All Forum Posts by: KC Ushijima

You can search Facebook, LinkedIn, and other social media sites for networking events and groups.

If attending a networking event, approaching people, or trying to start new conversations is uncomfortable for you, you could be a volunteer at an event.  

Even volunteering for simple things like checking people in, the attendees walk up to you.  You get to do a brief intro when you get their name, and you can ask what city they're in, how they heard about the event, and other small talk while you find their name on the list and give them a name tag.

You can also look into the local Chamber of Commerce, or things like Toastmasters.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

If an emergency fund has not been set up, some of that $250K would go to an emergency fund. Maybe use a Wyoming LLC bank account to hold the emergency fund.

Then it would be dependent on opportunities.  If there aren't any viable options, look into some dividend paying ETFs.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

At 19, a year out of high school, probably some combination of ideas or books by Jocko Willink, Dave Ramsey, and/or Scott Galloway.

However, if I could go back in time, I would make those recommendations to myself in my early teens.

We work with people at all levels of their real estate investment journey, from people just starting out to people with decades of experience, to protect and preserve their wealth.

Since death & taxes are inevitable, many clients also use us for tax preparation & planning, and estate planning.  

TLO.com may be an option for skip tracing.

You can also try searching Texas Court Dockets.  It's possible that they have already had some legal trouble in Texas; maybe even something like a traffic violation.

You can see if you can find a local attorney with a PACER account to search federal courts, including bankruptcy courts.

Depending on how your formers tenant paid you, you might be able to find some clues for accounts.  Whether it be a check, PayPal, Venmo, Credit Card, etc.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

If there is not a signed operating agreement, it typically will default to the state rules for operating agreements.

So if it is a California LLC, you may want to review the California Revised Uniform Limited Liability Company Act (RULLCA) to see how it will handle disputes among the members/partners.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Transferring to an LLC might be a viable option.

However, transferring the property to an LLC could allow the lender to enforce the Due on Transfer Clause.

Depending on the state, transferring to an LLC could also have Transfer Taxes or property reassessment fees.

You could consider using a revocable grantor trust to take title to the property.  

Transferring the property to a revocable grantor trust can usually avoid the Due on Transfer Clause, and any transfer fees.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

With South Carolina, you may also want to check if there will be any Deed Recording Fees (or Transfer Tax) or if you qualify for an exemption.

https://www.scstatehouse.gov/code/t12c024.php

SECTION 12-24-10 (A):
"The fee is one dollar eighty-five cents for each five hundred dollars, or fractional part of five hundred dollars, of the realty's value as determined by Section 12-24-30."

SECTION 12-24-30 (A):
"However, in the case of realty transferred between a corporation, a partnership, or other entity and its stockholder, partner, or owner, and in the case of realty transferred to a trust or as a distribution to a trust beneficiary, "value" means the realty's fair market value."

If you are no longer renting out the property, you might consider holding the property in a revocable grantor trust, instead of your personal name.

You will want to review the potential transfer with a local CPA.

The tax election of your LLC that owns the condo can play a factor.

If the LLC is has an S-Corp or C-Corp tax election, the transfer to members could be treated as a taxable distribution.