All Forum Posts by: Todd Rasmussen

Hi all. I am looking into potentially purchasing mobile homes and renting them out in California. I have a lot of questions, so I am wondering if anyone can direct me to some good resources for this? My biggest question is whether or not a tenant can be charged the cost of space rent in their monthly payments?

For example:
Mortgage = $500
Space rent = $500

Can the tenant be charged $1,000?

Thanks all!

Hello all, my current portfolio is 6 single family, 1 duplex, and 1 triplex.  I’m looking for a lender in Ohio (open to other locations as well) that will possibly do a blanket/portfolio cash out refi covering all these properties in a 30 year fixed rate. 

Has anyone done something similar and have lender suggestions? Possibly a Non QM lender? 

I’m open to all advice and strategies that may fit here. Thanks in advance. 

Shawn 

Hello everyone. 

A few months ago I bought a house cash. I was able to rent it out and just finished cashout refinance with an LTV of 75%. Can I use that money for a down payment for another house right away?

Will the new lender let me do that? Would they object to me using borrowed money for a down payment on the house I plan to get? Or do I have to wait for two months so that my last two bank statements do not show the deposit of the money I just borrow (from the cashout refinance)?

Thank you in advance!

Hello fellow investors. I am a California resident investing in Charlotte NC. I have a several SFRs and in the early stages working with a GC to build some new homes in the near future.

I've been operating my business under my own name for the past several years and I believe I'm at a point where I should begin to look more seriously into asset protection.

I looked into setting up an LLC, but I feel special because I'm 'lucky' to be a California resident. I learned that there are additional obstacles and expenses required for California resident. As I looked more into LLCs I realize asset protection is extremely complex.

Under California Revenue and Taxation Code (Tax Code), I would be considered 'doing business in California if any of the criteria below is met and I would need to create an LLC in California:

• 1-If your gross sales for the company is 25% or more for the State of California, or the gross sales exceeds a threshold (just over $600k) IN the State of California, even if under 25% of your overall sales
• 2-Or, the assets (real or personal property) owned by the company and located in the State of California is 25% or more of the total assets of the company, or the total assets exceeds a threshold (just over $60k) IN the State of California, even if under 25% of the assets owned by the company. 
• Under this requirement, would one's personal California home be considered 'asset' under this definition???
• 3-Or, the payroll compensation paid is 25% or more in the State of California, or the California payroll compensation exceeds a threshold (just over $60k), even if under 25% of the overall compensation paid to folks outside of CA.

How are my fellow California residents structuring their business for asset protection while still operating their out of state portfolios (rentals, buy and hold, renovations, new builds, etc)?

Do you setup a California LLC then register that as a foreign LLC in the state that you own investment properties?

Alternatively, I believe one can setup an LLC out of state as the managing LLC for your California LLC?

How's everyone doing this??

Thank you...

Jason

Geez.  Time to get out of California 

Targeting all investors:

Taxes are important. You can write off a lunch conference and save lots. I’m targeting those who really keep track on the tiny expenses to the big ones on a daily basis. Even if you have a book keeper, you need to keep track of those payments to give them regardless. 

-When you make payments for your real estate business, how do you keep track of your payments?

- Do you write them in a notebook strictly for tax purposes?

-Do you tally it up at the end of each month? 

- Do you use an online platform? If so, which one (s)?
 
Looking for as much feedback as possible! I would love to hear tips and experiences you have had with taxes. 

Recently a neighbor recorded a video of our roof shingles of our rental property blowing up and cleverly put it to music during a wind storm.   We know we are due for a new roof and had it on the schedule for next year.  We now also have internal water damage.  Is this something we should call and make an insurance claim for or will they likely say our house was due for a new roof?  We are unsure what to do.  We don’t want our insurance rates to go up but this is much more damage than we ever anticipated. 

 I will take a few daggers for saying this, but I like the new forum look and I have more than a few posts;) 

To be fair, I have used the new forums for three months now. I was on the beta testing team. It took me some time to get used to it, so I encourage you to hang in there. Nobody wants to lose you or any other top contributors. You will get used to it and forget what the old forums even looked like. The BP team is very open to making tweaks and addressing concerns, so your feedback is being heard. That is why this thread is open for comments.