All Forum Posts by: Marquita Shines

So glad I saw this post! I was about to sign up with Relay!

Quote from @Thornton Drury:

@James Carlson @Grace Wang This is a true 4 unit property, not a rent-by-room situation. 

https://www.biggerpockets.com/...

I'm about to close on a 4-unit building. I will be living in 1 apartment and renting out the other 3. May I ask who did you end up using for insurance? I'm having a hard time finding a company who offers what I need.

Got it! Sorry for asking it all weird. Lol You cleared it all up for me. Thanks and bunch and happy holidays to you and yours!

Quote from @Chris Seveney:

@Marquita Shines

Yes but why pay a wholesaling fee to yourself that will pay taxes on - better to keep lower price

I thought that as I start building my portfolio I’ll need to keep the passive rental income separate from the active wholesaling and flipping income. Is that not true? Is my wholesaling business able to hold rentals too?

Quote from @Josh Stout:

@Marquita Shines was there a particular reason you had in mind for assigning the deal to your other entity? I'm trying to think of a justification for it, but otherwise I agree with @Chris Seveney, save the cash and keep the lower price. 

My wholesaling business is active income that I file on a Schedule C. If I decide to keep a deal as a long term rental that would become passive income which I file on a schedule E. I thought as I start building my portfolio that I’ll need to keep the passive rental business separate from the wholesaling and flipping business. Not so?

If I get a property under contract with my wholesaling LLC and I end up deciding to keep it as rental, can I wholesale it to my other LLC which holds long term rentals?

@Lydia R. Yep! I definietly signed up.

@Lydia R. Thank you. I love their tour, but unfortunately they aren’t accepting anymore sign ups right now. :-(

Congratulations!

@Ehsan Rishat I just bought a Absentee-Owner list from Listsource today and I filtered out Trustee-Owned properties when I searched.  Now that I have the list, the report says they are all REOs.  How can I filter to get Absentee-Owners that are not bank-owned?