All Forum Posts by: Jack Taylor

I'm looking to do a few flips this year in South Florida (Miami/Ft. Lauderdale) and need a reliable and reasonable contractor who has good referrals (hard to find down here). 

Not sure if this is the correct place to post this but I'd appreciate anyone who has contacts or is an actual reliable contractor.

I'm reading through them all now. I'm seeing reasons to/to not form a corp - tax benefits and asset protection, basically. Can someone confirm if I'm regurgitating correctly?

- Using LLCs will make it more difficult to get a loan, plus a higher interest rate
- Someone on another post said it would accelerate a loan to use a quitclaim into an LLC (don't know if this is true or not).
- LLCs may not shield you regardless of whether something happens on the property or happens BECAUSE OF you unless assets are compartmentalized. Series LLC appears to be the best way to do this.
- Separate operations from assets if you do LLCs
- Use LLCs only if you have 1+mil assets, otherwise not worth it.
- Most umbrella insurance policies will cover the likely scenarios, LLCs would cover additional asset protection in the event of a lawsuit.

Glad to hear any other points.

@Jerel Ehlert @Sean O'Keefe Am I ok to just repost the question there or as an "LLC or Not" in "Starting Out"? I don't see any specific forum, only the title of posts "LLC or Not". Just trying to post in the right spot.

Hi, 

My wife and I currently have 1 rental property (condo) and plan to do at least 2 flips this year. Should we be incorporating each of these individually and then add them to a holding company, or keep them separated? Or group them all under 1 LLC?

@Andrew Postell see my note above.

@Andrew Postell

Thanks - I understand the IRA rules and the first-time homebuyer. Trying to use the umbrella of "first-time homebuyer" for my IRA withdrawal, not as a mortgage, to pull out an extra 10K without being penalized and use that for part of my down payment. My question is really, since I didn't live in the property 2 years prior to me selling it (a year and a half ago) does that allow me to use the "first-time homebuyer" for the IRA withdrawal without penalty or will the IRS not let me get away with that?

I am looking to buy a home and may need some additional cash to complete the down payment. I have a simple IRA that I'm considering withdrawing from to complete the down payment and was hoping to fall under the "first-time homebuyer" status. I owned a condo up until April 2020, but I had actually moved out of the condo in late 2018 (nearly 3 years ago) to another state and rented it out. Does anyone know if I can withdraw without penalty given these conditions?

I have a lease and this was an addendum to it. I did sign the document but never got the $10. Shouldn't they be forced to show a receipt for the payment?

I was just served a notice to vacate my apartment within 30 days. The notice says this (along with a bunch of other stuff):

NOW, THEREFORE, in consideration of Ten and No/100 Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

My question is....I was never paid $10, but I signed the contract. Can I null this Notice to Vacate based on the fact that $10 was never paid as consideration?

Thanks everyone!