All Forum Posts by: Todd Rasmussen

@Jennifer Lindsey

Only being 68K into a property in today's market is exciting. How much is rent?

@Will Amey

williambingleycpa.com

Happy tax season.

@Samuel Rincon

Don't start with an LLC, especially as a resident of CA. Other than the $850 in franchise tax that CA takes, you can be virtually unaffected by the taxes. You can register an llc as single member if married in a community property state and therefore be a disregarded entity so all your income and expenses flow through to your personal return. You also don't need an llc for every state you invest in. We don't own any property in the state our llc is formed in. If the amount of tax you are paying is a primary concern, congratulations it is a great problem to have. Good luck!

@Samantha Jones

Have you tried using the after repair rental income then correcting the rehab phase using a higher vacancy expense?

I've left detailed feedback on how this format is essentially unusable the last three times it was attempted to be launched. I didn't really use the pro features and elected a paid membership just to support the platform. Egg on my face that those resources were used to make the platform worse.

-BP's newest former Pro Member

I've tried many times and cannot use it. It holds a fraction of the information on the screen at a time as the old forum format. If I check into the forum from my phone the page formatting makes sense, but that's what the app is for isn't it?

If it's just me, I'll just understand this is how I find out I'm old. Either way I need a nap.

Originally posted by @Kristyn Grimes:

Originally posted by @Todd Rasmussen:

@Kristyn Grimes

Get paid dividends instead of charged fees and find a regional credit union.

 Been there done that. I was with a local Texas CU for 11 years and last summer we tried to get a mortgage with them. Absolute nightmare. First loan officer had a mental breakdown on the phone and wept violently then hung up and said he'd call back (didn't). Second loan officer who claimed to be that guy's boss took over. He sent the appraiser out to the wrong house. Appraisal came back too low because that wrong house was dilapidated whereas our house was a total head to toe renovation. We couldn't figure out why the appraisal was so low but sent the "sorry we can't mortgage this house" letter and appraisal to the seller and their agent to get our earnest money back we were absolutely humiliated when the seller pointed out that the appraisal and comps were for the wrong house. Had a nasty three-way call with the lender who refused to admit his error, begin yelling at everyone on the call and ended the call by asking us if we were in the business of buying crack houses. Prior to making a complaint with NMLS we googled his name and it turns out he's actually the vice president of their mortgage department. Needless to say him and the basket case both lost their jobs.

 Okay, so maybe a little bigger than that lol. I've found a sweet spot with 5-25 branches to have lending ability plus conveniences like a usable website but still be small enough to give smaller borrowers some personalized attention, but it really comes down to preference. With business accounts you aren't going to find a big bank that doesn't charge for everything. US bank charges me based on how much my average daily balance is. The more money you have on deposit for them to lend out and make money with, the more you get charged. Can't figure that one out!

@Toni Conway

Did ours myself. Single member llc's are pretty simple. I have an operating agreement you can have if you want it.

@Kristyn Grimes

Get paid dividends instead of charged fees and find a regional credit union.

@Jeremy Williams

William Bingley

williambingleycpa.com