All Forum Posts by: Joe Homs

Hey @Jon Cianci sounds like you have lots of experience.  Meet others here who might be able to help you out.  I mostly do fix and flips myself.

OC Real Estate Investor Networking - Tax Tricks Every Investor Should Know (biggerpockets.com)

Good Investing...

@Joshua Kotani come join us at the next meetup and meet all the investors you need to become successful.

OC Real Estate Investor Networking - Tax Tricks Every Investor Should Know (biggerpockets.com)

Good Investing..

@David Vu check out some local meetups in your area that might be teaching Sub-to or find a mentor there. I would figure out how to do that before getting an LLC.

Good Investing...

@David C. when you get a loan the bank requires that you qualify and put the property into your own name, no matter what. Banks do not like LLC's, Trusts, or anything else. They want to loan only to individuals, unless its private or hard money.

@David C. when I started protecting my assets over 10 years ago Statutory Trusts were not around. They are newer and probably the way to go if you own property in California. I use a Wyoming LLC as the trustee of all my entities (privacy protection.)

 You will need an attorney.   I use Anderson Business Advisors, but you can check around.

@Li Kia what's wrong with everything there now?  Are you able to get substantially more rent with these upgrades?  If you can recoup your upgrade costs within a year, go for it.  If not I would pass and rent it as is (if in good rentable condition.)

I only go into a full rehab when I am ready to sell the home.  It sells much quicker and for a higher value.

Good Investing..

@Maurice Stewart this is 2024 and there are not many secrets anymore. I understand what you are trying to accomplish, but you are going about it the wrong way. It's very easy for those "prying eyes" to see your transfer from the original title to the LLC (in California?) which is NOT a very private state. If you have already completed the process, it's not the end of the world and you can live with it like that. California does charge an $800 fee for the LLC and if it's NOT disregarded to you then you must file a tax return (more money.)

If you are concerned about privacy then you should have created a land trust and make your out of State LLC the beneficiary of that trust. The owner of the out of State should be your personal living trust. This would avoid that $800 fee.

As always best to contact a trust attorney and tax advisor for your specific situation.

Good Investing...

@David Trujillo I would check with one for your particular case.  Good Luck.

@Linda West its your money and your time, but if you get an attorney involved it will not only cost you money but could also hurt the association that you are a member of.  Not many attorneys represent homeowners, because that's where they usually make their money from.

Good Investing...