All Forum Posts by: Marty Happle

@Account Closed I read on BiggerPockets somewhere that if you invest in real estate you don't have to pay taxes ... just kidding.. wanted to see if this will trigger some program to screen it out on BP. The income tax issue is a concern of mine too of course. I'm thinking that W2 income is a bit different from investment income, no? Like where I live, tons of people work in New York City but live in NJ, they pay NY tax and professional athletes pay tax in every state they play away games in because it's earned income. I am planning on doing a NJ LLC and register it in MI to make sure it is ok. If I have to get a MI LLC then I will, it's not a huge ordeal.

@Jillian Sidoti @Jessica Zolotorofe - there is no lender involved unless you want to be one  :)    

@Jessica Zolotorofe 

Thanks - NJ only. I have about 3 or 4 LLCs each year. I don't see a need for a Nevada LLC. I might as well use a NJ LLC then. My main question is should I open a Michigan LLC or not? I usually do it myself so I never used a service. But I want to start using someone. I'm going to email you for the info. :)

@Antoine Martel thanks - I have a few LLC's in NJ but they are addresses of past flips or current rentals I own. Do you need an in-state registered agent for Nevada? I believe Michigan has to have someone in state to receive mail etc..

I live in NJ,d and I am buying a house in Michigan for a SFR. Do I start an LLC in Michigan? Do I use a NJ LLC?

There are so many lenders out there that are better it is not worth it.  They want money up front and so many fees that are very expensive.  They have done nothing but talk with me and not approve any deal I submitted.  

@Patti Robertson thanks - it's not a short sale, it's an REO. The LLC seller has the property under contract in this LLC. The buyer of the LLC will then own the contract. I have spoken to some real estate attorneys already and no one seems to be saying the same thing.

I have some deals that I am looking at that my realtor friend has been trying to wholesale for a wholesaler  :)  .  

There is a wholesaler who wants the fee for the LLC that has the contract. Now, I think this is a much better way to get paid and not have to worry double closings or trusting me to pay him.

I have to do due diligence on the contract I guess to make sure it is legit.  My friend being involved gives me some hope because he is a good guy, but we all can get fooled.  

Are there any post transfer of llc issues that can come up? Aside from making changes on the NJ website to change LLC ownership, what else needs to be done? What if this LLC owns something that is not an asset but a liability or has tax issues?

Would my proof of transfer mean I have the same as a clear title for this LLC?

You can become a realtor's assistant and gain access in some states or become a referral agent 

@Kim Meredith Hampton thanks.. I will check it out