All Forum Posts by: Justin Putt

I am looking to start an investment firm myself but will be doing a few different things, primarily quick flips from distressed properties and then locking in rentals to produce monthly cash flow. I believe I will set up my business as a LLC, as it seems the way to go. Going incorporated just doesnt seem the right way to go, plus going LLC avoids being double taxed.

Now I have heard people that have their own investment firms is that they set up their entire company up as a LLC, but then set up each individual rental as a different LLC. They do this so that for legal purposes. For example, if you had all rentals under one LLC, then 1 tennant from 1 property could sue your entire LLC and put you at risking everything. Now if you have that property that the tennant resides in set up as an individual LLC than they can only sue your for that LLC and put that property at risk.

Now I am not sure if this is what everyone does, or if companies with 100+ rentals set these up like that. Then again when you are big enough and have enough money you can purchase large apartment complexes and sell off your small ones.

I am currently about to get into some private investing, but my ultimate goal is to form an investment firm or business if you will. I have heard the best way for someone in real estate is to form a LLC versus incorporating. What are the tax benefits in forming a LLC versus just private investing or versus incorporating.

I have heard of people using pre-paid legal services. How good is it and how good are they with real estate. I need a lawyer to review contracts in different states, plus possibly assist me in setting up a LLC, which I believe I have to have a lawyer for.

Hello, I am in the Cincinnati area and am looking for an agent dealing or specializing in investments such as forclosures and short sales. I would like to find someone that I could work with in this general area for future deals and someone that has a high ability to resell properties. Please PM me if you are someone that can do this.

Thanks!
Justin

I have a question regarding taxes after selling a property. Lets say I sell a property and make 20,000 off it after all fees and agent commission, how is that 20,000 taxed if I want to cash out on it. And is that something I have to pay immediately, quarterly, or just by the end of the year.

Anyone have any advice on this?

Hello, I am new to the real estate market, looking to make my first deal, one of many in the future. Right now I am looking into pre and forclosed homes to make quick sales off of. I am working with a real estate agent out of state where the properties are located at. My question is should I seek legal assistance to look over my deals before signing off anything just to be safe. I have not done this before but need to get my feet wet somehow, but I am still hesistant.

Also, what type of lawyer should I contact and can I use a lawyer in my state for deals out of state? Do these types of lawyers require up front payment, or go off the deal itself?

Thanks!

Hello all, my name is Justin and I am from Cincinnati, Ohio. I am a young guy that is looking to start investing in rental properties and hopefully eventually turn it into my own investment business with multiple properties.

I could really use a lot of help, and hope to find as much information here as possible. I look forward to talking with you all soon!

Justin