All Forum Posts by: Dhruva Patel

Hi,

I was trying to get a better understanding and maybe get some recommendations on how to get into hard money lending. I have some cash that I would like to put to work. However, I am not looking to become a hard money lender myself as I do not have the time or knowledge for it. I am looking for recommendations on companies that accept small investors to fund the hard money loans. Any recommendations and advice is appreciated!

Thanks

@Wilson L. Thank you for that note. I will work on that.

@Dave Toelkes Thank you for the detailed response! :)

@Jason Bott Thank you so much for your response. I went on to cancel the homeowners policy and have a landlord policy that has general liability coverage and the property. Appreciate it! :)

Hey Ashish, thank you :)

It's a 2 bedroom place. My brother will occupy 1 room rent free and I will have rental income from the 2nd room. Hope that clarifies the question. 

Thanks for the responses and sorry for the confusion. I do not live there. I rent out one of the rooms and my brother lives in the other. How does that change your responses?

Thanks! :)

Hey experts,

I recently bought a condo under my name and created an LLC. The condo is under my name but the LLC was created because I planned on renting out half of the space. My brother will be living in the other half and I do not want to charge him rent. I'm trying to figure out the tax implications. Can I show rental income for the half that is being rented out and take half the deductions for all expenses? How should I pay for most expenses? From personal account or LLC account? How would the IRS know that just half of it is rental from the return? Any advise is appreciated.

Thanks!

Hello - I just bought my first investment property (a condo with an HOA) less than a month ago in Texas. With closing, I paid for 50% of the homeowner's insurance policy that cost $575 total. In addition, my realtor told me that I need a landlord policy since I will be renting out one of the bedrooms. My brother is living in the other bedroom. My question is do I need both? The condo was completely rebuilt in 2015. Can I go ahead and cancel the homeowner policy and save money there (It will be refunded to me after a $50 cancellation fee)? The landlord policy is already costing me an additional $300. I'm new to this and would like your input.

Thanks for your responses! :)

Hello,

My husband and I are interested in starting out with our first multi-family investment (unit). We have found a few apartments/condos that interest us but are not sure how to go about the process. Do we need a real estate agent/broker before we even start looking at the units? Now these are apartments found on Zillow/Realtor and such sites so any tips on how to go about the process would be very helpful. Of course a step by step insight into the process would really help! :)

Thanks a ton!