All Forum Posts by: Account Closed
Account Closed has started 88 posts and replied 149 times.
Originally posted by @Patricio P.:
Hello @Account Closed,
I have read some of your previous posts and I am unclear on some key items. Is the company you are starting going to be based in the US and purchase property in the US? Where it is located will make a big difference.
What i'm trying to said is that is investment holding company have less tax benefit compare to a traditional business company?
I think i know the general physical, financial and document inspection in residential property but for property like Condos which have HOA and common areas, it's alien to me. Anyone here in BP have done home inspection for condos? If yes, what should & can i inspect?
Post: How Sub2 used promissory note?
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Originally posted by @Bill Gulley:
Look up "amortization" and pay it off over time. :)
Are you saying build equity and refinance to pay the seller?
Post: How Sub2 used promissory note?
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I know we can use a promissory note to pay the seller during the subject2 deal because the property have equity and positive cashflow but how do i know in the next 5-15 years i will have the money to pay back the seller without using my cash? (That's the point of using the note)
Originally posted by @Aaron Mazzrillo:
Back when that book was written there were no doc loans. They called them liar loans and basically they were funded by what you told them you earned and nobody ever questioned it or asked for any proof of income, bank statements or filed taxes.
So that would mean this method the book mentioned will no longer work & is not one of the above methods i mentioned.
Hello BP, i re-read Rich Dad Poor Dad and just notice in the final chapter "Epilogue" he used a non-qualifying loan. But what i'm confuse is just what is loan is? It is Partially Seller Financing? Subject To? Or something i'm not award off.
Hello BP, i been talking to a skilled CPA in real estate & he told me investment holding company have little tax benefit compare to a nor business company because the expenses are usually occurred in a normal business are overdo it. Sure this is still better than an individual tax benefits but even if i told him about the subsidiaries companies, still no.
Are you guys facing the same less tax benefit issues here, or am i missing something that can max my tax deduction here?
Post: List of insurance for a company
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Originally posted by @Joe Bertolino:
Apartments = BOP. Business Owners Policy that covers property, liability, business income (loss of rents), building ordinance and an array of other throw in coverages.
Condo- complex to cover properly. The association usually has coverage for walls out. You are looking for a non owner occupied HO6. Not always easy to get.
SFR's - dwelling fire or "landlord" policy.
And all of these is to prevent liability on the company right?
Post: List of insurance for a company
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Originally posted by @Joe Bertolino:
Your explanation is unclear and that is why they are having trouble helping you. What is it exactly you are seeking coverage for? A SFR, an apartment, multiple SFR's? What type of company (Corp/LLC). Does the company own the property directly or is it a separate management entity? I would need more details to offer any relevant advice.
Apartment, Condos and SFR. Corp. Company own.
Post: List of insurance for a company
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Hello BP, so i'm getting some difficulty when talking to an insurance agent because so far all of them are pretty clueless in helping me.
What kind of insurance i suppose to get for a company & property? I know the answer is pretty much varies but there are some basic ideas such as fire & etc. I know about the kind of insurance an individual landlord suppose to get, but not sure in a business entity.