All Forum Posts by: Account Closed

Jeff, I sent you a colleague request. I'm an investor in OKC. I'd be happy to meet with you and help you get started.

Tyler, how does the house have 1500 square feet and only 2 bedrooms? Is there another room you can convert to a 3rd bedroom by adding a closet? If you're in a decent neighborhood, a 1500 foot 3/1 will bring more than $750 in rent.

Another vote for sell. Take your equity and buy a property that cash flows. Easy decision.

@Tyler Weinrich

Welcome to BP, from another OKC investor.

Real estate is transferred using a deed, which is recorded in the records of the county in which the property is located. Around here, the easiest way to transfer ownership of a property is to go to a title company.

I own and manage Two Doors Realty, an independent real estate brokerage in Oklahoma City. I offer agents an 85/15 split and no office fees (subject to $500 annual minimum split to the brokerage). We provide personalized training for new agents. I am also a transactional attorney. Feel free to contact me for more information.

@Cassandra Olivier

Welcome, from a fellow OKC landlord. Sending you a colleague request.

Justin,

This is a strange post. You own 15 homes in Edmond, OK, but you don't know how to spell it?

A related question for the tax gurus:

A married couple runs a business together. One spouse works full-time in the business, the other helps out on a part-time basis. In order to minimize the social security portion of self-employment tax, I understand that the full-time spouse can be the owner of the business and the other spouse can be an employee. But what if (for estate planning or asset-protection purposes), the spouses would like to be co-owners of the business?

Could they, for example, be 50/50 owners in an LLC and have the operating agreement specify that the profits will be split 80/20 or 90/10 or whatever reflects the share of work?

Or, if one spouse does no work in the business, can the spouses co-own the LLC but allocate all profits to one spouse? Is this effective to shift all of the self-employment tax burden to one spouse?

@Onan Dumas

You do not need to amend your certificate of formation when you add a new member, and you do not pay a fee per member (there is a fee per partner for limited liability partnerships, but not LLCs). You are not required to disclose the names of the members of your LLC to the Secretary of State. In your Certificate of Formation, you can elect that the LLC be manager-managed and disclose only the name of the manager(s).

Regarding the transfer of the membership interest, if the company is selling new membership interests to the new member, then you would use a Subscription Agreement. If an existing member is selling the membership interests to the new member, then you need an Assignment and Assumption. You also need to have the existing members vote (or consent) to admit the new member to the LLC and have the new member adopt the Company Agreement.

You will need to file an annual franchise tax report for your LLC, which requires you to disclose names of directors, officers and managers.

You should consult a local attorney, or at least call the Secretary of State's Office and ask some questions.

Also, look at these links:

http://www.sos.state.tx.us/corp/formationfaqs.shtml

http://www.window.state.tx.us/taxinfo/taxforms/05-forms.html

http://www.statutes.legis.state.tx.us/Docs/BO/htm/BO.101.htm

http://www.sos.state.tx.us/corp/forms/205_boc.pdf