investor
- Birmingham, AL
- Posts 20
- Votes 5
Hello Brandon. My name is antonio and I just joined bigger pockets this month. Have you found your first deal in the Ham? I don't want anything from you' just trying to build a relationship with people from Birmingham that's on bigger pockets.
Post: Birmingham Investor New to Bigger Pockets
- Investor
- Birmingham, AL
- Posts 20
- Votes 5
Hello Bigger Pocket. I'm not new to investing but I am new to Bigger Pockets. I primary buy and hold single family properties, but looking to expand on my business in the near future. I would love to here from some investors in the Birmingham area. Thanks ahead of time.
Post: Need Help with 5 Pack Offer
- Investor
- Birmingham, AL
- Posts 20
- Votes 5
Have a situation that is very complicated and need help A.S.A.P. Someone is offering to buy 5 of my rental properties for cash. I know some of you think that this is not a problem, but when you are not set up to keep the money because of Uncle Sam, it’s a big problem, looking to make around 100k on the deal. Here’s the info.
We have a total of 7 properties, owned free and clear. All but one of the properties are cash flowing and doing very well this year. The one property that is not cash flowing was purchased in July 2012 and just finished getting rehabbed. This is house #1 of the purposed 5 houses Deal. We have been renting House #2 for 8 months, House #3 for 2 years, and house# 4, and #5 for 3 years.
House #1, and #5 are in the LLC name (formed 06/12/12). House #2 is in My Personal name, House #3 is in My Wife Personal Name, and house #4 is in both of our personal name.
[i]The big question her is how to keep my money and Pay as little taxes a legally possible?
I have a couple of ideals but wanted to get feedback from the Family.
1. Form an S Corp-or an C-Corp.
2. Quick deed all the properties to the Corp
3. Slowly pay myself and wife from the Corp
1. Transfer the other 3 properties to the LLC
2. DO a 1031 exchange with 75% of the money just pay taxes on the
other 25%(need some pocket money)
3. Buy some things to offset that 25%
4. Donate to charity to offset that 25%