All Forum Posts by: Fausto Carosella

Hey All, when qualifying for a loan, with using a rental property as income for example, You use rents received and subtract all the expenses, but you ADD BACK Mortgage interest, taxes, Insurance and depreciation. You come to a total monthly figure and then subtract out your entire monthly payment to your bank to get a monthly number to add into someone's qualifying income... (I believe)... My question is, do you do the same thing with the vehicle mileage deduction. If I deduct 8K in Mileage, do you add that back in to the income from the corporation? A lender (whom I cannot get in touch with) stated "You do on the schedule C" but I file as an S-Corp so it has form 1120-S.... any guidance? Thanks

Perfect! Thanks @Dave Foster!!

Thanks @Dave Foster I just helped a seller close on one... and that was the exact scenario. With The way  the non-advalorem taxes are collected the Seller of the relinquished property ended up with 189 credit and they were concerned with taking any cash as a result of a sale thinking it may trigger a tax event... so they opted to have that credit increase the amount of proceeds they received. Was that the right line of thinking? Thought process was "as long as we don't have any cash come to us we're good"

As I understand it when purchasing a "replacement property" via a 1031 exchange, prorated rent, HOA and specifically property taxes should not be paid with the proceeds of the relinquished property. However what about when a relinquished property has a CREDIT from taxes.... for example the seller of the relinquished property owed the buyer taxes, AND the buyer owed the seller of the relinquished property taxes as well for a net GAIN to the seller.... I'm assuming a check should NOT BE CUT to the seller? but added to the relinquished funds....?

Hey All. My family will be moving out of the general area and will soon be putting a Triplex we have in Cape Coral on the open market. 3 Units - were originally constructed as condos, but were combined into one parcel so it can qualify for an FHA loan or a house hack. All 2/2 with their own attached garage and driveway. Open concept units each rented at 1100/month annual (technically 2 at 1100, one renewing at 1100 end of Jan). We'll be open to owner financing with competitive rates for a qualified buyer. Asking 425k, shoot me a message if anyone is interested. Thanks.

Hey all, I've been doing some general searches - mostly on foreclosures - and I keep coming across articles and blogs that simply have a pic, the first few lines of the article and then it says something to the effect of "view the full article on The BiggerPockets Blog..." anywhere I click or re-search for it, I end up back at the same spot. Have these articles been removed or not archived? all the comments are still there, but I can't find the article! Example Below:

https://www.biggerpockets.com/blog/2006-09-01-how-to-find-foreclosure-and-pre-foreclosure-listings

Hey @Remington Lyman, I need to find out for sure where it is. I'm pretty sure it is not in Columbus though. 

Thanks @Ashish Acharya and @Christopher Smith! Appreciate the responses. I'll reach out to Lance.

Hey All! A friend of mine living here in Florida inherited a property from her grandmother who recently passed away in Ohio. She intends on selling it, but I believe got some pretty inaccurate info. Someone told her she'd have to pay around 60% in either inheritance and/or estate taxes. I'm pretty sure that's bad info. It is paid off, and she is the only one on the deed. I'm looking to refer her to a solid CPA that can handle this for her, and figured what better place to throw it there than our BP community! Thanks!

@Jaysen Medhurst Thanks for the suggestion, I'll check them out now! @Simon W. As much as I can!..... but i'm thinking about 60k ish... anything less won't really allow me to do much...