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About AmyBass

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  1. I am opening a Wyoming LLC to own and sell some real estate that I am buying in Ohio and Kentucky. These will be frequent short-term holds, about 6-9 months long each. I plan to buy them in my name & put in a land trust then sign my LLC as beneficiary. When I go to sell it, the state tax is taken at closing. Do I still need to be foreign qualfied in Ohio and Kentucky to do this? Is there any way around having to be foreign qualified with a Registered agent in those states? Any help you can give me would be very beneficial. Thanks, Amy
  2. What do you think about this article? Could this still work? http://www.inc.com/resources/tax/articles/...1/taxbreak.html
  3. Not necessarily, Amy. There are other factors that come into play. Your credit score, for example. Find an investor friendly mortgage broker and find out what programs he/she has that fit your needs. You may be pleasantly surprised. And if there are any REIC's near you, that's usually a good place to find a few. Credit score is 750 with at least $12k in cash reserves at all times. Does that make a difference? Thanks, Amy
  4. Just wanted to add that my husband is getting chaptered out of the Army for seizures. So we wanted to do Real Estate full time because he would have a hard time finding other sources of employment.
  5. I have been reading that with stated income loans for self-employed you need 2 years of history and a letter from your CPA. We are just getting started this year. My husband is currently in the Army, but is getting out later this year. We would like to use the income from our investment properties to get more loans and be able to count the profit from the investments as income. Could I use my HUD1 forms showing my profit for each deal (when I sell my properties) as income verification? Would I have to wait 2 years before I could start counting my investment income? Any insight on how it works for real estate investors would be great. Oh and about the whole CPA thing, we aren't really huge investors yet so i'd prefer to simply use TurboTax for my tax returns if at all possible. The investments we get involved with are short term holds of about 6-9 months so we will get big paychecks a few times a year as opposed to a monthly pay.
  6. The LLC would be in the state of Utah and from what I understand the Franchise Tax is 5%.
  7. Does an LLC pay Corporate Francise Tax to the state if all the profits are passed onto the member(s)? Just wondering if the Corporate Franchise tax was only for C-Corps? What role does the franchise tax play in LLC's?
  8. The deal is free. Basically he lines you up with 10 new construction homes that you buy for 100% LTV, you put 10% down and then you get 10% back at closing, but you paid 5% in closing costs. So all in all the cost was 95% LTV. The home has a tenant-buyer in them automatically at closing who is on a 3 year lease option deal. If they purchase first year they get it for 105% of the original appraisal, 2nd year they get it for 110% of the original apprasial and the 3rd year is costs 115% of the original apprasial. Obviously Joe Crump is making his money by getting options on all the properties for lower than the 100% LTV and then exercising his option then transferring it to us when we actually buy it and do the deal. Just wondering if this is something worth looking into or not. Not sure if buying at 95% LTV is a good thing or not.
  9. Basically he sets it up for you to buy 10 new construction homes with 3-year lease option tenants already placed in them at closing. You do get mortgages on all of the properties though. If you wouldn't mind looking it over and telling me if it is worth getting into or not, it would really help me out. I am still somewhat of a newbie and the thought of the whole process being taken care of for me is very tempting. http://joecrump.com/10in10/listen.html
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