All Forum Posts by: Manolo D.

@Marcus Ware I would say just two designs for now, then slowly grow little by little. Managerial level on development/general contracting sometimes has its own frustrating days, I had the trouble of shifting from taking directions to driving the job and doing the books and compliance, though my case is different because we work with governments like school districts that a <100,000 project needs 300-500 pages just for closeout procedure.

I had a developer client that did concrete countertop (no fiber), not familiar with one with fiber, but sounds to me like its just concrete countertop with fiber to add reinforcement and prevent cracking. Like an rebar to a concrete slab. Sounds interesting though, ill ask around here in world of concrete for specs on that, might be useful for my next client.

@Jeffrey Lo 

Welcome! I am new here also, and would like to welcome you as they welcomed me! The podcasts are great! I just finished 4 of them in a marathon, I had to rest my eardrums though. Great place, purchased the residential rehab book, it was great, straight to the point.

Welcome from LA here!

The numbers doesn't work for me, 165 vs 185. I would say offer 135-140? I just hope there is no plumbing repair that needs to be done when you open it up.

Hi Azita, I have worked with both, depending on your profit margin and what you are willing to spend, I would look for a "superintendent" with a contractor's license (NOTE: do not hire a handyman service, they will give you a ton of headaches, they only work for projects less than 10k) that means that they are the one's in-charge of the project while swinging the hammer, you could have most of the items pre-ordered from your local hardware or home depot (try their pro account, its great) and just have the workers pick it up (or delivered), and possibly have them spend and reimburse every week, that is just me and that is how I operate when doing a remote project. I have experience on major rehabs and ground ups, but the process is the same, only that I monitor every two or three days, and on this scale, maybe every 4 hours.

@Matthew Hertz @Eric H. Credit for businesses is monitored by not Experian or FICO, they are monitor by duns and bradstreet (dnb.com), I do not want to waste your time on researching on that, bottom line is, the paperwork is not worth it, unless you are having a gross receipt of 500,000 or more. Best case is pay yourself from your LLC. Banks aren't friendly lending to LLC/Corp unless it has an asset (say LLC owns this and that fixed assets like a house or something). Which I assume is the case on this conversation.

Sheri, is pairing up with your contractor that has capital for the rehab an option? It would eventually crash out the rehab costs in the figures. Just a thought, I am new to this also.

Hi Eric, I am not a tax expert, but a businessman, having more property under one LLC/Corp is a risky one. I am not sure about 10 properties, but what my attorney told me was if you hold one property per llc adds an additional layer of protection on the liability side of it. My structure is this create one Main LLC that will be shareholders of sub-LLCs. That way, if you are to sell, you just sell LLC1 or LLC2 or LLC8, a simple change in ownership is all it takes for the sale. I am not sure what you are trying to achieve, but it is almost the same, and an LLC can be taxed at entity level or pass through, it means that you can choose double taxation (taxed as regular corp) or not (taxed as S-Corp). The only difference between LLC and Corps, is with corps your dividend is dependent on how much % shares you own, and on LLC, you can have different sharing agreements. For the tax experts, please correct me if I am wrong, would also like additional input.

LLC/Corp Structure:

Main LLC

> LLC 1, LLC 2, LLC 3, ..., LLC10 etc.