All Forum Posts by: Christina Colon

Thanks so much for this feedback! We have started the LLC. I will reach out to my CPA and find a good real estate Attorney! Thanks a million!

I've reached the point where I'm ready to partner up! 

my business partner and I have decided to go in on investing together! I want to ensure we do this right, but I feel lost and stuck! 

I'm looking for experience here, we are ready to take on our first deal together but unsure how to structure it so we are both protected. 

My questions are:

How do we legally set our agreement and protect our business? 

How do we file taxes under our business (Our LLC) ?

Who do we bring on board with us to ensure we are legally doing the right moves? 

How do you conquer book keeping if you both have to your personal funds into the deal? 

There may be more I'm leaving out, but any help would be great! 

For transparency:

Our vision is to build a portfolio of STR and MTR. I currently own two STR's and manage his STR.

Thank you all! 

@Dustin Pavlik I have an STR in Largo. Each city has specific requirements for them. I grew up in Pinellas County and have seen it grow so much over the years! Please reach out with any questions! I'm also a licensed real estate agent and could assist with getting you in the right location.

@Blake Rice I think you have a lot of good options here. I used my home as a LTR then converted into a STR this year and it's doing great! Please reach out with any questions! I'm also a licensed real estate agent in the area.

@Keith Howes I have citizens

@Cliff Benner thanks Cliff!

@Otis Sanders thanks, I have been going back and forth with that and it might be time! Appreciate that advice.

@JD Martin thank you! Yes, I should have pulled equity from the home looking back on this entire process. Our STR is projected to cash flow significantly higher than the LTR starting next month. We have bookings filled and it looks great. In the beginning of this project I was really hoping to complete this entire rehab without using a refi. Once we complete our pay off of CC debt I will definitely look at other options prior.

@John Teachout it was a risky move, we had ran out of money and just my luck during the rehab we had discovered unexpected items that needed attention to be repaired. Definitely a lesson learned. We are in the process of laying down the debt with our W-2's, rookie move that I'm definitely learning through first hand.

@Khari F. The rehab went great!! We did a full kitchen, 3 bathrooms and repainted the entire interior and exterior. Over all we are very pleased.