All Forum Posts by: Armand P.

Hello BP!

My partner and I just completed our first house flip in Vegas NV. We went through a Hard-Money lender for both the loan and rehab cost. Unfortunately, this project took much longer than anticipated. The property has been on the market for 40 + days now and we just made a price reduction. 

The issue we are facing now is our loan period ends middle of next month, which after we will be subject to pay extension fee and possibly high interest rate. 

We're thinking of delisting it and applying for a DSCR loan to pay-off existing loan with a cash-out refi. We would than look for a tenant to rent for 2-3 years (lease option) and re-coup the rest of the funds at that time.

Any suggestions or recommendations would greatly be appreciated! Feel free to reach out

Thank you,

Armand

Hello, BP,

I'm seeking to make working relationships with investor friendly agents in the Las Vegas, NV area. I look forward to connecting with some of you and working together. 

Cheers!

Hi BP,

My business partner submitted a roof and electrical permit request for our project in Clarke County NV. Does anyone have any insight or experience in working with the city and know how long the permitting process can take? He was told it could take a week to as much as 6 weeks. 

Any suggestions or advice would be greatly appreciated!

Thank you!

Armand

Hello BP!

It's been a few months since I've posted on here, but I am happy to share that after years of analysis and paralysis I finally took a huge leap into R.E! My old colleague and I started an LLC in Vegas NV where we buy distressed homes, fix it up, and sell them. The partnership is split 50/50, however, my business partner lives in Vegas and is in controls the day to day activities. I live and work full-time in California as a (W-2) wage earner. We set up our business entity through NCH in NV. I recently found out that since I live in California I am required to have a registered agent and pay the yearly dues of $800 even though I am not conducting business in California. Can someone please confirm if this is correct?

Additionally, are we subject to pay estimated taxes each quarter OR since the LLC will be structured as an S Corp would we get a K1 and report it as additional income on our individual tax returns?

Thank you!

Armand 

Hello,

An old friend of mine who's an investor in Las Vegas suggested that we partner up on a deal together. I want to know what steps we need to take prior to working together. I am in California so would it be better to set-up the LLC in Vegas? We will also be setting up a Joint business account under the name of the LLC. Additionally, is a partnership agreement also something we should have?

Thanks,

Armand 

Hey, any wholesalers from the bay area? I'm apart of a new investor group in the Peninsula and we'd love to network with some wholesalers. Thanks in advance!

@Doug Spence. Thanks for your response. My time horizon is long-term (5-10 years). I have access to capital and my risk tolerance is somewhat neutral. Ideally would like to find something in California, but realistically for the type of returns I'd expect it would need to be out of state. I'm leaning towards turnkey as a more hand-off approach since I do work full-time. However, goal is to transition and focus more on real estate. 

Hello BP,

Which of the following is better investment play for first-time investor based on current market conditions and that cashflows (8-12+%) per year?

1) Turn-key properties including new builds

2) Multi Family

3) Self Storage

4) NNN properties

Thanks,

Armand

Hello BP,

If your 59.5 and have meet the 5 year requirement of having Roth IRA account open. Are you able to start withdrawaling tax free? To my knowledge there is a state income tax for California residence does any one know what it is or how to find it?

Does the IRS care what you do with the funds? 

Thanks 

Armand 

Hello BP!

I'm trying to process and figure out the following scenario:

Am I able to purchase an investment property under a Trust OR do you need to purchase it in my name first than transfer title to the Trust thereafter? Will this cause issues with loan process and or title/company insurance.

To my understanding the first investment property you buy would be under my name than I'd create/open an LLC and transfer title. All additional investments would be go through the LLC.

Please advise/clarify

Thanks

Armand