All Forum Posts by: Geo Johnson

@Chris K. The goal for my father is to ensure that the business continues to grow after he is gone. He know that if he wills property to my siblings, the business won't survive. So the thought is to get the properties under the self owned LLC and assigning a CEO to manage and grow what he created. It sounds like biting the bullet and paying the tax is the only way. Is that true or is their another way to achieve the same goal?

@Carl Fischer thank you very much for your advice. I’ll add CPA to my list of people to contact.

Hello all,

My father is preparing for retirement and is beginning to organize his RE investments for when he's no longer here (not for many years prayerfully). He has purchased his properties over 25 years, but all have been in his name and not his LLC, because he had issues getting financing under the company. Now as he looks to retire, he wants to move them into the LLC for more control from a legal stand point and has heard that the title transfer rules have changed in Philadelphia:

“Regardless of ownership, when a title changes hands, sales tax on the “value of the property” must be paid by the new title holder.”

Is there anyone in the Philadelphia market that can verify this rule? Or any RE lawyers that can provide some guidance on how to avoid this if true? Any assistance would be greatly appreciated.

Geo

Hello All,

Looking for recommendations on G.C.’s in the Trenton, NJ/ Mercer County area that could be available for walking properties and helping with rehab estimates. Looking to add this person to my Team for future rehab’s and ongoing maintenance work. Any takers?

@Svetlana Ivanova this is America. Going without medical insurance is akin to going out in the spring time in the UK without an umbrella: it’s going to rain, you just don’t know when. One injury or accident could wipe your entire family out. I would recommend finding cheaper insurance if possible before going without.

@Sue Hough thank you for the advice. I’m definitely leaning more toward buy and hold over flipping: flips are more risk than I’m comfortable with at this stage in my journey.

wow no love? Has this question been answered already?

Hello All,

I’m currently in the process of developing my first RE deal. I have Realtor and I’m working on funding. My question is this: while researching deals I’m finding two major types of properties, major rehabs and turnkey rentals. The rehabs go for 60k needing roughly 60k in repairs. The average turnkey property goes for 140-160k. Should I take the experience of the rehab for 20k in equity or get cashflow right away with the turnkey rental and force appreciation over time? I can’t wait to read the responses!

Thanks

Geo

@Cameron Riley

Dear Applicant,

Thank you for your interest in our property at (insert address). We regret to inform you that out of our large list of applicants, you were not chosen at this time. Please feel free to apply to other properties as they become available. For recommendations on how to improve your chances of being selected for one of our rentals, please see our FAQ page at....

Regards,

CR Realty

You show appreciation for their application (and fee) and you let them know that it wasn’t personal. You can also invite them to apply for other properties and let them know how to improve their chances in the future. No hard feelings.