All Forum Posts by: Douglas Altman

Very helpful thanks Daniel Hyman

Good points on all the above, I'm starting to think I'm going to have to bite the bullet and hire an attendant. I was hoping to avoid the tax and legal responsibility of that, but in the long run it may be worth it. Does any know if I could pay without withholding taxes. Like 1099??

Managing a business  from a distance.

Alright BP could use some advice on this. I've purchased an automated lazer wash car wash with a couple of self-serve Bays as well. The business is located in St Marys Georgia which is a nice Coastal Community with the Navy base nearby. Good traffic flow in the shopping center I'm in everything with the wash is coming together nicely the problem is I live in Waycross Georgia which is about an hour and a half away. We are upgrading some of the mechanical systems and very close to opening but I'm not sure the best way to manage the day-to-day from this distance. I am considering an attendant even though the wash can run without anyone there. I'm installing remote monitored security cameras and have talked to some of the other business owners in my shopping center to ask them to give me a call if anything looks off. My question is there anything else I can do to manage a business I can't be at very often?

Great information thanks everyone for the help.

I could use some advice on community parking issues in a shopping center. I recently purchased a commercial property which is a car wash located in a busy Shopping Center in St Marys Georgia. I was contacted buy another business owner in a shopping center who wants me to sign some paperwork dissolving what seems to be like an HOA for these commercial businesses in the shopping center. There are deed restrictions and Covenants in place that say we share in the maintenance and upkeep of the common areas for parking and share them. I've spoke to several of the other business owners and they all seem to think it's a good idea to dissolve this I'm the new guy in the shopping center and I'm not sure what the repercussions would be. With no rules in place would it just be a free-for-all no one seems to have the answer who would be responsible? Has anyone else had experience like this?

There is something called a self directed IRA. Its when the IRS allows you to invest your 401K into whatever you chose, be it AT&T or your single member LLC. There are some rules to keep in mind, like your can not be currently working for the orginization that your 401K is with. Suppose you borrow 100k to purchase and renovate your flip you make $50k profit when you sell. If you deposit the profit back into the Self Directed IRA you won't be taxed as capital gains. Great for someone who needs to raise capital..... if you fit the guidelines.

Just finished a webinar from Brandon Turner on that tonight. Check him out, pretty informative.