All Forum Posts by: Eric Schrader

Group  

I have an LLC with an EIN from good ole Uncle Sam. I am looking to get a business bank account so i can start to separate my personnel and business $.

I live in PA.  Should i get a business bank account in PA?  I would think that would make most sense.  I have some personnel accounts with a credit union in MD. (full disclosure.  I reside in PA, live most of my life in MD and work in DE)  I thought it would be easiest if I open a business account with that credit union because that is where the money is for my investment.  BUT  i need to file some items with the MD Comptrollers office.  

I don't see the need to file MD taxes for my business when i will not be doing any business in that state.  

Am i off base ?  Should i just get an account with Capital One or someone like that and keep everything in PA?

thanks

Good Morning All!!

I hope everybody has a wonderful Memorial Day Weekend.  

OK . A peer of mine has a rental property in his self-directed IRA. He want to sell it / I would like to buy it. His IRA will hold the note. Apparently the title will remain in the custodial IRA's name.

How would this affect my ability to take advantage of all the good tax benefits of rental property?  

Since the title is still in the IRA's name, would i be subject to any of the liability if the tenant falls and breaks their arm, etc?

Should i try to get the title changed to the IRA and my LLC?

thanks

Eric 

Hi All.

I noticed that there are numerous discussions regarding real estate professional and taxes.  I know the IRS has specific requirements in order to qualify (750 hrs, 50% of time, materially participating, etc).  My question is what is the best way to track this participation.  What do you folks, out there in the ether, do to track your activities, just in case our good ole Uncle comes calling.  

Thanks

Good morning group.

I am looking at purchasing some rental properties (positive thinking) within the next 6 months. Is there any tax advantages to starting an LLC this year vs. waiting till after Dec 31?

thx

Eric 

Hi group.  I have listened to almost all of the podcasts (some more than once) and in several instances the guest identifies that they asked friends or family to help them raise the required down payment for an investment.   

Assuming the bank will have the 1st lien position, how do you set up the down payment contract?   Is it a plain promissory note  with a specific interest rate or do you offer them the 2nd lien position on the title?

Anybody have any real life examples they could walk me through?

thanks as always.

eric 

Hi all.

I self manage an apartment, the other half of my duplex.  I repaired the bath, in the rental earlier this year.  I get keeping track of the material costs, etc, for tax purposes, but what about my labor costs.  Labor for removing old/installing new sink, cleaning, painting, etc?  Can i use a general rate for a plumber, etc?

thanks

Does anybody have any recommendations on how you track the work you have put into your real estate business?  I would like to claim the real estate investor qualification on our taxes next year.  Technically, my wife would be the investor.  How does one track the hrs spent to demonstrate to the IRS that you indeed work more on this than a W-2 job?

thx

Hi group!!

So I have been looking into some deals in my local area. I found one, a 3 unit, and have a question about evaluating the deal.

I have evaluated many opportunities, but this one is odd. So like i mentioned, it is a 3 unit but it is zoned as a commercial property. So, do i need to evaluate this as a residential rental or as a commercial property with its associated cap rate?

Thanks

Hi group!!

So I have been looking into some deals in my local area.  I found one, a 3 unit, and have a question about evaluating the deal.  

I have evaluated may opportunities, but this one is odd.  So like i mentioned, it is a 3 unit but it is zoned as a commercial property.  So, do i need to evaluate this as a residential rental or as a commercial property with its associated cap rate?

Thanks

Group

Does anybody have a weighted scoring model spreadsheet for evaluating SFH? Figured i'd ask here first.

Thx