All Forum Posts by: Jennifer Hillberg

okay - thank you.

Where can I read more detailed information on making sure that I follow all the rules for operating the LLCs as a business? Currently I have seperate accounts for our real estate - but they are with the same bank and I can move money between our bank accounts.

I guess I need to read up on the accounting rules for LLCs -- any suggestions?

Hi -- I need advice. My husband and I currently own 4 rental properties. 2 in Washington State
1 in Idaho
1 in Texas

We also own our own home in Texas where we currently reside. We do move every couple of years as we are in the military.

We think we need to form a LLC in order to protect ourselves. I've heard that some people form multiple LLCs splitting up their rental units.

My question is -- where should we form our LLC? Both Washington and Texas don't have state taxes.

I'm not sure what other info you would need for advice -- let me know if you need to know something more... I was thinking of doing the LLC on legalzoom.com -- and then getting a lawyer to help with the deeding over of the properties.

Jennifer

Hi -- I'm working on a house that will be in a lower-income rental area. I pulled up the carpets (which had 30 years of dirt and dust under them) and found good hardwood floors. There are many imperfections due to the carpet pad practically decomposing on them and also many worn areas. The floor needs a cleaning -- but next - should I sand the floors and then put a varnish on them? I want to do the most cost-effective plan for the house. I have 3 family members with me who are going to help -- but we've never done anything like that before - is it hard? Can beginners figure out how to do this? Should I just pay someone to? Should I just carpet (1000 sqft)? Someone in another forum mentioned just PAINTING the floors -- but I just can't bring myself to paint hardwood...especially the nice old kind.

Any advice is apprecitated!

Jennifer

All Cash,

on your last sentence - did you mean to say that she "Wouldn't" volunteer her services in the future?

My friend is a hard worker but I can always tell her "thanks, i don't need anymore help" if she turns out to be a drain on my resources.

For anyone else -- I know every area of the country is different -- but what do you pay for unskilled labor? You know - cleaning, installing mini-blinds, pulling up rug, light painting...

J

Quick question --
I want to pay a friend to help me with some labor fixing up a house. I'm going to pay her by the hour. I don't want to pay payroll taxes or anything like that - I just want to give her cash for helping me. Can I write off this expense?

jennifer

Uh, thanks Mike, for those inspiring words to help me with my fear!! :shock: just kidding. actually - I'm afraid of Brown recluses. the kind that bite and melt your flesh off (or so I see from Discovery Health Channel).

Well, this is my investment house and obviously I'm going to need to get over my issues in order to make sure the money flows the right way. I was thinking that I'd have a person come and crawl down under the house and then come tell me what he/she thought needed to be done. Then I'd crawl down and see myself. I figure this way they've cleared out a path from bugs and spiderwebs that I can follow.

Well thank you - I am going to take your advice and paint the floors - I think it will look nice and not cost a whole lot.

I will also have someone take a look at the foundation - that way if they do need to jack it up a bit - I can paint the walls AFTER they've potentially shifted or something.

My main weakness is that I hate bugs and am horrified at the thought of crawling under the house. I will have to pay someone to take a look because I would freak out if I ran into a big spider or something. I know that's pathetic - but we all need to be aware of our shortcomings. I'll get 3 bids like you all suggest as well.

should i hire a foundation person to check it out?

what color do you paint them? what kind of paint?

Part of the floor sort of slopes a bit...the house is Pier and Beam - so it would probably not be thaaaat hard to fix - but I sort of don't even want to address it because of what else I might find while having it fixed. Do you think that is smart or should I have it fixed. Someday I may want to sell. I was thinking that carpet might disguise it some...

what do you mean paint the floors? can you do that?