All Forum Posts by: John Bartlett

@Shoshana Shulman

Work with your insurance company to get it fixed.

Speak with your lawyer if you think you want to sue. My friend's Dad went through this, he sued the city for damages but he's very experienced in litigation and paying his lawyer.

@Ahmad Stokes

Kim Lisa Taylor , Esq.

How to Legally Raise Private Money: The Definitive Guide to Syndication and Raising Money for Real Estate and Small Business (How to Raise Capital Legally

It's on Amazon, $25.

Hello, 

I have two family members that are 50/50 owner on title of a house (one lives in the house, one does not), they would like to sell the house to a 3rd family member, and seller finance the sale. I am trying to see how the sale would impact the two family members income, and when realized gains would impact them. I know blog post aren't always the best, I'm more looking for a direction to look, or a tax professional that fully understands seller financing. 

thanks

@Seth Baumgartner I'm about an hour away, with what I've seen rent going for in my neighborhood, I would believe it.. Sorry I don't know that neighbor though.

2019 - for a 3/2 1200sq ft rent was 1200. It's now 2400.

@Bill Hall when I first got into business, my first year was in excel. I took accounting 1 and 2 at my community college to learn the book keeping. It was so helpful.

@Marissa Contreras oh and your best states for holding companies are NV, WY and AK. Delaware if it's billions of dollars of assets.

@Marissa Contreras

First let me put this out they for everyone to see. The entity (LLC/corporation) is not a tax structure, and the tax structure (disregard entity, s-corp, c-corp) is not the entry. So many do not understand this.

Next, the LLC typically has to be formed in the state the property is in. The owner of that LLC can be in another state (and should be for protection). NV is the best state to have the holding company in. It has the best laws and best case law to protect you and the assets.

In order to get the protection, a lawyer that specializes in asset protection needs to setup everything, including CORRECTLY worded operation agreements. This operating agent needs to make sure, even if there is a judgement, the Holding LLC isn't required to pay out. Very important step. The IRS actually helped out in case law with this, in the event of a judgement, the IRS gets to collect, even, when the plaintiff can't collect. So they pay taxes on money they can't reach, that includes the lawyer on the other side has to pay taxes on money he can't collect either. This fortress makes lawyers resistant to take on the case to sue you.

The other side of the coin. Let's say it's not one of your business that gets sued, it's you. Maybe you ran a red light and caused an accident, or blew a tire and resulted in an accident. You want to protect your assets from you. Say uou have 5 properties valued at 200k, that's a million in assets someone could sue you for because you own them.

Larry Oxenham at American society for asset protection gave a really great training on this whole topic.

@Alexandra Isenhour

very state specific. Get with a real estate lawyer that deals with storage units. They should have this one down for you to a tee.

If it's commercial. It's not residential and you can lien everything in the unit, including vehicles. Each state is different and different headache for vehicles, and you won't know until you ask someone who deals with this on a regular in your state. Some states, it would be a lot better for you, if the abandoned vehicles, some how made their way off your property magically. Of course don't break the law. Smaller owner operators and cash. .

This lawyer does 100% storage in all 50 states and he should be able to get you an answer.

Self storage legal dot com

Jeffrey J. Greenberger, Attorney at Law

GREENBERGER AND BREWER, LLP

7750 Montgomery Road

Cincinnati, Ohio 45236

(513) 698-9350

Good luck!

@James Olympia

Call your property manager and ask what they think of that neighborhood, then ask would they want to live in that neighbor.

Call a few other property management companies, tell them you are thinking of investing in that area, and ask if they have any properties in that neighborhood and what they think of it.

@Nathan Leger in normal times, not really. In high demand areas, maybe.

If it's a new development, and you wait the 18-24 months to build, you might be able to refi some of the money out of it, if there is a high enough demand and the prices have gone up. You might be able to flip the house for a profit as well.

I would not make it a normal practice to brr new construction in most markets. Flipping would be risky as well.