All Forum Posts by: Adam Dobbins

I wouldn't worry about an LLC until you start to aquire multiple properties. You can just file a Schedule E at the end of the year when you do your taxes. It's pretty simple. Best of Luck!

I was using Zukerman years ago and switched to Mulkey and Co., (both of which are in Virginia Beach).  Not only did I end up saving money and charges (Fees & Services) using Mulkey, but they also helped me in saving both with FED & State taxes; which is obviously our end goal as business owners.

Try to check out David Greene's book on long distance investing to help give you expand your options if things are not feasible in your area.

When I used signage in the past for rentals, I would generally put them in a location near the corner of the street or close by thoroughfare as to not alert people to the exact location of said vacant property.  I would put the Street & my # on the sign, but not the address.

Sometimes, this can be tricky in certain areas and you don't want to upset any neighbors or your local city ordnances(Fines). Posting some toward the end of the workday on Fridays & pulling them back up Sunday evenings is also a way to alleviate any of those issues.

Richard,

I sent you a message and will contact some local RE people in VB.

V/R,

Adam Dobbins

@Chris Martin thanks. I’ll do that.

I’ve been traveling without much internet, so thanks for the insight.

An old friend of mine bought out my entire state territory for a Salon franchise and wants me to go into business with him.  It certainly looks like something that would do great in my area, but this is completely new and uncharted territory for me.  There is nothing similar to it anywhere around.

I do buy and hold rentals and know just about zero, to be honest about this.

Does anyone on BP have experience with Strip Mall franchise properties or expertise in running something similar to a Salon?

I'd appreciate any information. & Yes if you see my picture and the word "Salon", you may have gotten a chuckle.

Thanks for any time, support, and consideration!  :-)

Dave, Thanks again for your insight and time!

I'm working at learning as much as I can & looking to get something identified, but have been traveling a bunch; with limited internet.

I appreciate yours and everyones help, time, and patience!

Thanks y'all!

This hit the mark of a similar question I had about flipping one off my properties into a newer investment.

I have intentions of doing a BRRRR strategy with the 1031 exchange as well.

I'll need to talk to my CPA and see what the rules are in VA as stated.

Thanks again!

Out of the several times that I rented to friends or acquaintances, it overall was a HUGE PAIN & caused more problems down the road with friendships.

I did have a few, at first, that went well.  But, overall I wouldn't do it again.  I'd rather have the property sit vacant for another week than go the long route of having issues to keep arising time and time again.

That is, if you value their friendship.