All Forum Posts by: Aimee Hill

When is the next investor meeting at Casa Flores?

I could work out either weeknights or the weekend

absolutely

I can't make the Sacramento meeting in the 16th. I have work and can't make it out there by that time. I'm going to shoot for the meeting in Sept, but I'll for sure be at the meeting on Oct 3

Thanks Linda!  I appreciate your input.

Thank you Linda.......and.......question..... 

The C-Corp sounds pretty good to me.  If you're being taxed on your profits, couldn't you incur more business expenses (i.e holding board of directors meetings while on vacation, buying company cars, etc...) lowering your C-Corp profits and thus lowering tax expense?  I'm new to this whole concept, but I know of investors that use their dogs as tax deductions. They are their burglary system for their office (i.e home) thus making all expenses in relation to their pets tax deductible (vet visits, food, etc...).  He also shared that according to our Tax Code you can rent your home out to your own C-Corp to hold business meetings 14 days out of the year.  So your C-Corp pays you personally for renting out your home to the company.  The craziest thing about it all, is you don't have to report it to the IRS.  I'll have to look up that tax code, but the IRS code says that you can rent out your home to a business for 14 days and not report the profits.

It's amazing what can be tax deductible.......but the initial reason for my original post was to ask about whether or not I'll need an entity to do a Double Close transaction.  And if so, which entity would make more sense if that's all I need it for as I am just getting started in real estate investing.

Yes please!  Thank you Joyce!  We'd love to get together with other investors in the area.  I hope to see you and David McKeever there!

Hello all!

I have noticed that there isn't an REI Club in Stockton, CA. I would love to get one started. Anyone know how to start one?

Thanks!

I'm super confused as to the pros and cons of each of these entities.  I don't have money of my own to invest with so I am starting out by Wholesaling.  I've taken a class and have been made aware of 3 options I can start out doing.  Being a Bird Dog, Assignment of Contracts, or doing a Double close.  I like the profit opportunities with the Double Close, but I believe I need an entity in order to do it.  Since I am just getting started and don't know anything about these entities, I called my accountant.  She told me she can't legally give me any advice on which to choose, but she said I really don't need an entity.  I didn't really explain that I thought it was necessary for the Double Close, but she pretty much told me that as a new investor I will not need any entities and it will just create tax problems for me.  She said that maybe once I become a Real Estate Professional, but not now.  Is she right? I know I can't get official, legal advice here, but I definitely need some guidance.

Thanks!

My husband and I are new to real estate investing. We both come from the medical field and have come to realize that we won't reach our financial goals continuing our current path. We have taken some classes enlightening us to the great opportunities that real estate has to offer. We learned of this site reading a book by J Scott who stated that this is an invaluable resource to keep us on the right track. We are eager to learn and greatly appreciate all advice given by existing members.

Aimee and Glenn Hill