All Forum Posts by: Fernando Martínez

Greeting,

Has anyone had experience with a series LLC and opening a business checking/savings account? Looking for a bank or credit union that will support my plan and is willing to open one or several accounts under the series LLC.

Any information would greatly be appreciated.

Greetings looking for a rock star CPA that has a good understanding in the real estate realm and 1099 self employment taxes. Any recommendations would be fantastic! I am located between Waco and Austin. I would venture out if need be. 

Chris,

Thank you for your reply. I asked my registered agent (attorney) and he said that he looked into it. The attorneys office cannot be used as the physical address. 

Is there any other option?

Greetings,

I am curious on what others use when filling out the EIN application for LLC physical address. This is for creating a LLC for real estate buy and hold/flips.

Do you use a virtual space address or primary residence? I do want to keep my information private. 

Thank you for your suggestions.

I am cash flowing on this property but also have a primary residence

Looking to find out how the process for foreclosures work.

Is this the same as going to a counties auction and purchasing the redeemable deeds there?

Can hard money be used at these type of events and if so who would you recommend? 

Thank you

Greetings,

I am inquiring on what the process is from moving a recent refinance into a personal name into a LLC or a LLC partnership. Is this possible in Texas and if so how long is the process? Is there a cost to do this? Is it the lender that makes the change?

This is affecting my DTI and looking for other ways that I can procure investment properties. Any ideas would greatly be appreciated!

Quote from @Keaton Frieberg:

Hi Fernando, 

Depending on how many properties you plan on acquiring, you should definitely check out the series LLC that Texas offers. Our clients typically use a separate management LLC as an S Corp but do not elect S Corp status for the LLC Series holding company.

Disclaimer: I am an attorney. This is not legal advice, just friendly information.

Hi Keaton,

Can you elaborate on checking out the series LLC in Texas has to offer?

Are there CPA's in Texas that you would highly recommend to use in regards to real estate?

Are you a real estate attorney, just curious in case I would go with your services. What area of Texas do you operate out of? If not do you recommend any?

Thank you for your time.

Quote from @Logan McKay Zylstra:

Don't get caught up in the entity holding your real estate before you acquire real estate.

Thank you for your reply. If I've acquired property in my personal name how easy is it to change it over to my LLC or business structure? Is it just as easy as a quick claim deed. What happens with the mortgage if its under a personal name?

Quote from @Ashish Acharya:

Please do not do S-crop if you are going to hold the property. If you are going to flip, wholesale, develop and sell, and be an agent, then S-corps is fine if it makes sense to get one. 

Thank you for your advise. If I'm going to hold property than what would you recommend? Would I need a separate LLC to operate those properties? Isn't a S Corp just a tax classification?