All Forum Posts by: Dan Gheesling

Cool - yeah the tax guy made it interesting at least!

I'll be sure to say hey to you tomorrow at the meeting!

Dan

Hey to all the Michigan BP members.

Is anyone planning on going to the REIA meeting tomorrow?

The meeting tomorrow is in Troy, I went to one a few months ago and learned some new things about taxes. It was worth the hike, I haven't joined/paid dues yet but am thinking about it.

Let me know if you plan on going!

-Dan

1. Pretty sure you send all of them.

2. It's referring to your actual LLC forms.

3. Yes.

4. Sorry, I have never had to use one myself!

Best of luck,

Dan

@Alex MacKenzie

If you're coming from Royal Oak I'm guessing your used to very nice neighborhoods.

I'm a big fan of owning rentals in the Dearborn/Dearborn Heights market. It all depends on what you're willing to spend on your own home, versus how much of the leftover money you'd like to invest directly in investment properties.

@Bracha Pushkin

The LLC process in Michigan is pretty straightforward, but not that well communicated via the State of Michigan website.

While I am not a laywer, and this is not legal advice (etc etc), this is what I do to file all of my LLCs.

Here are the steps:

1. Fill out an MICH-ELF Application. [http://www.dleg.state.mi.us/bcsc/forms/corp/llc/90...

After you fill this out, you will get a fax back from the State of Michigan with a specific ELF # for you. That ELF # is tied to the payment information you share on this application, so they know how to get their money when you actually file your LLC. You need this first to actually file your LLC. Send this form in first before doing any of the next steps.

2. Fax/Send in the MICH-ELF Application.

3. Fill out the actual LLC paperwork. [http://www.dleg.state.mi.us/bcsc/forms/corp/llc/70...

Note when filling this form out, which type of service of processing you'd like to select, and remember that $ amount because you will need it for the next form.

4. Fill out the MICH-ELF Cover Sheet.[http://www.dleg.state.mi.us/bcsc/forms/corp/elf/90...

On this document, in the upper right hand corner is the spot for your MICH ELF # you need to get from submitting document #1 above. Be sure to include the $ charge of the service processing you want on the front of this form.

5. Fax/Send the combined documents from 3 & 4.

If you have never done it before it seems really complicated and hard to figure out (from the website) but it is actually pretty straightforward.

I hope this helps you in filing your Michigan LLC paperwork.

Hey @Matthew Cole do you have a good floor guy/company you can recommend in the SE Michigan area?

@Account Closed

 Nice to see a post here that doesn't bash Detroit. Glad to see you are doing well in the city.

 This sounds like the best way to do it. Things have grown pretty quick for me, where I don't manage them myself anymore, and my PM is having trouble with it as well.

Thanks for the help Matt!

@Erik R. - awesome to see you getting involved in the game.

I can help you with this, just send me a PM with your # we'll catch up. It's been a while since the old football days.

Hey guys.

I've been in the business for about 7+ years - and am looking at trying something new for water bills with my tenants.

The best thing is with the City of Detroit. They have a water affidavit that puts the water bill in the renters name not the owner of the property.

Unfortunately not every city has that - and large water bills have been adding up, and in some cases when the tenant leaves, gets put on the taxes.

Just looking to see what other property owners are doing - to protect themselves for getting stuck with the water bill.

I have thought about increasing rents to include water, and taking control of water payments myself, but that puts the tenant in a position to not be concerned about conserving water.

What do you do? And what have you learned/has success with?

I appreciate the help!