All Forum Posts by: Julio Salado

I hope you may be able to answer my question about how to use my LLC.

When I bought my two family this September (first time homebuyer), it was suggested I open an LLC for real estate. I opened one after I bought the home.

I was under the impression any real estate education, office and related fees may be used with this account and I would get tax benefits.

Basically I was going to pay my MLS and office dues etc under the LLC not personal account. Do I have it backwards?

It was suggested by few established brokers to create an LLC after I bought my first home/two family. So I did that.

Now I’m learning as I go

Thanks for the replies. I live upstairs and was going to rent out the first floor. I do not have a tenant yet. 

I'll stop paying contract work for the unit and overall property thru the LLC.

Next step is an accountant and go from there. It's only been a month with the new home and opening up the LLC.

I hope that the payments I made to the contractors with the LLC account won't negatively affect me with taxes etc.

I’ll find out soon enough.

Thanks again 

I bought my first home this fall. A two family. I then created an LLC. I bought the home under my name. The LLC is for real estate.

I'm new to this at thought LLC is good for tax purposes.

I've done a lot of home improvement and been writing checks with the LLC account.

I was just told that I should not have the rental payable to LLC since it's my primary residence.

Could some one give a quick crash course on top Do's and Don'ts with LLC?

I’m going to look for an account too.

Thank you in advance 

I really have to say thanks for the replies. Very helpful. Yes, the retro look is coming back however in our market it would be best to update the sink / fridge and add cabinets. Doing floor/walls and a few other things, too. We may move fridge to pantry. We are also going to update the bathroom . Fortunately, it’s within my budget. I’ll post updates.

Much gracias

thanks for the replies. I did check comparables and the market rent is $1900. Supply for two bedroom in a two family is low. There are more condos/buildings two beds units that cost $150-250 more. I also got a second opinion from my other brother  ( both contractors/developers are brothers)  and he agreed on changing kitchen sink, fridge and some work on bathroom. They have 25 years of rehabbing and flipping in mass and Florida. I would upload pics but not sure how. Either way, I’m doing my homework and learning from others experience. I just added images to file share 

Very helpful info. I will take your advice. I want to do it right.

Hello,

I just bought a two family ( first time home buyer/owner occupied). I learned that a few of our neighbors have extended their backyard property line about 5-8 feet. We all have a public bike path behind our houses too. I’m thinking of aligning my fence with my neighbors but prior to do so, should I pay for a professional land survey?

Hello,

I just closed on my first home and it’s a two family in Malden, MA. My first floor is vacant and would like to get it on market ASAP! However, I’m getting different advice on what to do prior to renting. I was originally going to paint the walls, ceiling, buff floors and make sure it’s passes occupancy permit inspection. Now it’s suggested I get a new kitchen sink, fridge and do over bathroom. It was suggested by a contractor. Those fixtures are in good shape and I was planning on doing that in the future between tenants. This way I can save money. On the other hand, as RE agent with only rental experience and no experience as a landlord or rehabbing (my full time career is in fitness) I understand how the kitchen and bathroom looks is very important. However, is it best to do it all now?

Any suggestions is appreciated and I’m looking forward to sharing updates on my new property.

Julio

Good day, I just started rentals about 2 weeks ago and now see a influx of international students trying to move in by Sept. 1. In your experience, does it matter if their co-signer is from the U.S. Or not? I know it's up to the landlord. Any other documents or advice on qualifying international student candidates? I'm in Mass. Thank you. Julio