All Forum Posts by: Steven Violano

Hey Jaudon, I am in NH too, there are some basic contracts online. If you have a deal that is truly a deal, but maybe a little more than you can handle we'd be happy to bring it home and get you a referral fee. We do a lot of deals. We have multiple outcomes: flip them ourselves, pass them to other investors in our network or even list them if they are too skinny. 

The idea is your CT LLC(s) are owned inside your WY holding company. Apparently, the Wyoming privacy laws protect you from exposing your other assets in the vent your CT LLC is being sued for more damages than the entity owns. In CT the potential piercing of the cooperate veil is more easily done exposing the owner of the LLC's personal and other LLC assets. I'm not an attorney, this is not legal advice and I am open to correction and clarification from others more knowledgeable.

Hey Ryan, when and where is the NH meet up this month?

I found that the platform charges something like a 13% fee on top of the cost of the work. Nah, I'll pass, if I am really desperate I can offer the project for 13% less than what I am willing to pay, but this size chunk makes it unattractive to investors and good contractors.

Every once in a while I see some one posting on local Facebook groups looking for contractors and someone responds to put your project to bid to multiple contractors on Tulbelt. Looking for real life experiences using this app, I'm a bit suspicious of reviews and bots and curious in case my spider-senses are wrong. 

Me too. @Greg Wright What have you learned in the last 4 years?

I live and invest in CT and use an insurance broker in Shelton for my personal and real estate investing needs. DM me and I can give you her contact info if you're interested in some quotes.

I'm out, schedule conflict with my flip, but would love to attend the next one. For folks in the Naugatuck Valley we started a meet up and Facebook page called Valley Real Estate Investors. We will resume face to face meetings when things get back to normal.

I am excited to be co-hosting this meetup with @Warren Juall we're looking forward to meeting other local investors.

A close friend and her two brothers, all retired or close to retiring, just inherited their mom's house. When I look at this house tomorrow I want to present a win-win to the owners (I've never met the brothers). If they owner finance the house, I take ownership of the house and associated headaches of renting it. It only works if they give me a lower interest rate mortgage, but they receive more income than a bank CD.

It is a single family 3 bed 2 bath 2 garage house across from a condo complex.  Probably worth about 200K. If I can make another bedroom and rent by the room I can get 3000/mo income. If I rented as a house 1800/mo and it wouldn't cash flow based on a 15 year mortgage and expenses to 2000/mo.  I 'd have to link the mortgage rate to the 12 month T-bill rate to keep it attractive over time.

Their win: is headache gone, better tax position, higher than CD rate income for 15 years

My questions:

What tax advantages are there for the 3 siblings who are inheriting the house by owner financing it? I need a simple proposal that gives them more monthly income than a CD and tax savings while protecting myself.

I'd love to hear from folks who have done this any advise is greatly appreciated.