All Forum Posts by: Dan Weber

@David C Heiling my understanding is that the interest rate on the investment loan is also likely to be higher than the second home loan. Seems like a no brainer.

Hi @Sarah Moore, what area of Central ME are you looking? I use @Bethany Turon for property management and she is the best I know. I would reach out to her if you're looking for PM services.

Hey Everyone,

Our next meetup is going to be at Mast Landing Brewery on Thursday, 12/14 from 5:30pm-8:00pm. The address is 920 Main Street, Westbrook. GOOD NEWS - this event is going to be sponsored by Tom Evans of Acadia Lending and myself. This means that everyone is drinking on us! Please make sure to stop Tom and thank him. If you need an introduction that evening then please ask and I'll connect you. I'm looking forward to celebrating the holidays and everyone's 2023 real estate successes together.

Cheers,
Dan

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn, Old Orchard, York, Kennebunk

To all of the CPAs out there - I need help! I have an LLC that is the owner of multiple rental properties. This is currently a single member LLC that does not currently have an EIN. What are the tax implications of adding a second partner to this LLC? I did a 1031 exchange this year with this LLC and intend to do a cost segregation as well, if any of that matters. Any and all help is appreciated!

Hey @Mike Griffin, here are some ideas:

• -Potentially higher sales price because they are flexible on terms
• -Faster sale
• -Residual monthly income that can act as an income stream in retirement At 5% interest amortized over 30 years, the seller would make $90k in interest just in the first year.
• -They are taxed on a lower amount because the annual income is less than the lump sum
• -The property is collateral for them. If you stop paying then they get the property back, which they know extremely well because they’ve owned it for so long.

Good luck!

Hey @Justin Sacco, I would highly recommend @Bethany Turon. I use her personally, as do many of my clients, and she is fantastic.

Hey Everyone,

Our next meetup is going to be at Rising Tide Brewery on Wednesday, 11/15 from 5:30pm-8:00pm. The address is 103 Fox Street, Portland 04101. They have food on site, for anyone concerned with what they're going to eat :) I'm looking forward to seeing everyone!

Cheers,
Dan

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn, Old Orchard, York, Kennebunk

@Mary Goodman shoot me a dm and let's find a time to connect. I can provide some insight on the Lewiston/Auburn, Augusta and Waterville markets.

 I'll be there. Count me in for any New England meetups!

Here are a couple (one I have worked with personally and one from my PM):

https://jbcwoodfloors.business.site/

https://www.jimmyexpresshardwoodfloors.com/