All Forum Posts by: Jorge Uribe
Jorge Uribe has started 5 posts and replied 15 times.
Post: How to file rental income taxes
- Rental Property Investor
- Palm Desert, CA
- Posts 17
- Votes 1
@Vaughn Smith thanks, Ive used TurboTax for many tax filings too, but I feel like I would miss some opportunities to maximize the tax deductions.
Post: Loan Officer Questions?
- Rental Property Investor
- Palm Desert, CA
- Posts 17
- Votes 1
@Andrew postell are there still many lenders who allow transfers to LLC's?
Post: Loan Officer Questions?
- Rental Property Investor
- Palm Desert, CA
- Posts 17
- Votes 1
Originally posted by @Andrew Postell:
@Kyle Trotman sorry I did not catch this post earlier. I actually have a list of questions I would recommend to ask any lender that you interview. Here's the list:
Questions for Lenders
- When do you start using rental income to help me qualify? (the answer needs to be immediately)
- When do you start using “After Repair Value” on my property?
- How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
- What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
- How many loans can I have with you?
- Can I change title to my LLC?
- Do you sell your mortgages?
- What is your loan minimum?
- Can you explain to me what your reserve requirements are?
Post: How to file rental income taxes
- Rental Property Investor
- Palm Desert, CA
- Posts 17
- Votes 1
I have a primary residence which I will be renting out and buying a second as house hack. What is the best way to report or file rental income taxes in CA? Sole prop with a DBA or simple on my personal. I know I should be contacting a CPA but I figured someone here can shed some light and help reduce my ignorance. Thank you in advance for any advice given.
Post: House hack purchase, to buy and hold.
- Rental Property Investor
- Palm Desert, CA
- Posts 17
- Votes 1
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $309,000
Cash invested: $15,000
Sfr bought as house hack. We live in the property and renting out 3 of the rooms to students.
What made you interested in investing in this type of deal?
Eliminating living expense was the main idea.
How did you find this deal and how did you negotiate it?
A client of mine who is a handy man brought it up to me right before it went on the market. Made an offer and was accepted
How did you finance this deal?
Conventional loan from my previous lender. They offered a discount for additional loans and use my 1st homes rental income.
How did you add value to the deal?
Making upgrades throught out makes the property more attractive and desirable.
What was the outcome?
Tbd
Lessons learned? Challenges?
Taxation reporting will be my challenge. it's still very new to me. I am educating myself. A work in progress for sure!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an agent. If I have to be honest, I would use a different agent. I felt like I needed to constantly motivate my agent to get things done in a timely fashion.