All Forum Posts by: Justin Wilson

Hello,

I'm looking at a BRRRR deal in the Mt. Pleasant / Corlett neighborhood. It seems to be a C or D class area and I want to make sure I'm doing my due diligence correctly. Any insight about the current condition or the future prospects for the area would be greatly appreciated.

Thanks,

Justin

Good Thread.  I really like the idea about borrowing from the security deposit.

Hello Richard,

What type of investing are you looking to do and what areas are you looking at?  Direct Message me if you are interested.

Justin

Thanks for your help everyone.  I called the city and the fee did double.  There was also a 1 month grace period so I had until March 31 to pay, but I paid over the phone.

Hello All,

I got a letter yesterday from the City of Cleveland saying I owed $280 in rental registration fees for a property I bought in November.  I paid the registration fees when I purchased the property and I though the registration was good for a year from the date of filing.  The notice also said the payment was due March 1, but was postmarked February 26.  It also said the registration fees had doubled.  This seemed suspicious to me because March 1 is a Sunday and in all the previous letter I've received, there has been at least two weeks to pay the bill.  I attached a copy of the letter.  Is this legit?  Any help is appreciated.

Thanks,

Justin

Thanks Greg,

I wasn't sure if a lawyer or a CPA was more appropriate. It actually costs $500 to re-register an LLC in Mass plus a minimum tax of $456 even if the LLC does not turn a profit. From what I found, OH only charges $99 to re-register, an in-state agent would cost between $99 - $149 depending on the services provided, and OH begins to charge tax when gross receipts total $150,000 or more. I will call the bank to ask about the due on sale clause.

Justin

Hello,

i currently have an LLC based in Massachusetts with property in Ohio. I would like to move the LLC to Ohio to lower the tax burden. I called both Secretaries of State and found out I would have to register with Ohio as a foreign LLC. I also found out I would have to completely dissolve the Massachusetts LLC. Thus, I would basically be closing one company and starting another in a different state. My question is what happens to the assets / liabilities of the Massachusetts LLC. Would I have to do a separate asset transfer? Also, would any transfer of ownership or closing of the LLC trigger a mortgage due on sale clause? Does anyone have experience with this or know where I can find a good RE lawyer?

Thanks,

Justin

Those percentages are from the gross income.

Hi all,

Since its that time of year again, I'd like to know you opinion of sending Holiday cars and/or gifts to property managers, accountants, contractors, etc.  Do you think its nessecaary for business, or that its just a nice thing to do?  Do you do it at all and why or why not?  Do you send gifts to everyone in your network, or a few?  Personally, I send cards to my realtors and propery managers because I think its a nice thing to do and to spread some holiday cheer.

-Justin

@Art Perkitny

That's a great spreadsheet!  Thanks for posting it.