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All Forum Posts by: Mark Vandzura

Mark Vandzura has started 8 posts and replied 72 times.

Post: LLC in different states

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

I have several rental properties in my home state of NJ, all owned in a NJ LLC. I'm wondering, if I buy out of state should I set up an LLC in the states where properties are located?

Post: to 1099 or not to 1099, that is the Question.

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

Thanks to everyone for all your input! 

Post: to 1099 or not to 1099, that is the Question.

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

@Tim Johnson

I was told I need to get a W9 from them if they did more than $600 of work and then I need to send them a 1099. Is that what your saying?

Post: to 1099 or not to 1099, that is the Question.

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

Thanks @Sam Shueh, I will be sending them out this year. I talked to my accountant and they told me the same thing but I don’t know why they never mentioned it in prior years.

Post: to 1099 or not to 1099, that is the Question.

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

Thanks for your input @Nathan G.

Very helpful

Post: to 1099 or not to 1099, that is the Question.

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

I own several rental properties in New Jersey owned in two LLC's and now it's tax season. I have several venders (plumbers, electicians, HVAC, etc.) that I use for maintenance and repairs. This year my wife learned that we are supposed to send out a 1099 to any vender who we have paid over six hundred dollars in labor. We haven't done this in the past. But apparently we could get fined and receive penalties from the IRS if we get audited. Is this correct? Has anyone had any experience with 1099's? How crucial is it that I send out 1099's? Any and all advice will be greatly appreciated.

Post: Anyone moved out of a high cost of living area to boost REI?

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

@Andrew Neal Good Question. I hope more people respond. I live and invest  in Jersey and the taxes here are outrageous. My wife and I have contemplated moving to Delaware or anywhere but I have a real close extended family so we're not moving anytime soon.

Post: Gurus are like Diets

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

@Dennis M. “changing your thought pattern “. Great advice Dennis!

Post: Gurus are like Diets

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

@Michael Quarles

Love it!!

Post: Gurus are like Diets

Mark VandzuraPosted
  • Rental Property Investor
  • Franklinville, NJ
  • Posts 73
  • Votes 20

Let me explain. I've struggled with weight my whole life. I'm not obese but I've always been slightly overweight. I've been on many diets and my weight goes down and it goes up again. What I have come to beleive is that EVERY diet works, IF YOU FOLLOW IT. That's right you have to follow it. Whether you go on the Atkins diet, or the plant based diet , Jenny craig, Slimfast, weight watcher, or fit for life, you WILL lose weight if you do what your supposed to do. It doesn't happen overnight. You have to be consistent and stick to it. Don't give up!

The same is true of the Gurus. They all have a system. They made money investing in real estate with that system. And now they're going to sell you their system (Usually for a lot of money). Just like a diet, the system will work, IF YOU FOLLOW IT. Whether it's Dean Grasioso, Kent Clothier, Than Merrill, Anthony Charro, or Rod Khlief, you WILL make money if you do what your supposed to do. It doesn't happen overnight, you have to be consistant and stick to it. Don't give up!

Just like you can't drink a slimfast shake for breakfast and then have a whole large pizza and a 2 liter bottle of coke for lunch and expect to lose weight; you also can't just put up three "we buy houses" bandit signs and send out 50 yellow postcards and then not follow up an any leads or even worse not get any leads and then give up because you didn't become a millionaire overnight.

I'm not advocating gurus. I'm just saying that the system works, but only if you do. Whether you pay a guru for their system or learn everything you can here on bigger pockets, you will make money, you can be financially free, quit your job, escape the rat race, etc. but YOU have to do the work.

Tell me your thoughts.

God bless,