All Forum Posts by: Christopher Wasowicz

Foreclosure. Cash or construction loans only and the seller will not turn on the water. Period.

I’m thinking burst pipes or concrete in the drains. In your experience is that common, what are your suspicions?

@Ducarmel Francois Jr

I am excited at the prospect of partnering to tackle large deals... one day. For now, I do not have the experience that I feel would make me an informed and competent partner. Please take no disrespect and let us keep each other in mind. One day, soon, when I feel I have a better grasp of the fundamentals of REI, I would be glad to partner on a deal. :)

@John Teachout

This is essentially what I was thinking. Wasn't sure if I should mess with my primary residence via the HELOC, but yes essentially I wanted to use my first purchase as a education project. I've managed property, but I'm interested in the analysis, rehab, and relationship building. Thanks

Here’s the scenario:

Image you are a complete beginner.

You have $40,000 cash

Another $14,000 in a savings account

And can draw on approx. $50,000 HELOC in your primary residence.

Assuming your goal is to BRRRR, how would you best use these resources to start? What would you hold in reserve? Would you try get more of other people's money?

@Joe Alford

I’d leave the 102 year old where she is and still move my daughter in. Then what’s the wacky, generation gap sitcom ensue!

@Andrew Angerer

Mostly inexperience. I’m slowly securing funding from family through the sale of some land and an unprofitable rental. From there I will start looking, hopefully, by the end of the summer. In the mean time I’m practicing doing my analysis, reading and learning.

@Eamonn McElroy

Wasn’t sure if there was or wasn’t. I could have asked my CPA in the morning, but he’s probably sleeping right now and the question popped into my head as I was reading blogs on BP. I appreciate the feedback.

@Ashish Acharya

No other reason. I was curious if there was a benefit (tax wise) to selling it as a corporate asset or a personally owned asset.

@Steven Hamilton II

I had a CPA advise me to start with an S-Corp initially and later I could form an LLC to absorb the Corp when (if?) the company grows and expands. Could you elaborate on your statement, please?

My parents own a rental (has a mortgage) that we were going to transfer it under an S-Corp assuming it doesn’t trigger the due-on-sale. However, after an analysis, Turns out the property is not very profitable, so we are going to sell it.

What, if any, advantages are there to selling it under the S-Corp vs selling privately?