All Forum Posts by: John Kelly

Hey everyone,

House hacker here looking for some legal direction with taxes.

I live in one of two small multi family properties that I own. I get a veterans tax exemption on my homestead. I would like to group both of these properties in some sort of limited liability corporation, but I think I lose my tax exemption once it's in the LLC. From what I'm reading we don't lose our tax exemption in a trust, but you're not protected like an LLC. Am I just looking for best of both worlds here with being protected but also claiming my tax benefit? An additional goal with the LLC is to hopefully write off some time and miles I put in on these properties as I self manage and repair. Any info helps guys thank you!

*I may also post this in the legal section as well sorry if you see both.

Hey everyone, 

House hacker here looking for some legal direction with taxes. 

I live in one of two small multi family properties that I own. I get a veterans tax exemption on my homestead. I would like to group both of these properties in some sort of limited liability corporation, but I think I lose my tax exemption once it's in the LLC. From what I'm reading we don't lose our tax exemption in a trust, but you're not protected like an LLC. Am I just looking for best of both worlds here with being protected but also claiming my tax benefit? An additional goal with the LLC is to hopefully write off some time and miles I put in on these properties as I self manage and repair. Any info helps guys thank you!

*I may also post this in the legal section as well sorry if you see both. 

 Someone got shot on 47th and union on 8/20/22

 As do I, in dire need of a reliable handyman 

At a meet up last week this old man was very hot on the subject. Everyone needs to know about it, everyone needs to use this strategy.. later to find out he works for RENATUS. Anyone have any experience or anything to share?

If you think like everyone else you’re going to live like everyone else.

thanks, will do. this analysis is updated not sure why it's not showing. This is a VA loan, therefor no money down.

thanks a lot for you Insight John. My perspective with theee NMD loans is if u had put down the conventional 20% it's just "buying equity" and convincing yourself you have a deal, therefore should investors do their analysis just off the sale price+rehab-CapEx(10%)/Vacancy(5%)/repairs(8%)?

View report

hey guys so i have an updated analysis here. basically what we have here is a NMD deal through a VA loan. im currently under contract with the building. inspection was completed where we found we need a new roof, recieved 13,000 credit. although after going much more in depth with this property i am starting to get cold feet and worried about these numbers. i will be moving on from my current 3 unit into this one, as it wont cash-flow with me under the roof is not a big deal, it not cash flowing after i move onto the next one has me pulling my hair out trying to alter these numbers to make this property work. Property also has not yet been appraised.

*This link comes directly from our calculators, based on information input by the member who posted.

Thanks, yeah I just sent to discussion straight from the calculator it generates that title on its own.