All Forum Posts by: Jesse Wixson

Stephanie,

I actually have done exactly what you have been talking about in the Ithaca area. I operate from Horseheads up through Syracuse. I actually run the Ithaca Real Estate Investment Education Meetup. I have partnered with several people and the ownership percentage is different with them all. They all also have separate LLC's underneath my Holding Company LLC. I bring the Service usually and I take 50% ownership as well as the managing partner. One of the main things to set up is your exit strategy (come up with 3).

I'm actually looking at taking on a few more mentee's for RE investors. I also have my RE license and give local financial workshops monthly. I have possible answers for many of your questions but few of them actually have straight answers because of the different possible options that your trying to achieve. 

Your more than welcome to call any time. 

Jesse

I have my operations (management company) set up as an S-Corp. It has few assets other than a work truck and tools. It handles all my payroll and my payments. I also run my fix and flips through here because of the tax structure (Self employment tax). I also have 5 other LLC's set up under one holding company (which reduces my filing fees, taxes return fees, and adds to my liability coverage) LLC. Each company doesn't have more than $300K of assets in it. If one LLC "falls" then it can't effect the others. If you have Partners an "LLP" (Limited Liability Partnership) may be better. LLC's are not only set up for liability protection but also to keep your assets structured separately as they are taxed differently for the IRS. I would recommend a CPA that specializes in RE, as the laws are very different (what can be and can't be written off and how much). I would also find one that invests themselves, that way they are more than likely finding strategies for themselves as well as you. There are several disadvantages of using a Corporation when investing in RE.

If you would like more ideas, Your more than welcome the PM me. 

I second that. Welcome. I learned from my father and grandfather as well. If you need anything, many of us are more than willing to give a few minutes of our time to help, so feel free to call. 

I can answer many of your questions that you posted but in email form would take some time. I'm an investor and I have my license so I can give my opinion of pros and cons of both. Call me any time. 

Jesse

would you like some help and guidance. Read my portfolio and see if I can. I look forward to future conversations.

getting information is great. I am a life long learner. That being said, there are deals in every community. You just need to know where to look. If your making $40K a year then trying asking for the owner to be a bank with no money down. I know this can happen as I have done it. I can give you a few places to look. Reach out to me and we can talk. 

I'm an investor upstate NY based in Ithaca. I work in roughly a 1.5 hour radius. I'm always trying to get in touch with other investors and share our success stories. I am new to this website but experienced investor.  What I really love is networking, so lets do it.