All Forum Posts by: Dakota Mivshek

Hi there - wanted to pose a real life scenario to all you creative thinkers out there. 

6 months ago, bought a 3 bd/2bath house for $465k, with a Mortgage equaling to $424k (9% down). It appraised for $485k. 

Fast forward to today - our detached two car garage has almost been finished into a permitted, quite awesome, ADU - 1 bed/1 bath. The ADU will rent beginning march 1st for $1,400. In order to complete this ADU, a family member lent $65k for all costs to finish.

What options do you all see to pull out the $65k cost of construction and repay my family member immediately, or very quickly? Let's assume the new value of the property is $550k - $575k (conforming loan limit in our county is $453k)

Appreciate any help!!! Cash out Refi? Heloc? 

Keywords

Portland 

re-fi 

Lending

Thanks kevin! I'll look into BGO. Big Kiyosaki fan

@Linda Weygant whoa... thank you for the input. I'll be dangerously close to that 20%, so it looks at this point I best create an add'l LLC for the rental property to avoid any confusion...

@Account Closed thank you for all the great information. I definitely plan to lean on a CPA for now, but good to know how to make their life easier!

Gotcha - this was super helpful. thank you.

Hi There, 

I am somewhat of a newbie who has had a bunch of things happen in the past year outside of my normal 9-5 here in Portland. Two properties now in my name, one being rented, and I'm earning real estate commissions as an agent. 

Hoping to find a tax advisor/financial planner who is an expert in real estate law, business set up, & and tax planning for an affordable price. I would love to spend some reasonable amount to sit down with an expert and come up with a game plan in order to help scale moving forward.

Anybody have any recs?

Best,

Dakota

Thanks @Christopher Smith and @Brett Sorenson. 

For record keeping purposes I've been doing it manually, but would you suggest quickbooks or quicken to go to the next level?

And as an S-Corp, are quarterly taxes a mandatory payment?

Hi there, 

I have a tax related question. Things moved quickly these past few months, which has resulted in the creation of an LLC (S Corp status), Real estate sales commissions, & rental income.

Current status: Real estate commission income and real estate rental income are coming into the same LLC. Is that an issue?

I'm record keeping, but any advice would be great. What systems do you all have in place for solid record keeping come tax time. 

Hey @Shawn Morgan ! Hope you are doing well man. Thanks for the note on the topic above. We are moving into a place with a nice, finished separate entrance basement and a large two -car garage. Just gotta figure how to finance the garage ADU conversion

Hi there, can you add two ADU's on the same property? The subject property is zoned R1 and sits on a 4,700 sq. ft. lot.