All Forum Posts by: Dolly Marketakis

So I am need to investing and I see all these homes foreclosing or pre-foreclosing. The prices look great. But I am still figuring out my strategy on which carries the least amount of risk and the most reward.

@Michael Plante

In a five year window you can claim losses 2 times without the IRS without any tax problems. If you do it more than that they might rule your business a hobby.

So be careful to not leave any profits behind in the LLC. It does not need to be a lot. But don't let it end in a loss too many times. Just 2 times every 5-years. 😁

https://smallbusiness.chron.com/can-business-loss-taxes-30737.html

@Aria Azarli

Okay. I am just curious if anyone else had heard that advice to buy it under the conventional loan and then transfer the deed into the LLC afterwards. Is that really a thing?

Also, what does the umbrella insurance do versus the regular insurance policies?

@Robert D Dismukes

Yes thanks for that. Right Based on my reading they definitely eluded to the same advice. It’s nice to know that in practice this is true as well with the larger banks. Do you have suggestions on the books that you found helpful on the tax strategies?

@Cameron Tope

Thank you! Simple easy advice which I was leaning towards but just could not determine if that was the right move. I just thought 10 was the cap where traditional lending because more difficult.

@Frank Chin

Thank you for this insight and the background story. I am actually from NY and we are planning to move to FL so this will be my starting point to start investing.

I am looking to purchase my first investment property SFH by using the BRRRR model. What is confusing to me is that most books advise on protecting your asset under an LLC. But then they say I will have a difficult time finding a bank to do the re-do. I further read tips on re-fi under a conventional loan but transfer the property under the LLC. Can someone shed more light on what this means? And what are the risks to look out for by doing this?