All Forum Posts by: Rob Wilcox

@Josh F.

I don’t know how to DM. Can you hit me to discuss the specifics?

@Josh F.

How did this work out? Did you make the trade? Asking b/c we have a SFR that meets your initial criteria.

@Josh F.

Not sure the best way to do this but I’m a private lender who would consider the loan.

You can DM me if you have interest.

@Alex Bekeza

Thank you

@Alex Bekeza and Kevin, thank you for your knowledge.

Will look into these options.

The one concern I've always had in moving out of the LLC is the potential for personal liability.

Do you know how long this should typically take? Range is fine.

We’ve never wanted to put our personal assets on the line.

Again, very much appreciate your insights.

Hello BP,

I'm just looking for a little refinance help. We have a SFR in Atlanta, GA with a loan balance of $140k. It's worth $260k. We have it rented at $1,695 / month on a 2-year lease.

We are looking to refinance, about $180k with long-term debt.

We hold this in a LLC that has financials since 2018.

Anyone have ideas or help?

Thanks in advance!

Two Questions...

1. We are building a vacation rental in Montana. Cost of the build is about $550k. Not including the land costs. If we’ve spent $300k on the build in the 2019 calendar year, will we deduct that entire $300k (bonus depreciation) as a passive loss?

2. If we take our family (total of 5), to stay in our vacation rental house (the one we are building), can I have the LLC buy these plane tickets and therefore deduct them as a business expense?

Thank you all in advance,

@Basit Siddiqi Thank you for the response. All makes sense. My business partner is aware and agreed on how we would fund these situations. We both have the same opportunity. Regarding the taxes / deduction, think I’m in the situation you lay out. Won’t be able to take the deduction but will have to report all the icome for tax purposes. Appreciate the insights.

Got it, thank you, Then were does the $5,950.21 that is left over at the end of the transaction hit? 

This is so very helpful. Thank you to the group!

Here are the numbers of the deal: 

Loan Amount: $123,600

Points: 3

Annualized Interest Rate: 12%

Fee's: $750

Term: 60-days

Type: Balloon

Payoff Amount: $130,616.89

I transferred the $123,600 from my personal line of credit to my business checking account. Then...

Debit Business Checking Account: $123,600

Credit Due to Rob: $123,600

60-days of Interest Expense: $1,066.68 (Paid to Rob W). 

Then I'll transfer the $123,600 back to my personal line of credit. 

Net Income: $5,950.21 ($130,616.89 - ($123,500 + $1,066.68))