All Forum Posts by: Account Closed

Absolutely get a prenup! Think of a marriage as the most important investment decision of your life. It can either propel you to great heights, or ruin you financially. As you wouldn't make an emotion-based investment decision, you shouldn't do it for marriage. So, 1. get a solid prenup 2. make sure you are marrying someone who is on the same level as you are in the aspects of ambition/brainpower/goals/money matters/etc. 

I believe that if you are truly compatible with the person you are getting married to, then both of you will naturally be on the same page about getting a prenup since the way you both handle money one of the fundamental values. Therefore a mismatch could spell potential marital troubles down the road. 

Good luck!

@Bill: good stuff, thanks! Very helpful. 

Bill thanks for the tips. Did the gross receipts tax affect you at all?

What about looking at the differences from the perspective of ease of incorporating/doing business/taxation?

Heard NV corporations have a higher rate of audits and generally are being scrutinized more by the IRS than other states...

Hello everyone, 

Does anyone have experience doing business in these states? 

I'm currently at the juncture where I can either stay in Phoenix area where I live right now, or move to Las Vegas/Summerlin. I've sold my rentals in AZ (not good financing terms), and looking to get into more buy-hold deals and residential assisted housing (i.e. will be buying properties AND providing services on premises). My day job has offices in both metros, so I'm in a good position for a move. 

Which state has a more business friendly environment? More RE/Landlord friendly? Better RE/money making opportunities? Lower tax burden for LLCs and S-Corporations? 

Obviously, Nevada doesn't have a corporate tax, but they implemented a gross receipts tax a few years ago. At this point, I don't think my business would be affected (not sure though?) but the trend worries me. 

If I were to make the move, it would be now - or never. I'd appreciate any insight from those who are familiar with AZ and/or NV.

Thanks for replies, everyone. 

Went under contract yesterday. Not a great deal per se, but the area is growing with some cool millenial-oriented developments. Parents are happy :)

Since my parents would be residing in this condo initially, it would be likely fine during the correction if one happens, but since they are close to retirement it would behoove them to make the best possible decision for this purchase. That's why we're hesitating. 

 Would one expect for the housing market to follow the stock market eventually? The housing fundamentals may be high, but I'm concerned about the overall state of economy possibly affecting housing prices in the mid-term.

I am looking for a condo in 150-180K range for my elderly parents (Phoenix metro, East Valley). The plan is to have them stay in it for a nominal rent, and keep the property as a buy and hold rental. Currently, they are staying with me at my house. 

However, I'm getting concerned with the state of the economy. The market volatility has been picking up, uncertainty on the political arena is concerning, plus the fact that the housing market in Phoenix has gone up to pre-recession levels. For example, the condo that I'm looking at was sold in 2012 for 50K, now selling for 150K. Throw the increased mortgage rates on top of that...

What would the pros recommend? Wait until the market volatility decreases and things shake out? Or buy now so that my parents have a place to live on their own?

Ibn thank you for the useful reply. It makes excellent sense. 

Now, my question is about your recommendation to put 10% down. Doesn't if affect your cash flow? Good deals are so hard to come by these days that it seems that 10% downpayment may make a difference between having a positive or negative cash flow.

I'm also concerned about being overleveraged and vulnerable next time there is a correction...