All Forum Posts by: Branson Trey Yeakley

@Brian Garrett

You are correct in stating that the LLC would be taxed as any other entity, and so you can deduct the same expenses. Steve is saying there are no extra tax advantages to having it in an LLC, which is true, you just have a slightly higher bar to clear when you keep things in your personal bank account.

There is one taxation benefit LLC's get that I can think of. When you claim a home office deduction, the home office must be used exclusively for business. If an LLC rents space from your house to do business, the standard is slightly less strict.

@Darrin Carey

Thanks for having us at your event on Monday, it was very enjoyable!

I had a question about the loans your company provides. For the rental investment loans, is the 70-75% LTV based on the actual value, not the purchase price? For example, if I could find a rent ready house worth $100,000 and buy it for $80,000, would you lend the $70-75,000 to purchase that property?

@Jaime Guzman

I am in that same situation, and my banks up here have said they will have no problem getting me an FHA with a non-occupant co-borrower.

@Account Closed   I do not know the entirety of your circumstances, but depending on the accountant, they may be too busy at tax time to talk about tax planning for the next year, but they will be able to help after April 15th.   If they do not return phone calls year round, that is definitely a problem.

I am sorry to be the bearer of bad news, but you will not be able to do that this year. Although the other two respondents are correct that you can make the contribution for the past year up until the tax deadline, the IRA must have been established in the year you are contributing for. In other words, if you want to contribute to an IRA for 2016, that IRA must have been established before December 31st, 2016. If you already have an IRA, you are good to go.

Another option, if you are planning to leave your job soon (for good or for a different job) is to contribute to your 401(k) and then roll it over to an IRA when you leave your job. The 401(k) would have a limit of $18,000 per year.

Good Luck!

I definitely feel that, as I am 19. People are not as quick to take you serious, and I am sure it is worse as a woman. I believe you can power through it, and I will as well!

@Alex C.  Definitely nice to meet you! Where are you working? I graduated high school from Beavercreek.      Yeah, I guess the first step is to find some deals, so I'm doing the marketing work for that, and I will wholesale them until I can find one that fits my budget/needs.

@Kaitlin D.  Haha, I totally understand. I'm trying hard to get into real estate, and hopefully I can follow in your footsteps.   I received a very large scholarship to my school, so I couldn't pass up the opportunity to attend for free.

@Darrin Carey I saw that you hosted a meetup, I actually sent you an e-mail last week because I did not know where it was at. I will definitely try to attend the meetup next week at TJ Chumps!

@Candace Postell      Thank you for the encouragement!

I am currently looking into getting my realtor license, and Sinclair CC offers online courses for all of the classes.

@Kaitlin D. 

That's so cool! I love to see people from Ohio going out and living in a warm place, as I really want to move somewhere warmer.   What "real job" did you get with your degree, if I may ask?  

Right now I am primarily focused on buy and hold and wholesaling. I do not have too much capital available for real estate, so I'm trying to build that up and learn about how to flip along the way. My parents are helping me buy my first property to "house hack" hopefully a 4plex.        Right now I have focused mainly on the Dayton area (especially because I am also looking for a property to live in), but I am open to investing in other area if they are suitable.

@Dave Visaya

Thank you for the tips! I am especially appreciative of the alerts, as I had heard about them on the podcast, but I had not found them yet.    I'll get to reading!

I am very interested in hearing about this too! I am 19, and I have just started sending out mailers, getting 2 responses on about 25 mailers (I am cherry-picking the houses to send to). I definitely want to ramp it up, but I want to hear what others have to say about this. Good luck in Seattle!