All Forum Posts by: Jonathan Drago

@Wayne Brooks, @Brandon Hall, thanks for the feedback! I believe the reason I was given the discussion on LP, is that my partner does not want to have any liability from 3rd parties. Were they wrong to say that with LPs, I would be considered the general partner with all liability? I'll have to check on FL's laws regarding the LLP entity and professional service providers.

LLC seemed like the way to go. Does that make sense with an equity investor that wants to be passive and out of reach?

Hi Everyone!

I am new to the home flipping industry in Tampa Bay and am seeking feedback on which type of business entity I should pursue. I am obviously looking to maximize my coverages and protection, while minimize my taxation. 

I have a partner, and a CPA suggested either going with an LLC or a Limited Partnership, which is the path on which we are already headed. My partner is looking to have his personal assets out of the reach of any third parties.

I know LLCs and LPs pass through taxable income and loss, thus avoiding the double tax on income that is inflicted upon corporations, and owners of LLCs and LPs can claim the losses on their tax returns. An advantage of LLCs, is that the owners may claim tax losses in excess of their investments, such as on certain leveraged real estate investments. 

Any further insights/advice/reasons to go one way or another? 

I appreciate any feedback. 

Thanks,

Jon

Thanks, @Aaron T.! I appreciate the referrals. It goes a long way in my book. Reputable business partners are tough to come by. Have there been any success stories/setbacks with any of them?

@Mark Nolan, @Adrian Smude, thank you for welcoming me! I have a lot of questions, so I'm sure this community is the right place to be!

Thanks,

Jon

Hi Everyone!

I'm new to the industry/Tampa Bay market and am looking for reputable title companies that are privy to and understand real estate investment deals and timetables.  Does anyone work with a company locally that they have have had a great experience with so far? 

I come from the sales and marketing industry, so I hold personal referrals very high when it comes to trusting and pursuing potential companies to do business with. I hope that this inquiry not only opens some doors to referrals, but also helps me to encourage some discussion amongst local investors to network.

Thanks,

Jon

@Aaron T. Thank you for the warm welcome! I'd love to pick your brain regarding some questions I have for the local market.

@Dmitriy Fomichenko, thank you for the note of welcome!

@Brooks Rembert Thank you for your reply. I'd love to connect with you to find out more about the industry and your expertise!

Hi Anastasia:

Welcome! Perfect timing! I am also new to BP and I am in the Tampa Bay market. Hopefully we can learn and come up to be monumental in this industry together. Every investor needs a good CPA, so it will be very beneficial to have that in your artillery once you are licensed. When do you expect to be fully licensed?

I hope to share ideas and learn from you soon! 

Thanks,

Jon

Hello All:

I am new to the real estate investing community in the Tampa Bay area and just signed up with BiggerPockets.com. I am looking to gain further knowledge of the local market, network with other investors, bankers, contractors, etc. to better establish myself and my place in the industry. I have a business partner/investor and we are looking to start purchasing and re-selling real estate inside of 6 months.

I currently work in another industry and my availability is flexible, but transitioning to real estate investing full time has always been my goal. 

I would like to use this forum to introduce myself, and hopefully establish some valuable business relationships, while gaining the knowledge required to be successful. I am excited to join Bigger Pockets and look forward to all that this community has to offer.

Thank you!

Jon