All Forum Posts by: Will Kirkendoll
Will Kirkendoll has started 28 posts and replied 104 times.
Post: buying an LLC, looking for advice
- Lorain, OH
- Posts 111
- Votes 53
thank you for the advice guys. I do not how the LLC is set up yet and only reason I wanted to buy the llc is because I didn't want to outright buy the property and then have to wait 90 days before it is eligible for a government loan.
Post: buying an LLC, looking for advice
- Lorain, OH
- Posts 111
- Votes 53
hey Bp, I have a question looking to get help with it.
I'm looking to buy an LLC that holds title to a piece of real estate. when the llc bought the property it was quit claim deeded for "0.00" If I buy the llc lets just say for 60k and sell it for 90k will I be taxed on 90k since the llc acquired the property for "0.00"?
Post: closing on a multi family need advice
- Lorain, OH
- Posts 111
- Votes 53
Originally posted by @Michael Plaks:
I assume you're planning to hold this MF property. If so - I would not hold it in the same company that you use for flipping. Consider a separate LLC for the new property. Fund it by transferring money from your flipping company first to yourself and then to your new LLC.
Also, you do not 1099 yourself out of your company. Something is not set up right.
Not what you want to hear, but I would not fly solo (i.e. without professionals on your team) when dealing with multi-family property and multiple flips.
Yes I plan on holding it for a long time. I'm also using an FHA loan. Instead of putting it in LLC I was going to put it into a trust so it wouldn't trigger the due on sale clause. I'm actually looking for a real estate tax accountant. thanks for the reply mike
Post: closing on a multi family need advice
- Lorain, OH
- Posts 111
- Votes 53
hello Bp, I have a quick question regarding the best way of handling closing on a multi family. Would it be best to close using the funds out of my company name and write it off or still use my company funds by paying myself and 1099 myself? I just have an LLC. closing cost is 8k. I only made 25k so far with company this year. I plan on flipping a house or two by years end! thanks
Post: land trust and POS question
- Lorain, OH
- Posts 111
- Votes 53
hello BP, I have a quick question. I live in a city where they have a POS inspection. my question is if I buy in a Land trust or have the owner put in land trust and I buy the land trust will that still trigger the POS inspection?? thanks
Post: Looking to leverage my IRA, suggestions
- Lorain, OH
- Posts 111
- Votes 53
If it was me I would look to use my 20k as a down payment on a multifamily
Post: Sheriff's Sale in Ohio
- Lorain, OH
- Posts 111
- Votes 53
If you checked the county recorder for any federal liens and your title company runs the title search. you should be good.
Post: lima one thinks i'm a jerk lol
- Lorain, OH
- Posts 111
- Votes 53
Originally posted by @James Wise:
Originally posted by @Will Kirkendoll:
Originally posted by @James Wise:
I've seen Lima One Capital do some pretty gnarly loans for some of my clients before. Not sure why the O.P. thinks he can talk down to the girl he's working with & expect her not to respond in kind. You are a person, she is a person. You're trying to get money from them, lol you aren't special nor deserve to be put on a pedestal my man. Don't burn bridges when you're out there trying to raise capital.
I didn’t talk down on no one. I don’t put myself on a higher pedestal or think I’m better than anyone.
You seem like you're just getting started in this biz, I am not interested in going back & fourth with you on whether or not your behavior on that email & in putting that company on blast with this thread is appropriate or not. You've got your opinion, I've got mine & everyone reading this has theirs. What I'd like you to remember is one thing.....You don't know what you don't know. Maybe it makes no sense to you right now but it just might 3, 4 or 500 deals down the road............Just keep it in mind.
ok thanks for your opinion and feedback. I appreciate it.
Post: lima one thinks i'm a jerk lol
- Lorain, OH
- Posts 111
- Votes 53
Originally posted by @James Wise:
I've seen Lima One Capital do some pretty gnarly loans for some of my clients before. Not sure why the O.P. thinks he can talk down to the girl he's working with & expect her not to respond in kind. You are a person, she is a person. You're trying to get money from them, lol you aren't special nor deserve to be put on a pedestal my man. Don't burn bridges when you're out there trying to raise capital.
I didn’t talk down on no one. I don’t put myself on a higher pedestal or think I’m better than anyone.
Post: lima one thinks i'm a jerk lol
- Lorain, OH
- Posts 111
- Votes 53
Originally posted by @Caleb Heimsoth:
@Will Kirkendoll. Well if you weren’t such a jerk..(kidding). That’s really absurd. Sometimes I think some of these lenders just hire anybody and hope it works out.
I know right lol. I need to be more kind. she was probably just having a rough day. seems like companies got away from customer service these days. I hope it works out too thanks caleb!