All Forum Posts by: Marisa Alvarez

I heard some of the help given to small businesses right now includes something on Improvement of Investment Property Law so that landlords can hire more contractors now and help the economy.

@Bernard Reisz

Thank you thank you thank you. I am completely list and SOS 🆘!!! Looking for a good CPA or CPA and law firm.

1) How do I find out if it is a Corp taxed as a C Corp or an LLC taxed as a C Corp ?

2) I sort of explained in my answer above how I ended up with all these properties in a C Corp.

I was from outside the US, didn't even know the language yet, this was 6 years ago. I was put in contact with this CPA 👨‍💼 who told me that I could not own an LLC being from outside the US.

Today I live in the US. I am learning all this which I am trying to solve.

Plus as I own a lot of stocks, I pay 💰 a lot of extra income tax because I don’t have the benefit of the depreciation of the assets as they are owned by the C Corp.

I am not planning to sell my Real Estate ever.

I need to buy more Real Estate but in an LLC in order to pay less income tax ( stocks vs depreciation of the Real Estate 🏡)

My idea is to set up an LLC to be the property manager of all my properties and this way take out some of the earnings from the C Corp.

Your ideas and opinions are more than wellcome.

Thank you !

@Chris K. Thank you for this answer. Totally professional, thank you indeed. I read thoroughly all the links.

Yes, I was aware of the tax problem.

I ended up having all this properties in a C Corp by mistake. 7 years ago before coming to the US I contacted an attorney I was told was excellent and I trusted him and he did it. I was not living in the US back then and he told me that as a non resident, that was the only kind of corporation I could have.

Today I live in the US, I kept acquiring properties under that C Corp with no idea 💡 of this problem.

My intention is to never sell them anyways.

Yes I beed to look 👀 into hiring a different CPA now, more knowledgeable of Real Estate Investors.

I am doing the minutes and all the formal requirements and yes, it is a burden taxwise because I pay myself a salary though Paychex and then I pay a lot of Income Tax because I also own stocks personally and the C Corp does not pass the depreciation loss to me.

My idea is to form an LLC that will be the property manager of all the properties held under my C Corp and any other rental property I might buy in the future which this time will be put into an LLC of course. I need to buy more rental property but in LLCs to mitigate with depreciation the earnings from the stocks.

And you are right, I need to sit with a good CPA 👨‍💼 which I am searching for.

Any comments on this will be wellcome.

Also my question on this discussion was more on the subject of Asset Protection. I wanted to know if a C Corp and an LLC provided the same Asset Protection.

Thank you !

Marisa

I heard Grant Cardone saying that the government is giving relief to landlorsds, is that true ?

Anyone knows if corporate credit cards 💳 will still charge interest ?

@Chris K. You answering that way not only doesn’t help and it is only meant to scare but also does not enrich or enlighten or inform anyone. You are making a mistery scary cloud without providing ANY specific.

What are the hassles you refer to of owning all of them in a C Corp ?

What are the serious issues that I have that you mention ?

@Clint Coons Brilliant ! Thank you for your answer, I learnt a lot and will look into that

@Clint Coons thank you for being specific. Your answer helps a lot.

@Bernard Reisz

Thank you 🙏🏻 for your súper profesional answer !!!

I understand then that in Florida I should be ok using LLC plus LandTrust, correct ?

But if the properties are already in my name is pointless because I don’t have any annonymity anymore.

I have 10 properties in a C Corp 🤦🏻‍♀️🤦🏻‍♀️🤦🏻‍♀️, so I don’t understand exactly the tax disadvantages of having them in a C Corp, are those disadvantages just in the case I sell ?

Now that I have them all in a C Corp, the only way to go regarding asset protection is a good insurance and umbrella policy ?

Thank you !

Marisa

I need to change windows in a 2 bedroom Condo.

Just have 1 bid from one of the 2 big stores (HD and LW ). 3 windows, Florida requirements hurricane etc.. 6.000 😱😱😱😱😱 They say they are the only ones who can offer double lifetime warranty.

I called companies I found in Angies List but they say the project is too small for them. Am I stuck with this guys ? ( the 2 big stores )

Also, the guy who came to donthe bid said that the invoice can only be on my personal name and not on my Company’s name. Really ? Don’t I need the invoice to be on my company’s name for my taxes ?

I am lost 😳

@Carl Fischer

Carl, thank you for your answer.

I am just afraid of what Clint says in the comment below, the instances in which an insurance policy will not cover.

I am very careful at managing my properties but still. I own 10 rentals in a C Corp. When I learnt it was not the most clever thing to do it was late. If I take them out of the C Corp and try to divide them into LLCs the tax would be huge.

I am seeing what I can do to be not so much at risk.