All Forum Posts by: Michael Seeker

@Christopher Guerriero - I would suggest doing some research on what this accountant has said. First of all, a sole member LLC is generally a disregarded entity and therefore treated the same as the individual for tax purposes. Second, an LLC for each property is typically a complex way to waste money (added liability insurance for a single LLC tends to be a much more cost effective approach for limiting liability). Third, if the LLC's do not own the properties then their liability protection is completely useless.

It sounds like the accountant has suggested something that would result in their ability to charge you the highest fees for what is otherwise a not very complex setup.

Maybe try and find another accountant...

@James Baker - You should call your local code enforcement department and explain to them the age of the building and the setup and ask them what requirements there are if you fix up the 2 empty units

@Corey Rippeto - every locale is going to be different but there should be a code enforcement department that is separate from zoning unless you're in a small city.  Those are two very different types of violations and people involved in zoning may know little (or nothing) about code enforcement.  You should start by googling "Code enforcement CITY" and "Code violations CITY" and then call the code department to see how you can view outstanding violations.  I've found code enforcement officials to be quite helpful if you call and ask them questions.

@Jeremy Shanks - you may want to consult a lawyer (as it may take a letter from one to shut this down).  I don't know laws in your locale, but have never heard of anywhere that doesn't require a lease to be honored even if ownership changes.  The only scenario I know of where the landlord can terminate a lease without cause is if it is their personal residence (i.e. if you are the landlords roommate).  I would suggest reading your lease to see what (if anything) it states about what occurs upon sale and when the landlord can terminate early.  Bottom line is that there is a very low likelihood that they can legitimately kick you out.

@Brian Edwards - I completed an online MBA 5 or 6 years after graduating from college.  The experience was great and certainly valuable to me after having run a multifamily rental business and working in the corporate world for several years.  If I had done the program after my undergrad, I'm not sure it would have been as useful or applicable. 

It's probably not a good idea to jump into a costly education expecting a certain salary when you're done.  I know a lot of people that got MBA's around 2008-2010 and couldn't even find jobs.

Great news!  I've always thought the section of Broadway close to Baxter (south of NuLu) is ripe for redevelopment and came close to pulling the trigger on a large building there a couple years ago.  Hopefully this gets some traction!

@Trevor Dominique - This is a capital expenditure which does not flow to net income - you are accounting for it correctly by depreciating it over 27.5 years (some CapEx items can be depreciated more quickly, there are lists and discussions on this worth further reading). If you are trying to evaluate the cashflow of your business, there are several steps you can take to get from Net Income to cashflow.

@Julian Sanchez - out of sheer curiosity I decided to see what I could find on my own LLC and very easily came up with several loan docs and my personal name on them by searching for the LLC name here:

https://search.jeffersondeeds.com/name.php

@Julian Sanchez, you can look up loan documents on the county clerks website which very well may contain the name(s) of owner(s).  It could also give you what you need to roughly figure out what they owe on the property.  I haven't sifted through these in years and don't have a link handy, but it might get you what you're looking for.

@Bill Goodland - this is on the new iPhone 11 (non-pro edition).  I believe only the 11 and 11pro support this feature.  Several carriers were offering deals on the new iPhone for switching but I decided to just pay outright for an unlocked phone and am happy with the upgrade!