All Forum Posts by: Ryan Fox

@Chrissy Gray- So unfortunately, it's a little more complicated than that.  Your friend's interest in the property / partnership is part of his bankruptcy estate.  He can't simply quitclaim the property to you for no value.  This would essentially be considered defrauding his creditors because the creditors are entitled to the value of all property he owns.  

If you'd like to speak to an attorney about this, I have a referral.  

@D T.- In a legal sense, I can't think of anything else you need to do at this point.  If this is the only time this has happened, it would be difficult for her to argue that you breached the covenant of quiet enjoyment.  

@Rick Albert- One way I've found around this is to take a loan against a stock account.  Costs nothing to set up and it doesn't go on your credit report.

@Joel Bayer- Under the "expenses" area, there is a cateogory for "other."  That's where you can put in the principal & interest payment.

@Joel Bayer- I stopped using the BRRRR calculator a while ago because it doesn't handle complicated financing scenarios like this well. The easiest way to get around this is to figure out how much the property would cash flow using the "rental property calculator." You'd analyze it as a "cash purchase" and add a special expense category for your principal & interest payment.

Once you see how much it cash flows, you can divide by your total cash investment to find the cash on cash return, then make assumptions about appreciation and mortgage paydown to find your total return.  

Hope this helps.

@Tim J.- You're right.  Groceries don't have anything to do with rental properties.  My point was you can customize Quickbooks (or Quicken if you go that route) to track you personal stuff and rental property / business stuff.  

@Juan Lizarazo- Quickbooks.  I was using Stessa before but it didn't allow you to account for other income and expenses, like salary, groceries, ect.  You can add your own categories in QB so you can account for all that stuff.  This is probably not the way you're "supposed" to used QB but I didn't want to get two softwares - one for business and one for personal.  

@Eden Elhar- I think I know an immigration attorney who could help if you'd like a referral.

@Issa Santos- I found 8 lawsuits they've been in, but I don't know of the details.  They're in GA, FL, and TX.  Of course just being sued isn't proof of anything.

Appreciate all the responses.  I'll check with my accountant to be sure.