All Forum Posts by: Zk Lani

@Basit Siddiqi in SC, a married couple LLC is considered a single member LLC per my CPA, but I'm also checking with a lawyer.

Hello BP community. Are there any real estate tax benefits for W2 high income earners (over $250k)? I've read several books/posts/blogs on tax benefits for RE investors, and even contacted a couple of CPAs who are active here on BP (even read their book), and besides poor communication skills, I was told that they couldn't help me due to my high income and one of them referred me to a "larger " practice but didn't explain how that larger practice could help me! Anyways, I read Garrett Sutton's and Tom Wheeler's books on RE tax benefits, and it seems like I need to get my wife to become a full time real estate professional. I am finally starting to get her on board with me, she wasn't happy about me investing in rentals and thought it was too risky. Anyway, I started investing 6 months ago, but spent a year before that educating myself on rental property investing. I currently own 4 units and working with my CPA to create a pathway for my wife to become a real estate professional. Now I understand it needs to be 750 hours/year, but is there a practical number of units that I need to own that could justify the hours requirements? My wife is currently doing my bookkeeping (she's Very organized!) and I do have a property manager. My CPA recommended that I put my wife as the contact person in my property management contract, where the manager would inform my wife and communicate with her about any issues. My CPA also suggested that my wife should become an equal owner of my single member LLC. My CPA is not an expert in real estate taxes, but very open minded and eager to learn. I talked to other CPAs who work with local investors and was told as a W2 employee, there aren't many benefits, and for my wife to become a full time professional, I need at least 10-20 units to justify the hours incase I get audited by the IRS.

I’d like to ask if there are any W2 high income earners here or CPAs who work with W2 high income RE investors that can provide me further guidance. I enjoy real estate investing and hoping to buy a couple of properties this year.

Thanks and look forward to learning from you guys and girls.

ZK

@David Waddleton $200/month of cash flow is honestly not a bad return for first time investor. If you’re financially comfortable with it then go for it. You’ll learn a lot down the road. You’ll still benefit from tax/business deductions/depreciation/building equity every year and if you’re planning on holding it for the long run then it may be worth it. Also if it’s in a decent area (not a war zone), good tenants, etc.. then go for it.

Hello folks, I bought a duplex recently in SC via conventional loan, and I'm constantly looking for deals and I tend to find good ones every now and then but don't want to deplete my cash reserves for the 25% down payment. I've been working with conventional loan from a mortgage company but have been reading a lot about hard money lending or PM lending for the BRRRR strategy. I'd like to start BRRRR-ing and will start with a cheaper property needing little work and then cash out refinance. For those who are HM lenders, what are the questions that you need me to answer for you to work with a newbie like myself? I'd appreciate your help on that.

Thanks John Jacobus! I’m glad to have come across BiggerPockets community! I’ve been doing things on my own and self teaching via books and mistakes but glad I finally made it here! Great resources and will be going over them 1 by 1!

Holy smokes guys! This is great! Jim Johnson what a great post. It’s a small mh park in a smaller 30k+ population, but town is slowly growing. I’ll seek more wisdom from a local mh investor and go over the points you guys mentioned. I’ll also look into the mh university course and continue to educate myself:)

Hi all, I came across a potentially great opportunity for a mhp owned by an older lady who’s wanting to sell due to health issues. She’s cash flowing really well but I’ve never invested in mhp, only residential investments and was wondering what you guys think are the DOs and DON’Ts when it comes to mhp investing? Any resources do you recommend to read? I was thinking about a conventional loan, for people who went that route, what information to prepare beforehand for the lender to increase my odds of getting a loan? If conventional doesn’t work, I’ll be going with a hard money lender, any advice on that? I apologize for the lengthy post but I’d appreciate any input. Thanks folks.

Hello folks, I came across two mobile home parks that are for sale and they cash flow very well per the rent roll. I’ll try and get a conventional loan though maybe difficult so next step would be hard money lender. I’ve never invested in mobile homes before, I have a duplex but feel it would be difficult for me to pass on this opportunity. Any folks there with experience in mobile home investing? I would appreciate any advice, also resources to read from so I can educate myself especially if I need to approach a hard money lender. I’m sure hml will have certain questions they’ll need answers for, if there are hm lenders reading my post, could you please reach out to me. Thanks folks.

Awesome you guys! I’m excited for my first deals!

thanks guys I appreciate the feedback. I figured all the numbers out because all these units are currently occupied with leases. I reviewed their actual rent roll, but I need to start tracking them soon once I close. They’re pocket listings and thankfully no competition. I’m planning to put under contract tomorrow. I’ll start researching these softwares. As far as all the documentations, contracts, receipts of each properties, do you guys scan them and store them electronically? What software do you use? Do you recommend placing them in a drop box?