All Forum Posts by: Catherine C.
Catherine C. has started 12 posts and replied 35 times.
Post: Moving money from LLC bank account to personal Roth IRA
- New York
- Posts 41
- Votes 3
Great, thank you both so much! I appreciate the help
Post: Moving money from LLC bank account to personal Roth IRA
- New York
- Posts 41
- Votes 3
Originally posted by @Ashish Acharya:
Originally posted by @Catherine C.:
Hi All. What is the best way to do this? There is money in our business LLC bank account, however we'd like to transfer $6000 (the annual max) to a personal Roth IRA. Any tips appreciated, thanks!
Yes transfer it and book the transaction as distribution on your LLC's book.
Thank you, is it best to first transfer the $6000 from the LLC to a personal bank account and THEN to a Roth IRA? Is there any difference regarding taxes owed? I know Roth IRAs are post tax. Thanks
Post: Moving money from LLC bank account to personal Roth IRA
- New York
- Posts 41
- Votes 3
Hi All. What is the best way to do this? There is money in our business LLC bank account, however we'd like to transfer $6000 (the annual max) to a personal Roth IRA. Any tips appreciated, thanks!
Post: New York COVID Buying a Property With Tenant
- New York
- Posts 41
- Votes 3
Originally posted by @Steven Luttman:
Hi @Catherine C. ,
Congrats on the acquisition. The best resource re NY's eviction moratorium will be your attorney handling the sale. Also periodically check the governor's website governor.ny.gov for updates.
As for the tenant, when negotiating the purchase you could stipulate that certain units be vacated prior to close. This then puts the onus on the Seller. The downside is if there are multiple interested parties you risk losing out to an offer that is less burdensome of the current owner. Were they on a lease previously? If so then review that document. As long as it does not stipulate upon expiration it auto renews for a certain length of time then they are on a month to month tenancy. After closing inform the tenant they are to vacate. Depending on how long they have occupied the unit they will be entitled to between 30-90 days notice.
Best of luck,
-Steve
Thank you, Steve! That was very helpful, I appreciate it.
Post: Evicting a Month-to-Month Tenant During COVID
- New York
- Posts 41
- Votes 3
Hi all, Is it considered an "eviction" if the tenant is month-to-month (upstate NY - Catskills)? Would this apply to the new federal mandate of no evictions until the end of the year? We are buying a property that comes with a tenant, but we need her unit. Any and all advise is appreciated, thanks.
Post: Trump/CDC Halts evictions nationwide to the end of the year
- New York
- Posts 41
- Votes 3
Originally posted by @Colleen F.:
@Catherine C. Deliver vacant is what you want in your contract. And stick to it on the walk through.
What if the owner refuses to get the tenant out before closing?
Post: Trump/CDC Halts evictions nationwide to the end of the year
- New York
- Posts 41
- Votes 3
Anyone know if it's considered an "eviction" in New York State (upstate - Catskills) if the tenant does NOT have a lease? We are buying a property that comes with a tenant, but we need her unit.
Post: New York COVID Buying a Property With Tenant
- New York
- Posts 41
- Votes 3
Hi New Yorkers. We are buying a property in upstate NY - within the Catskills. The property currently has a tenant, who is NOT on a lease. During this age of COVID, are we allowed to ask her to leave, if given 90 day notice? Is this considered an "eviction" if there is no lease? I understand NY has a hold on all evictions.
Any NY state resources on how to stay up-to-date on rental/landlord/tenant laws would be helpful. Thank you
I'm looking to buy in Saratoga Springs. Let me know the info if you're no longer interested in the deal! Thanks
Post: Student Loan Rehabilitation Amongst Coronavirus & Investment Prop
- New York
- Posts 41
- Votes 3
Hello, I hope you all are doing well!
My friend is looking to buy a $85,000 investment property in Upstate NY as soon as possible, it's a duplex and he will rent both units (one to his mother, who is looking to move from her current house ASAP). He has a couple of thousand dollars in student loan debt that is in default (no more than $5,000, so not a ton)... he is looking to go through the loan rehabilitation process in order to pay it off, to avoid further hurting his credit score.
I am aware that student loan debt, especially defaults, can hinder the process of getting a mortgage, however his past 2 years of employment are steady and sufficient. The property of interest is very cheap, but this would be his first home purchase. He could pay off the defaulted loan outright, but if he doesn't go through the rehabilitation program for 10 months then it will remain on his credit score/history.
My question is:
Now, being in the time of COVID-19, does it make sense for him to start the student loan rehabilitation process? Should he wait on this until after he buys the property (pending if he can get a mortgage) or until after coronavirus? Is it better to just pay off the student loans and take a hit to credit score? Trying to think of the best way that he can 1) pay off the defaulted loan without further hurting credit score and 2) getting approved for a small mortgage for this investment property.
Any advice would be extremely appreciated. Thank you