All Forum Posts by: Jim Keisker

Thanks for sharing Melissa.  This is, indeed, a very beautiful building!  

My business partner and I are interested in investing in the Spokane area due to its beauty and, as you mention above, its diverse base of employment.  We are interested in doing some combination of flipping and/or buy-hold investing with an emphasis on single family or small multi family housing.  At this time, we are only in the research phase of this project and are trying to get the lay of the land.  As I mentioned, we are new to the area and are wondering if you can recommend any "B" type neighborhoods that we might consider for investing?  We are willing and able to perform any rehab or renovation that is necessary.

Thanks!   

@Naseer Khan

Thank you very much for your input on this!

@Naseer Khan

"For example, Nick is a California resident and a member of a Nevada LLC that owns property in Nevada. The LLC hires a Nevada management company to collect rents and provide maintenance. Nick has the right to hire and fire the management company. He occasionally has telephone discussions from California with the management company in Nevada regarding the property. He is ultimately responsible for the property and oversees the management company. Nick is considered to be conducting business in California on behalf of the LLC. Accordingly, The LLC must file Form 568 and pay the franchise tax. (FTB 3556 LLC MEO (REV 01-2015).)"

In the above scenario, at what point is the LLC responsible to the CA Franchise Tax Board? For instance, if the LLC is not currently conducting business and holds no assets, but Nick lives in California, would the LLC still need to pay the franchise tax?

I am very much a rookie in the real estate investment game and am just starting the process of buying my first rental property.  One of the ideas that sold me on real estate investing is that real estate is a "multi-dimensional asset," as described by experts, like Jason Hartman.  That is, if we play our cards right as investors, we should be able look forward to benefits such as:  asset depreciation, mortgage interest deductions, cash flow and asset appreciation.  However, in today's copy of the WSJ Business and Financial section there is an article titled "The Property Sector Braces for a Tax Upheaval."  According to this article, authored by Richard Rubin," the GOP has a blueprint for overhauling the U.S. tax law that may affect some of these multi-dimensional aspects of real estate that investors hold so dear.  For instance, according to Rubin, "the GOP blueprint calls for the elimination  of the deduction for state and local property tax."  Also, according to Rubin, the GOP plan calls for the elimination of depreciation.  Instead, investors would be able to treat the entire cost of buying the property, minus the cost of the land, as a business expense.  Has anybody else read this article?  I am wondering to what extent this "GOP Blueprint" might have on real estate investments going forward?