All Forum Posts by: Account Closed

My question is what qualifies a house for the homepath financing? Some of the houses that need more rehab don't qualify because they involve too much work I understand that.

Some other questions are how does the rehab loan work? For example do you have to use there list of contractors? I will do my own research on ARV of houses but is this something that they take into consideration when giving you a loan. I am new to the whole process and am in the process of getting pre-qualified. I also love the fact that my first property that I am buying can be used as rental income for 75% despite not having significant landlord experience. I now have 10% down for 2-3 more rentals in the 40-50k range so I plan to keep looking around now. thanks

ok well the start up fee's for an LLC aren't too bad anyways but I was going to request a quote to increase my liability from 300k to 1 mil.
Also I have heard from another investor that if I move my property into an LLC right away my mortgage loan interest would increase as the banks have to provide a new loan? if I wait until the end of the year this won't happen? I was confused and he also recommended I get a gas card and use it for all my gas then deduct that amount as long as I have the expenses on my card to back it up. I felt the IRS would view that as too much gas I am using right?

ok gotcha thanks Dave! also i was told by another landlord to open up a gas card and whenever I get gas to put it on these and use it as a deduction. I was orignally going to just get a seperate checking or business account and put all my expenses through there, which i will do but i was suprised they said to do that for all my gas even when it does not involve my rental

Yes, i understand that he just made it sound like how i set up my llc and how i file my taxes would make a significant difference so i figured if i have to learn it any way why not buy his program and figure it out. I just didn't know if any one on this site used it, i know mrlandlord.com recommends him and even sells his products.

Ok did any one purchase Albert Aiello's goldmine software. I attended his meeting a week ago and now that I am going to have my first rental I have a few questions regarding how to set up my LLC. He said to open an LLC but then have it taxed as 2 owners. He said to have it taxed by me 97%( LLC) and then the other 3% as a C-Corp? You get the benefits of both, and avoid the double taxation issues. He also claims to spreaad out his depreciation in a certain way and to avoid becoming a "dealer." He also stated about having to work about 750 hours a year, which he claims to do watching TV shows like Jerry Springer to avoid renting to section 8 tenants? lol Just wondering if you guys have purchased his program and am mostly concerned with how to properly set up the LLC as he advises using the C Corp as a partnership which most people seem to avoid thanks

My closing lawyer also is an investor so I plan to talk to him about it as well, I am probably just overthinking a lot as it is a new experience like Bryan said haha

haha its ok is there an app for this website?

Great idea I should do that on my final walkthrough then since I haven't contacted the tenant yet and the close is on the 31st..

Nice you must be loving life then huh Bryan? lol also I found out the current owner only has a 250$ security deposit coming to me?? I understand the tenant is living off of compensation but how do I go about getting more of a deposit as that is very small. he does seem to take good care of property from when the inspector and me were there, and also from the appraisal pictures I have but still.

Also the upstairs tenant will know i am the owner because when the inspector was there he saw me and the agent said meet your knew landlord lol great. Also I happen to drive a BMW not a brand new one but I am worried the tenants will develop an attitude with me and think i am rich or something along those lines that I happen to read about