All Forum Posts by: Manolo D.

Becca Cross That’s a very complicated scenario. Insurance issues and an LLC not named on property. Correct me if I am wrong but would it not be easier for you and your mom to have a ledger of profits and expenses? Say the “property” will hire you or your LLC to be the management company for the property and the property will owe you this and that? Then you or your LLC file a lien to the property, this way you will get paid in case of liquidation, the only bad side i see is, you won’t see any money until it is sold and/or transferred. So the fact remains that the property deed is untouched, the only thing it did was hire a property manager and the property management company did not get paid for service rendered.

Seth Teel Great structure you got there, no mess and fussy papers, change ownership and all that. So do you dissolve the trust after the inventory is 0?

Jason Pavloff There are several types of business requiring different forms under the tax ID, the department of comptroller should be the one you need to file, there was a link i posted. And yes, fein should suffice, i remember there was an individual service offered by www.mynewcompany.com or .net but seemed like they changed name or bought out, the logo is still the same so not sure if services changed.

Tim Watkins Don’t get an LLC from those states, you will be filing and paying too much. File your LLC in CA and them domesticate them in those states. Or have one of them domesticate in CA and other states. Remember if you are a CA resident, you will still have to file and pay $800 minimum to FTB. https://www.realestatelanduseandenvironmentallaw.com/is-your-out-of-state-llc-doing-business-in-california.html So if you have an LLC in KS and LLC in IA, plus your LLC in CA, then you will pay 3x$800. Remember the $800 is for EACH and EVERY LLC. My suggestion is CA LLC makes/applies foreign qualification (i call it domestication) to states of KS “and” IA. Getting an accountant out of state is not such a good move as they are MAY BE not that well versed on CA tax law. You need to change accountants. Check Logan Allec .

He means state rax filings. A simple google search could do this. https://comptroller.texas.gov/taxes/permit/ https://mycpa.cpa.state.tx.us/securitymp1portal/displayLoginUser.do Why did you not include the package of obtaining FEIN and state tax number filing? A local tax preparer could do this one as well, take 20 mins of your time and save yourself $100.

Sean Carroll Hmm. here is my structure for my contractors: 1. They give me a quote. 2. I issue them a PO with start and completion date. 3. They perform the work. 4. They give me an invoice. 5. I check their work. 6. I cut their check after I bill my clients amd they approve it. Works everytime.

Sara Cowley 20% EMD, full price, no stopping of work until it is closed, planned work can continue, others are extra. I imagine as-is meaning if you only spent 20k of a 40k job, then you earn 20k more, don’t you? As is should mean they are buying the unfinished work period, so whatever there is on site, leave it there, uninstalled, etc. The day it closes, pack your bag and if she wants she can pick up the work from there and negotiate with your or her contractor.

Tae C. You wait and hold on to your cash like it’s a life jacket on a tidal wave, once recession hits rock bottom or settles, buy a ton of properties and start rehabbing. It needs to bounce back a little so people will have money or job to pay for the mortgage. It’s a timing game on when is the rock bottom and when it will start to bounce

Tania Kenner Our rule in the company is below $2,500 one bid, below $8k, two bids, below $20k 4 bids, above $20k 7 bids. Why are you worried about paying the 12k? You already discounted that while making the offer right? Or did you tweak the numbers to make it work? It should be if the numbers work at worst case scenario.

Jonathan Kretschmer It is not the time on site that matters on service calls. All my service calls on my trade guys are $40-50/hr with 4 hr minimum. This GC is too cheap, he will not be in business for long. Look at what he did: Took your call Spend couple hours to call their go to persons or leave a message, since you’re not a trade guy, he has to be a mind reader to know what you want Take time to communicate to them what you need Contact his trade person the day before he goes to you Checks his trade person what you need and makes sure he will do it right and you will be satisfied Writes up and invoice Sends the invoice to you Receives your check Issues a check to his trades person Pays his taxes. To me that’s at least $800. Sometimes material costs are negligible, but knowledge is important, took them months or years to obtain it, if you know how to do it or what’s wrong, you wouldn’t be calling anyone else. I mean, would you be ok if your boss undertimes you on your paycheck for 1 hr a day when he wants you to pick up a fresh coffee before you clock in and give it to him at 9am?