All Forum Posts by: Arlan Potter

Do you have any idea on how income and expenses work. You need to sit down with a tax person who can explain how it works, and maybe set you up a simple system to track income and expenses.

If I were you, I would be completely debt free before I started investing. You would be in a better position to save money to invest, worry less when you have vacant units, and be way ahead of the game. I don't preach not to use leverage to invest, because that is what I have done, but I was debt free before I ever started investing. I then had 3 properties free and clear and rented, before I ever started leveraging.

You need to sit down with a tax professional and get an education. And maybe an attorney, so you guys have an organization and not a disaster brewing. It all depends on who actually owns the properties. Who actually owes the bank. See a good tax person

I started borrowing from Friends, Family, other well off individuals. Paid monthly interest payments(8% per year) For loans to buy properties. They get monthly interest payments, security of a mortgage on the property. I get to buy properties, without going to the bank, no appraisals, no loan fees.

The lady is a loon.

Value is in the eye of the beholder. The only time there is a near exact value is the minute a sale contract is signed. That is the value, until then the value changes depending on who is looking at it. You also have to know your area, and have a gut feeling of what it is worth to you. There is no real magic formula.

If the S-Corp owner has been paying his or her self a W-2 wage as required by the IRS and has been paying state and federal unemployment taxes on those wages, then you should be able to apply for unemployment. If the S-corp still has earnings after the layoffs; however, you may not qualify. Can an S-Corp owner collect unemployment? - Quora Actively Seeking Work Although an S corporation shareholder/employee is technically eligible for unemployment, most will fail the second threshold test: States require unemployment-benefits recipients to be "actively seeking work." Courts have held that owners of S corporations who keep the corporation viable, even though it has no revenue, are not actively seeking work because new work can come into the corporation at any time. In other words, states often think that S corporation owners will close down the business simply to wait out a poor business cycle. To collect unemployment, you will have to prove to the state that the S corporation is no longer viable, and you are conducting a job search. I guess it would be up to your state unemployment agency.

Sorry to bother you. In any case, An owner cant lay themselves off. Give it a whirl. Like I said, if they allow you to pay in to the unemployment system, while you are supposedly drawing a paycheck, then maybe it will work.

Evict them. If not a HUD or Fannie Mae Deal.. Should have a long time ago. I have been there.

An "S-Corp" owner has pass thru income. No wages. I doubt you can collect. I guess unless you have been paying into the State Fund based on your wage. Which would also not likely work because as an owner you could lay yourself off on a regular basis and collect unemployment. I had a similar conversation with my brother in law. He wanted to get a COVID Paycheck SBA grant based on his payroll. Which was him. He is a sole proprieter. But he says he pays himself. I said no, you make profits off your work but not payroll. I don't give tax advise