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All Forum Posts by: Christopher Johlfs

Christopher Johlfs has started 2 posts and replied 8 times.

Post: Private money agreement

Christopher JohlfsPosted
  • Interior Decorator
  • Lacey, WA
  • Posts 9
  • Votes 6

Looking for a simple private money lender agreement to use to kick things off.  Basically, loan us X amount, you get paid on sale of the house for X amount back.  Will go to a lawyer for final revision but the lender going to use his lawyer.  He's asking for "our" agreement to pass along and invest with us.  Looking for something quick.  First time so I am scrambling to get things in order on the contract side.  As a GC always doing the grunt work, finally moving to the other side... and still doing the grunt work LOL 

Post: Will a LLC in Nevada protect my California asset?

Christopher JohlfsPosted
  • Interior Decorator
  • Lacey, WA
  • Posts 9
  • Votes 6

All (well... I think just about all but like 4 or 5) require an address in the state an entity is filed to act as your registered agent.  Plenty of online registered agents will be happy to provide that service for you, for an annual fee (anywhere from $59-$99/year...(some offer first year free) anything more and they are overcharging).  This is an office, in that state, open during all business hours, that will receive any and all service of process for that entity, in that state (if you get sued, they deliver the paperwork to the registered agent, RA).

From what I understood, and I can be wrong, if the entity owns a property in Y state, then the entity will need to be registered in that state as it is technically "doing business" in that state.  Whether it is domestic (originally formed in that State) or Foreign (registered in N state and then registered to do business in Y state as a foreign entity governed under the laws of N state) OR you can form an entity in N state and another in Y state where your property is located in and have the entity in N state own and be listed as the member or/and manager of the entity filed in Y state that holds the property.  Clear tax differences and each person's situations will dictate or will make more sense to do one over the other.

NV shows all member/manager information, like CA but DE does not show any info unless you request official copies of filed docs (which anyone can do for a fee in any state). 

When conducting business in a state, owning property, owned by an entity, that entity should be registered to do business in that state to be covered and protected under the corporate veil or limited liability of an LLC.

I could be wrong but that's how I understand the 'rules'... 

Post: Nevada Corporation Headquarters

Christopher JohlfsPosted
  • Interior Decorator
  • Lacey, WA
  • Posts 9
  • Votes 6

Filing with the Nevada Secretary of State can be done online with them and wouldn't cost you anything extra.  The only part you'd be missing is an address open during all business hours to accept any service of process for the business... which is the registered agent (required in any State and most States can be filed online now). 

NV entity formation start page: https://www.nvsilverflume.gov/startBusiness

Whoever you choose as a registered agent, please make sure you know how they STOP becoming your registered agent so you can stop paying any annual fees to them.  You are going to list them on an official document, public document here in NV, and anything you ever want to change on that document comes with a fee from the State (RA change form or dissolution of the entity are two ways).  

Corpcomply I've never dealt with but without listing their address on their website, they appear to be micro sites for another larger registered agent (possible Incorp or NCH).  They share a phone number with http://www.aftbizservice.com/index.html

I'd be careful with some of the guys out there.  They will upsell you on anything and everything you DON'T need for this and you won't know it. Incorp never upsold which I liked, their employees were honest and did what they could.  I heard you might get pressure sold and up sold on products from NCH but I never experienced that personally.

Warning: file your annual list every year and when you are done with the entity, dissolve it and send that paperwork to your RA to cancel their services or you could be in for an expensive drawn-out headache. 

IM me if anyone has questions about forming an entity... I used to do that for a living in all 50 States and DC.  I don't file them anymore but an answer questions or direct you as needed. 

I used to incorporate companies in all 50 States and DC.  Most of the investors I incorporated would do something similar to this:

Setup DE or NV C- Corp, file the S election with the IRS (no way to file an S corp directly with the state (any state) since the S-election is just a different way of filing taxes and nothing to do with the State.

Then, they would set up an LLC (typically in the name of the street the property was located on) in the state that the property was located in, listing the S corp as the member or manager. The S-Corp should technically need to be foreign filed in that State first, then added to the LLC as the member or manager for a more solid structure but some states won't force that (might have some force legally to do this but I'm not a lawyer and each state is again, different).

Each new property would have it's own LLC in that State listing the S-Corp as the Member or Manager (Member shows ownership, Manager is appointed by the members to run the entity).

Each LLC would have it's own bank account (if out of State, plan on taking a trip to set up the bank account and most likely, today, run into some idiot banker who can't figure out what is happening and give you a hard time opening the account since there isn't a name listed on the LLC and DE paperwork is not public record and won't show name as well, NV will and might make it easier if you registered the S corp here in NV but... NV is getting expensive).

Each property runs its own books, takes it's own PnL's and write-offs, etc... don't co-mingle funds to avoid anyone piercing your corporate veil and finding a loophole to attack all properties you have JIC something goes South on you. 

