All Forum Posts by: Angela Yan

Yeah. Reaching out to my accountant and will update with his recommendations. One is not suppose to use this money to acquire real property and real estate is real.  However, as RE investors i think that should be operating expenses.  I was also in a refinancing situation until a fire accident happened in one of my unit during appraisal.  Yeah really. Then Covid hit and everything came to a halt. My contractor still can’t complete his work and the time ran out on my conventional offer.  So no more money to go buy more deals.  But then i got this EIDL money and really can’t use it to get another deal.  This situation is so dam if you take it and dam if you don’t touch this money.  Hmmmmm....

Hi guys!

I was lucky enough to get that EIDL money but the loan docs are a bit sensitive. I am wondering what are some of the tricks RE investors are handling their money so they are creative enough to abide by the rules. You are not suppose to just take it and put down on buying another house so how are people creatively funneling their money to be legit. I own Multi and SFR and Air BnBs so i started a separate bank account and i work with PMs. Now what?

Hi BP!

I found a person with capital to give private loans towards some real estate projects.  We need a company or legal services to draft contracts and act as the medium of our transactions.  Any advice on this would be great.  This will be done on projects in California.  

Need legal advice for a friend with neighbor that has been embezzling HOA money and unable to pay HOA dues.

@Daniel Judge. Congrats on your BRRRR! My property manager told me there are demand for housing despite Covid so things may be better than you think. I looked at your numbers and of course i am not an accountant, but i think your property taxes seem low. I just got hit with reassessment with Franklin county, basically any time permits are pulled it will trigger assessment. You are right about banks tightening up. I think your rate is pretty good for non owner occupied so personally i would take the money and run. Good luck!

@Brian M Sweeney. Let me know how this turns out.  The clerk didn’t discourage me from trying anyways.  

Just want to give some Columbus investors some update regarding my property tax increased several folds.

My property tax got assessed at purchase price value and it jumped up, way up. Fighting it seems like a waste of my time as I heard the school board is real tough on budging.

I made a phone call today to the tax office and they advice the following:

1)pay what you can

2)wait til feb 17th to call the office to default so you can apply for interest free and penalty free payments that can go over 17 months or so.

3)they can send the custom payment plans over email so you don’t have to show up in person.

Please do your own diligence if you are at similar situation. Just thought I will share to spread the light. All in all those folks that work at the Columbus tax office were pretty nice and helpful.

Just spoke with the tax office and they allure to that 2020 will most likely go up as well.  Pretty greedy.  

@John Lenhart thanks for the valuable insight. Going forward next time, what are some of the ways people structure deals to avoid such a hit in taxes? 

When I was getting letters in the mail that there is going to be an assessment, I did reach out to my property manager for her input. She sent me to her attorney that handled this kind of thing and this attorney pretty much told me most likely not much to do and most likely won’t win. 

Franklin County has been tough as they suffered some down turns when their RE district had such low value collecting years of low taxes. Luckily the city is revitalizing a community and cultural center so I am expecting the values of my properties to go up. 

Yes! God bless Prop 13 in California however I see this necessary or many Californians will be priced out or possibly loss their home if taxes adjust at drastic appreciating markets. 

Meanwhile I have already raised rents on my units $50 to $150 per unit. One of my 4plex value already jumped to almost $100k since I bought it. Let’s hope momentum holds in Columbus.