All Forum Posts by: Daniel Patton

I have a contract with a realtor for an investment property we had on the market. We were originally going to sell the place after we rehabbed it, but we are now renting it for a year and plan on listing again in 9-10 months. 

The contract covers renting, in that we are supposed to pay one month's rent to the realtor if we choose to place a tenant instead of sell. She knows we still want to sell it in the next year, so she offered to waive the rental fee if we sign a contract that extends another year. 

My question is, if we instead just pay her the one month's rent, does put an end to the current contract? If we happen to sell the place to another investor without her assistance before the initial contract is up, do we owe her on the sale too?

Does anyone have a recommendation for a CPA in Chicago that costs under $500 to file taxes? I just have one LLC and this year I only purchased 2 properties with nothing sold, so should be a pretty straight forward return.

@Rishi B. thanks! what do the interest rates typically look like?

I have a property a bought under my LLC and rehabbed using hard money. I now need to refinance using a conventional mortgage. Does anyone have any recommendations on banks that offer low interest rates for an LLC-owned investment property? Plan on renting it out...

Does anyone have a recommendation with pricing for home stagers in Chicago? My place is less than 1k sq ft

Hello, I am a newly-formed single member LLC, and am planning on electing s-corp status to avoid self employment tax. I know I have to file f2553, but do I need to also file f8832?

Also, since I have no employees, do I still need to fill out f940 or f941?

I understand I should be getting professional CPA advice, but wanted to hear thoughts from DP'ers first.

Thanks in advance!

Does anyone have any good templates/download/software for keeping track off all the expenses and profits on a rehab project (P&L)? I know I can google, but if figured i would ask first.

Thanks!

Hello, I've read about using an FHA loan to purchase my first multiplex investment property in which I would rent out one of the units and live in the other. My questions are:

1. Can you use an FHA loan and have the owner be your LLC so you can protect yourself?

2. How long would I have live in one of the units until I could move out and full rent both (per any FHA rules for owner-occ vs investment property eligibility)?

3. Can you only take out one FHA loan at a time?

4. Are there any requirements if I wanted to refinance the FHA loan with a conventional, non-FHA loan at some point?

5. Are there any other stipulations/fine print that I should be aware of regarding FHA loans?

Thanks in advance BP!

thanks guys!

thanks to you both!