All Forum Posts by: Pierre E.
Pierre E. has started 29 posts and replied 118 times.
Post: Who Qualifies for IRS-REPS - Real Estate Professional Status?
- Washington, DC
- Posts 118
- Votes 42
IRS-REPS Status - What qualifies as Real Estate Professional?
I have reviewed multiple sites blogs posts etc about REPS and found very detailed information, but one area still remains less clear for me. There are 11 categories it gives for REPS qualification. I get all the other stipulations, but what are some examples of jobs that have allowed qualifications for REPS? For example, would spending 750+ hours being a wholesaler count? Would someone who stages properties and does real estate photography count? Does being a property inspector count? Would someone who does mobile notary for closings count? CPA’s and Mortgage Lenders don’t count, but Appraisers and of course real estate agents do according to case studies. Anyway trying to build a better list of examples of people that have actually qualified.
Looking for examples that qualify or examples in these 11 categories below of
“real property trade or business is any real property trade or business that is involved in:”
- development, redevelopment,
- construction, reconstruction,
- conversion,
- Acquisition, brokerage
- Rental, leasing
- operation, management,
Trying to gain a more clear and detailed understanding on that part. (for example I am going to assumed the appraiser in a case that was studied qualified because they were involved in the actual acquisition part and they were directly interacting with the property and providing a service for both the seller and buyer.
Any insight or examples that someone could share would be helpful, thank you!
Post: ALLIED LOAN SERVICING RECOMMENDATIONS
- Washington, DC
- Posts 118
- Votes 42
Quote from @Chris Seveney:
@Pierre E.
Allservicing.com is their website
Thank you much appreciated!
So far I have found these
- FCI - https://www.myfci.com
- Madison - https://www.madisonmanagement.net
- Allied - http://www.Allservicing.com
- Note Servicing Center - www.noteservicingcenter.com
- BIFI - By Investors For Investors. www.bifils.com
Post: ALLIED LOAN SERVICING RECOMMENDATIONS
- Washington, DC
- Posts 118
- Votes 42
Quote from @Liz Brumer-Smith:
I've used all three services mentioned above and more. FCI and Madison are the largest for the smaller investor who is buying one or two notes at a time. Allied is really knowledgable and has since launched an online portal. They can handle partials well just as FCI can. All three have pros and cons. No one servicing company is perfect! I find it's best to keep the loan you're purchasing with the original servicer. This minimizes confusion in the transfer (for the borrower and reduces the chance of missed payments during the transfer). If you're originating the loan yourself try out each servicer and adjust in the future if your not happy.
I have seen multiple people mention allied, googled it and got a bunch of random companies. Do you have the domain part of the URL to make sure I am looking at the right company (first timer here, just being careful!)
Post: Tax implications for a private lender
- Washington, DC
- Posts 118
- Votes 42
I had same question so this helps. Basically if possible, the best place to do private money lending from is a self directed IRA or self directed 401k it seems.
Post: Egress Windows - Ideas and Words of Caution
- Washington, DC
- Posts 118
- Votes 42
Just wanted to say thank you to each of you contributing your insight, definitely helpful!
One interesting thing is getting named on the insurance? @Scott M. Is that a normal thing to do? Would the contractor expect that, or offer that as standard or is it only if asked, and do they prefer to avoid that? Thanks again!
Post: Egress Windows - Ideas and Words of Caution
- Washington, DC
- Posts 118
- Votes 42
Hey. Looking to put an egress window in a basement. Found this video online that explains the process pretty well from a construction standpoint but what about from an investor standpoint? Any hiccups or issues or things to watch out for in selecting a contractor? Any thoughts on ROI for a property when doing this? (ie. when have you found it to be worth it for the cost? I am seeing estimates from 3k to 9k for even just basic window install)
Post: Evaluating Mini split HVAC Heat Pump Options - Cooling and Heat
- Washington, DC
- Posts 118
- Votes 42
Thank you so much for your responses. My biggest concern is first the effectiveness of the heat. Will the tenant be satisfied with the heat or constantly feeling cold if I install a heat pump? Would that limit me to only using the heat pump for cooling? The goal being to get rid of the radiators.
so... Can the heat pump pump heat hot enough to heat the home on its own? (figured I'd ad a little alliteration and rhyme in there :-D)
Post: Evaluating Mini split HVAC Heat Pump Options - Cooling and Heat
- Washington, DC
- Posts 118
- Votes 42
Wanted some ideas/opinions on adding a mini-split to a property in the Mid-Atlantic Region. The main purpose is for cooling (a must, gets unbearably hot in the summer), but hoping to be able to get rid of the radiators as well in a 600-700 sqft space.
I know radiators with a boiler are considered more efficient, but removing them and their piping would enhance the usability of such a small space. It would also limit the number of openings in the walls, allow for better weatherization and sealing. (I would consider radiant floor heat instead since theres a possibility the flooring will be updated as well but I have heard that it costs a lot. If you have comments on this feel free to add though)
I have considered replacing radiators with newer ones that take less space but the minisplit for cooling is a requirement, and I feel like it would be an opportunity to have both.
1 - What are some mini-split basics I should understand before choosing a contractor?
2 - What are your thoughts on the efficacy of mini-split heating in the Mid-Atlantic region? (Maryland, Virginia, PA, Del)
3- Any other ideas or alternatives to consider?