If you are co-investing, each LLC would be set up to include that co-investor solely in that specific LLC and would be paid out directly from that LLC and profits would flow up to the S corp.

Hope that helps somewhat... 

Some links:

IRS EIN application online (make sure to selection "PDF" at the end and NOT to get it as a letter in the mail): https://www.irs.gov/static_assets/error/RUP404.htm...

IRS S election: https://www.irs.gov/pub/irs-pdf/f2553.pdf

All 50 States SOS websites for entity formations, Cert of Good standings (needed to foreign file in other states, most require): http://www.e-secretaryofstate.com/

Post: Painting, drywall and all between

Christopher JohlfsPosted
  • Interior Decorator
  • Lacey, WA
  • Posts 9
  • Votes 6

We've painted some brick in the past and it looks great when done correctly.  Some things to look out for when painting brick: stains, yellowing, cracks, mortar issues and the "reason" for wanting to paint the brick."

If asked to paint brick, my first questions is: Why? Are you trying to cover something up or is it strictly a design idea.  If something is being covered up, like a yellow or ash stains... we've got some work to do. If it's strictly for design, then away we go.

First: clean clean clean clean clean clean, scrub, clean and then clean again... lol it's kind of important... dust and dirt isn't good, yellowing NEEDS to be dealt with correctly.  Make it look new before painting the top coat.

Covering Stains: You'll NEED (The stains WILL show through without it) to use a blocker primer of some sort.  Whether designed for masonry or not (interior can be done with many different blocker primers, exterior I'd stick with some sort of masonry primer).   An oil based or SW Lexon Masonry Primer is best for either application.

Mortar repairs: do those well ahead of time so they can cure correctly.  ALL imperfections will show clearly through brick painting unless using a very thick top coat and even then, they could still show up in the finished product (unless that is the look you want).

Design only: You can prime, after cleaning, with most products but I'd stick with something designed for masonry.  

Top coats/ the paint:  I'd be ok with using a few different products (not from HD or those other big-box guys).  I stick with SW for many reasons.  Their products are typically well made and backed. Superpaint and/or Duration are good unless you need something to fill in cracks, then you can move into something more commercial-grade, like an elastomeric, block filler or even epoxy if that is the look you want but, careful, the thicker and more commercial the product, the tougher it is to get off if needed in the future and anything not water based, be prepared to toss out or clean with a chemical and not ever use it for a water based product again.  Thicker products will dull the effects of the brick softening corner and filling in mortar lines so, think it through.

Application: You can prime in the morning and technically paint in the evening depending on condition and mil. application thicknesses preferred and the product but try and stick with: clean 1 day, primer next, paint next avoid any potential issues (outgassing, drying issues, adhesion issues, etc...).

I'd spray... I always prefer spraying over brushing to avoid adding any roller or brush marks if possible.  If brushing, grab the data sheet from SW or online and it will tell you how to thin/retard the paint to extend the dry times and thickness to help with gravity evening it out before fully drying.  

Advice: Always grab the data sheet.  All paint stores should be able to provide them for you for any chemical or paint they sell you.  If not, pull one from the internet.  They are a HUGE  help with looking to see: dry times, retardants, thinners, clean up, ideal conditions, what they are designed to be painted on, primers to be used with those specific products and, of course, safety information.  We leave a binder of our data sheets of ALL our products (even cleaners) in every home we paint and bring any liquids into.  This could be a tiny added bit of value added to a sale or rental since they know exactly what primers and paints were used with order numbers, paint colors, primer names, store locations etc... to get more paint.  They'll know you didn't skimp on the paint and they'll assume you didn't cut corners in other areas as well.  

Hope that helps. If anyone has a specific questions about a specific situation... IM me! I'll always try and help out where I can. 

Chris & Acacia

HKPD 

Post: General Contractor In Las Vegas

Christopher JohlfsPosted
  • Interior Decorator
  • Lacey, WA
  • Posts 9
  • Votes 6

Feel free to IM me and see if we can assist you.  If we can't directly assist, I can always refer you to someone who can. 

We do many, many flips, custom homes, Res-Re's, condos, etc... and we are always looking to meet new people, regardless if we work together in the future or not.  I'm from Chicago, it's just how I was raised... 

Chris & Acacia

HKPD

If there is anything you think we can do, please don't hesitate to reach out here in Nevada. 

Post: Painting, drywall and all between

Christopher JohlfsPosted
  • Interior Decorator
  • Lacey, WA
  • Posts 9
  • Votes 6

Just throwing this out there:  I am a painter/drywall'er by trade... can do most anything within the home and have many years in the industry.  Anyone trying to do something on their own and have a question about it, feel free to ask me.  I'll be glad to help where I can or point you in a direction that might get you to where you need to be. 

Thought I'd offer if anyone is interested in free help lol 

Chris 

HKPD