All Forum Posts by: Les Jean-Pierre

interested

a single person LLC is a disregarded entity for tax purposes. I would just write out a check from the llC to yourself

Check the Mass State Housing Agency. NACA might be a good resource too. Best of luck.

As a person who saw his family's property just get sued and held the property in an LLC, the insurance is more important. However, I don't see the downside of an LLC if not too costly. There is privacy with an llc. If it is a single person llC, it is a disregarded entity for income tax purposes. In terms of the lawsuit, there was never a risk of piercing the corporate veil. Anyway, we have been good at keeping up with the formalities so it would have been a stretch. Is it a must have? No. Is being properly insured a must have? Yes.

Welcome. Always good to see another NY'ers.

Having been sued in a slip and fall and having title in LLC recently I would say it is beneficial but more important is insurance at a high level. Also, think about issues like what happens if/when one of you wants to get out. What happens if one of you dies? I should also say that I had to apply for a loan for the LLC and I was honest and disclosed the pending lawsuit(it settled before the loan closed) but it made me think: what would happen if I was trying to buy a house and I owned the investment property in my name?

Well done.

I have two Section 8 tenants. Each one had their subsidy reduced by $100 per month. While I could see further decreases to the program, I doubt it is going away. The paperwork is a burden but it is really upfront. Once, you are in the system, you are set going forward.  In terms if a risk, I get a direct deposit from the govt on the first of the month. I actually see the program as a safety net I can always rely on.

Hi, Andrew Syrios is right. I manage a property in Brooklyn like you. I have two Section 8 tenants(one through NYCHA and one through a state housing agency). The one through NYCHA took months to get her in because I needed to get a form from NYC govt. Also, NYCHA didn't ask me for the form from jump. Having said that, I have a great tenant and great credit risk given the government guaranteed payments. I should also say that I am in East Bed Stuy and literally had 30-40 people see the apartment and turn it down. But, given the real estate boom in BK, in little over a year, the apartment has gone from almost unrentable to being underpriced. Good luck.

let me know