All Forum Posts by: Kevin Freeman

Thanks Basit! So that I understand correctly, I shouldn't focus on which state I am going to operate my business in but focus on which state(s) provide the best legal benefits to have business entities in (LLC/SCorp, etc)?

Greetings and thank you for taking the time to read this post!  Hopefully, you can help me make a sound decision.

Currently I reside in Michigan and will be relocating to the greater Knoxville area in summer/fall of 2025. I want to start two businesses, a notary business (LLC), and an S Corp for my primary Real Estate business (as an agent and investor). I am picking the S Corp mainly to help control taxes. The notary business will be a side hustle for more consistent cash flow while i build out my agent business.

I know I will need to establish a notary and real estate license both here in MI and in TN around the time I arrive,  I want to get started this year and do notary business here in Michigan and work as an Agent to get my feet wet and get that first year learning curve behind me.  I know I won't do many deals as an agent my first year, but it makes sense since I will be selling my own property once I move to TN.  If I pull three or four other deals, great!  Just that much more experience and a little extra cash in my opinion.

Now the main question is, should I set up the LLC and S Corp in TN and just deal with the tax filings between the two states for the first year or so or would it be more effective to set up in Michigan and just transfer the businesses to TN upon arrival? The ideal future state is to be able to do real estate and notary deals day one upon arrival to TN.

Thank you for all your help! 

@Tom Gimer Thanks for the information.  This is my first time dealing with this kind of matter.   

BP Friends,

I purchased a home from a former landlord back in 2014 in Suffolk, VA. She lived in the property next to mine. Both properties were owned by her parents. The home I purchased has the well that feeds both properties. We had a verbal understanding but no legal written well agreement. Fast forward to this year. Her property went into foreclosure (I was renting my property and was living out of state at the time). I reached out to the listing agent and told them that I owned the well that fed the property.

I was contacted by an agent in September about the well and was asked to enter into a well agreement.  I declined the initial offer and counter-offered.  The initial offer was 2 years to use my well to give the new owners time to drill their own.  My counter was three months.  I did not hear back from the agent.   Long story short, the new owners closed on the house late last month (October) and are currently renovating.  I contacted the new owners and they said that they are having a well put in "this week".  I haven't seen anyone digging a well.

How should I proceed?  Was the sale legal with out an agreement?  I am not comfortable with being responsible for providing water to a property I do not own.  Any insight would be appreciated!

Be at peace, my friends!

Kevin

Hi Anthony!  You came to the right place.  I am just starting out as well and BP is been a real help!  Stay open minded and positive, you've got this!

Hi Bigger Pockets!  I am Kevin Freeman and currently reside in Port Huron, MI.  Yes I know I said I was in Suffolk; I am in the process of relocating to Suffolk.  I will be there by November.   I own homes in both locations so....

I am retired from the US Navy, work full time (ugg!  Hence the reason why I am here!), and have a wonderful family.  My wife Tracey, and I, have eight children (no, that wasn't a typo!).  We foster and adopt, which is our "why".  We love raising children.  

Like I stated above, I own two homes, one of which is used as a rental.  My goal is to grow a substantial passive income from Real Estate and make money in other areas of RE outside of the basic "buy and hold" strategy.  While I probably know more than the average person about RE, I consider myself a total newbe and have so much to learn.  I discovered Bigger Pockets through he podcast and this is my first day on the site.  I have been consuming the podcast for about three weeks now.  

I am glad I found a group of like minded, encouraging people to surround myself with.  I look forward to learning and sharing with all of you.  Which leads me to my first forum question:  What is your favorite podcast episode (or forum thread!) and why?

Be blessed!

Kevin