All Forum Posts by: Chinmay J.
Chinmay J. has started 51 posts and replied 1181 times.
Post: Dave Ramsey recommends buying everything with cash!
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Zachary Buhler:
@Chinmay J. really? An egghead? The man has hundreds of milllions in his real estate empire using no debt. Unless you have the same amount or more, I don’t think you can call him an egghead because clearly what he’s doing works.
I never said he wasn't rich or successful. It's his one size fits all advice is what I am talking about...
Post: Dave Ramsey recommends buying everything with cash!
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Ramsey is an egghead. I steer clear of anyone who gives one size fits all advice..
Post: Need Bridge Loan for Quick Closing....
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
@Kyle Altenau - Thanks for the response. I will connect with you, and we can discuss the details offline..
Post: Need Bridge Loan for Quick Closing....
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
I talked to couple of people offline on this, and was told that all I need is a LOC type funding for a few days. I reached out to our local, very well renowned Washington Capital Partners, and hoping they will get back to me soon. I have worked together with @Andrew Michael with another deal in the past...
Any input on this topic from the community will be helpful..
Post: Hereos Act will hurt landlords in a bad way
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Trump won't sign it even if it passes Senate...Isn't Kushner a big time landlord..
Post: Need Bridge Loan for Quick Closing....
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
So for last week or so I have been talking with a homeowner who seems to have fallen on hard times due to COVID-19. He lost his job 2 months ago, and is moving out of state. He has a townhouse in Chantilly, VA. ARV of about $500,000 He is interested in quick sale and not trying to get top dollar for it. According to him it requires rehab of about $30,000. I know this gentleman through a common friend.
This would be a great project for someone looking to rehab a property, but I don't have that kind of time or even inclination anymore. I want to buy, and sell it to another investor for a quick profit. Assigning the contract is not a good option for me.. A double close would be ideal.
Trying to arrange financing for a double close, so need private funding for a few days at most.. If I can get someone lined up to buy the property not even that long. Not interested in paying the astronomical fees that HML charge, as I don't need a rehab loan..
I am not well versed with how this type of bridge loan market works, so making sure I am not being taken for a ride.
Post: Is this a potential RESPA violation. or smart marketing.
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
I was recently approached by a huge national lender (withholding name for privacy reasons.) to see f I would like to work with the leads that they provide me. The only caveat is that I would have to split the commission 70-30 (in my favor of course). The referral fee (as they are calling it and not a kickback) doesn't go directly to the lender, but the parent company who owns the lending arm. Assuming they are not forcing any of their clients to work with me, and giving them only an option to work with me, is this still a RESPA/TILA violation? If you take away the parent company, can the lender directly get a referral fee from the realtor for closing the deal, as long as proper disclosures were provided to the client, and no one is forcing anyone to use the other party.
Post: How to structure LLC to have friends invest in it
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Sandeep Jain:
Yes that is true, I do not want my personal friendship get effected because of business. At the same time they are the only one who trust me and in order to go from one property a year to multiple property a year I will be needing lot of down payment which I don't have it right now as I just bought 700K property with 20% down. I am not sure how private lender works. Do I need a sizable downpayment for hard money lenders. Plus the properties I am looking at and confirmable investing in is about 500k plus rehab cost. Bank would give me the loan with 20% down @ 4%. But I don't have 20% down right now.
Private lending doesn't have to follow Fannie/Freedie guidelines, which is good as there is less red tape. So its between you and lender. Lower downpayment and higher interest is how typically the deal is structured.
People in the lending community can advise you more what the current rates are looking like, and what would be a good deal vs what's not. With COVID-19 crisis, I have heard that the private lending rates are going up.
Post: IRS withholding refund?
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Jai Reddy:
@Chinmay J.
Carl ends by saying ‘Thank you for sharing your experiences as they help others’.
You end by saying ‘Take your meds, old man’
I had read your profile before you deleted your details which stated you have no spouse and no children. I can see why. I am glad your genes end with you. Good riddance.
Real classy !! What kind of human being that makes you for saying that to another person.. Who invited you to t his conversation? The man can handle himself just fine if he has issue with me...
I won't stoop any lower than you by calling you anything more derogatory. You have a wonderful night.. Be safe..
Post: IRS withholding refund?
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Caleb Heimsoth:
@Chinmay J. How much is your tax refund? The amount that you are freaking out about this makes me think it’s rather large.
Let’s assume that’s the case, if you do a “quick glance” at your tax situation throughout the year, you can make adjustments to make sure your tax refund isn’t so large.
Every year I do this and my tax refund is quite small, meaning I pay about the right amount of taxes every year. I do this because I don’t like giving the government an interest free loan while they hold my money.
You mentioned your state tax return too. I have yet to receive my state tax refund (have received federal), but it doesn’t matter to me since it’s less than 10 dollars.
Filling out tax paperwork and doing it correctly requires expertise but understanding how taxes are calculated and figuring out (roughly) what you owe isn’t that hard. You can read a few books and understand the basics. Unless you’re doing dozens of real estate transactions a year, you can handle this.
Without knowing more, your 700 dollar CPA fee is reasonable. You may think you didn’t get the best service and that’s your right. I will agree with you that the assistant doing the entire return probably isn’t okay. There should be some input throughout the process from the cpa.
My cpa does that. He does some of the work and someone else does some of it too. He checks it, I review it, and then sign and they file.
I have caught small discrepancies (not anyone’s fault, I just had a lot of moving parts). That’s just life.
I had made payment of $7000 on Jan 1st at the request of the CPA to avoid any penalties or fines, as the W2 holdings were not good enough this year. I had a lot of extra income. When everything was said and done that was over the needed amount by $2500 (approx). So I am getting approx $2500 as refund.
Usually my holdings are in line with the tax code and I am able to adjust them well, but I can't help it if I get $10,000 check as a realtor. No one can foresee that.
It is unclear as to whether CPA ever did any work on the back end. She didn't even have the manners and decency to introduce her assistant. The assistant started asking me for documents as if we had long standing relationship. Some people definitely need to learn their manners.
Thanks for responding.. I like your posts. You are a good guy.