All Forum Posts by: Avi Garg

@Paul Sandhu

Lol ... thanks for pointing that out ... didn’t even see that ... I am technologically challenged... hope I fixed it now

@Paul Sandhu I completely agree with you and I will do the DIY with the black pipe for my pool. But for my STR, the guests will have no clue and I dont want to go there daily to start the fire. Plus in Bay Area we have strict wood burning rules.

Oh and I already have a gas line next to the pool equipment. I replaced all my pool equipment myself and once I get the gas heater, I will install that too.  

@Rohin Dhar I am going through the same. My estimate is $200-$300 in gas charges. However, extending the gas line to your pool equipment area may not be cheap.

Forget about the pool cover as the people renting your place will have no clue what to do with it. Most of the people may never have owned the pool so they have no clue. 

@Basit Siddiqi

You are correct. The only difference is that I already have the property and evaluating the tax issues.

@Anna Andreyeva There are many contractors working at SBA. They may not be aware. Just remind them that these are in your name and not a company.

They asked me for Schedule C for my rentals (in my name) and when I followed up stating that I file it under Sch E, they said they made a mistake and need the Sch E.

@Basit Siddiqi The title will be transferred in my name at closing. 

@Linda Weygant Thanks. I do not want to keep it in my S-corp but not sure how it will play out in taxes. I have done this with regular LLC and it was a simple process.

I have a single member LLC with a S-corp designation that I use for flipping. I am planning to keep one of the recent acquisitions which I bought using hard money. What will be the tax consequences if I refi this property in my name? I have reached out to my CPA as well.

Wanted to see if anyone else has gone through it in the past and has any experience with this transaction.

@Jon Crosby Thanks for the info. I am looking for available refinancing options as STR is new for me. The property will qualify as a long term rental as well. At this point, I am not assuming anything and trying to get different point of views on refinancing STR.

Thanks @Luke Carl. I already have the property so not looking for a 10% down deal. 80% works for me and since I bought it 4 months back, I will be limited to purchase price unless someone has other ideas to get the bank to use appraised price.