All Forum Posts by: Sam Gleadle

Hello everyone.

Myself and two partners purchased a property towards the end of last year and did some light rehab to the building. Our plan was to sell it and then 1031 those profits into another property.

We are currently under contract now and closing end of the month.

My question is this: are we able to 1031 this profit into a standard rental? I’m asking because this first property counts as a flip and I know the IRS does not consider flips to be income. I believed that because the 1031 property would be a standard rental, we could use this strategy.

Am I wrong and we will have to pay taxes?

Cheers everyone!

@Zev Jankovic Hi Jev, yeah I know they are “riskier” in that regard. I went through setup process and everything but shortly after they said they re look at the account and found me “risky”? Tried to get an explanation but was not successful haha.

Will normal big banks allow me to open multiple accounts, one for each deal that I purchased through a partnership?

Cheers

@Mike Reynolds hi Mike, thank you for your response. It is possible, I will be opening a new bank account for each new deal I purchase through a partnership, so I just need them allow me to open multiple accounts. Just wanted to see if anyone here had a good experience with any of the big banks or small ones!

Cheers

Hello everyone,

I have a deal that I used funds from partners and created an LLC. I am also the managing partner on the deal so I am in charge of the bank account and distribution of profits, etc…

I opened an account with Novo, an online business banking platform that I loved at first, but all of a sudden, after only two months, they said my account is closing due to risk?

They will not elaborate anymore than that and I am confused and angry. With that being said, I need to open another bank account somewhere else rather quickly.

Was wondering if there were any better options for me to use for this deal and all other deals in the future?

Cheers,

Sam Gleadle

@Daniel Hyman thank you Daniel! I will look into that and see what I can find.

Hello everyone,

I am moving forward on a deal that I am starting an LLP with. I have much to learn and I am excited to learn as I go, however I am really looking for someone who can handle the taxes for me for the property and potentially personally as well. I live in Texas currently and the property is in MN.

Thank you,

Sam Gleadle

Hey guys,

I am moving forward with a deal that I am using funds from partners. I will be the managing partner this deal and I have never had to open up a business account before. What companies have you had experience using, and what makes it a good company to go with? What things should I look for and avoid?

Cheers,

Sam Gleadle

@Elin Trinh Thank you, and best of luck to your for your first rental. Which area is it in? 

Hey guys... 

So, I moved again!!! As a professional athlete this type of thing happens all the time. This time football has moved me to San Antonio for a year. As the season gets closer I am wanting to meet and connect with agents/investors here to chat about the market and learn as much as I can. 

Looking forward to meeting you all,

Sam Gleadle

@Jordan Murrell

@Tesho Akindele

@Greg Ranjitsingh

All the lads getting in now.. ask Jordan questions as the man is rolling and I’ve begun to pick Tesho’s brain as well!! Welcome to BP Greg