All Forum Posts by: Al Wilson
Al Wilson has started 1 posts and replied 1062 times.
Post: Do I need to have income to claim business expenses?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
These are questions you should take up with the CPA who will be signing your tax return. Good luck.
Post: What are the real benefits of an LLC
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
All valid points. That said, we always buy investment properties in an entity, because asset protection trumps everything else for us. Good luck.
Post: Own Nothing but Control Everything!!
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
Yes, we always make investment purchases in an entity. Good luck.
Post: commission vs salary
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
For something this complicated, I would find another CPA and ask him or her. Good luck.
Post: Real Estate Attorney local or investment location?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
Find an attorney who is located at the property location. Good luck.
Post: Quit Claim Deed
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
It might be time for you to call your lawyer, who can probably sort out the options and risks for you in short order. Good luck.
Post: Auction question for a newbie
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
You will need to do a lien search. If you are not equipped to do that yourself, call your lawyer or your title company. Good luck.
Post: Experience using HELOCs?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
We used a HELOC to pay off our original first mortgage. The fact that we can write checks on the HELOC account makes it very useful. Good luck.
Post: What's the benefits of Short Sales?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
It is only worth all of the headache if the price is well below market. What you do with it after closing is up to you. Good luck.
Talk to your lawyer about the specifics of your operating agreement, but this sort of sale is very common (assuming you can find a buyer who will pay to step into your shoes). Good luck.