All Forum Posts by: Liam OSullivan

I don’t know that Beau, I just work locally .

Liam

Hi Colton , reach out to Julie Fulling at National Bank of Coxsackie in Cairo , I’ve found her to be very helpful for all types of loans .

Go raibh maith agat Eamonn, 

I am surely , from West Cork, and you ? 

Yes I’m going through the process with a CPA here and an attorney, went to quite a few before I found someone that understands it fully, it is a little unusual I know , the Australians are happy with what my plan is , as far as the taxing of the super here , there has been a case where some Holden (General motors ) employees moved here from Australia and were facing taxation on their super , they were able to prove it is a state mandated occupational pension fund , if it is still active and not cashed out it is exempt from tax , mine is still active and investing in real estate,  my biggest concern was keeping the Australians happy and after consulting my CPA, Attorney and my Australian accountant I believe we have a plan for that.

Liam

Thanks Lindsay , 

Yes I’m going through the process with my Australian accountant ,  asked someone at the ATO some questions also, looks like I’m all good with my plan , I’ll report the performance of the shares at the end of the year to the ATO, if they do look beyond that everything is above board , it is an investment property , I know there has been precedent before with people getting in trouble with using smsf money for personal holiday homes etc.

Hope all is well in Melbourne, my favourite city in Australia.

Liam

Hi there ,

So I’ll soon be closing on my first deal, it is a vacation /ski rental , numbers are as follows .

Sale price: 130,000

D.Payment 26,000

Renovation 25000

Arv :160,000

 Annual rental 15,000

Now for the part where I'm looking for info , I am buying the property in my name with a mortgage. All the cash I am using is coming from my LLC for DP and rehab etc .

The reason I have this LLC is I had money in a self managed superannuation fund (401K) in Australia . I wanted to use this money in the US where I now live , the only way to do this was to set up an LLC and issue shares from my LLC here to my 401K In Australia.

So in this LLC there is $51,100, all of the money except for the $100 came from the Aussie 401K

I now need to issue shares  to the 401K. How do I put a percentage on  the membership interest of these shares ? I was thinking 4 shares totalling 40% membership interest and each share valued at $12,750? 

Leaving the other 60% in the LLC for me ,( I am the manager and only member )

I was just going to write all this in the membership interest ledger in the LLC operating agreement and also issue membership certificates.

The next task is this, at the end of the year I need to value those shares and show the tax office in Australia that they have increased in value, EG: $51,000 to $57,000.

How do I put a value on those shares when the cash that backs them has been taken from the LLC and invested in the house in my name leaving no money in the LLC account except for rental income which will be earned and lodged directly back to the LLC .

I was going to increase the value of them by forced  equity and rental income (cashflow is $6000 after mortgage/expenses . 

I am not sure how to link the increase in value from the property and income etc back to the LLC and in turn show the Australian tax people the money has been invested properly .

I realise I need to see a CPA about this but it would be brilliant to get some information so I know what I’m talking about when I see them .

Thanks for reading .

Regards Liam O Sullivan

@Colleen F. You hit the nail on the head , I talked to nearby buisness owners, and they said the pizza store was in action for 18 months , the proprietor was renting the space from the building owner , he bought all the equipment on credit , unfortunately for him the buisness just never took off .

Apparently the product was ok but takeaway was minimal , he did not have a delivery service which probably hurt also , it’s a shame for the guy as he made a beautiful job of decorating the place etc .

I’m the end he was way behind in rent and he was thrown out basically and the equipment held.

I think there’s a little more to the story also , I’m going to pass anyhow , going to look at a duplex this weekend so fingers crossed !

Liam

@Micki M. Thanks a million for your advice this is like gold dust ! Much appreciated 👍.

Liam

Thanks Kevin Hunter , appreciate the input , my background is Construction which is why I’m keen to  convert it into more rental units , thanks for the great advice ,  I know the setup for how to proceed in my native Ireland but just trying to learn the ropes over here now , all the different local authorities etc , thanks again and Happy Paddys day !

Liam

Hi guys ,

So this is a random one ..just looking for input and some ideas , i found a commercial property with three rental units , the first floor is a pizza store no longer being used , but all the equipment is still there , negotiable in the sale , just wondering if anyone has had any similar experience before ?

I would prefer to turn the pizza shop into rental units also but not sure what zoning laws are like regarding this , I moved here recently (upstate New York) so just getting my head around things. It cash flows at the 1 percent rule as it is with the 3 units so it would be the icing on the cake if I could do something productive with the pizza place .

I am also open to ideas for a totally new buisness in the pizza store , a laundromat was one idea I had , but if anyone has any ideas and is interested in this post I’m all ears ! Thanks In advance .

Liam O Sullivan

Hi Everyone , can anyone in New York recommend a good CPA that also has rental properties? I moved here last year from Ireland, live in NYC and looking to invest in the Hudson valley , Kingston ,Catskill , Hudson, etc, any help is greatly appreciated. Liam