All Forum Posts by: Misty Monk

It's my understanding to rent out property in Texas, owned by a coporation you have to have a Texas Real Estate Broker license or hire somone to be the Broker of record for your corporation .   This is not a requirement in Kansas where i have rental property.  I am looking to purchase a rental property in Texas.  I am seeking a Broker that can be our broker on record for texas properties. 

I am seeking information on cost to have a Broker of record for my real estate company.   I do not have a real esate license.  I currently own rental homes in Kansas and I am looking to purchase a house in Texas.  This home would be a short term rental.  Its my undstanding if the home is purchased in my company name i would need  a broker of record.  Kansas Law does not require this.   Debating purchsasing the home in personal name versus company.   The benefit to having in the company name is I have a BORSA (ROBS). 

My daughter goes to school at University of Arkansas in Fayetteville, AR it's absolutely beautiful.  We typically book airbnb when we visit her.  We visit a few times a year and the airbnb's seem to book up quickly.   I don't know your target market but  there may be a need for student housing.   My daughter is in a really nice 4 bedroom apartment with 3 other girls. They do individual leases for each girl.  $800/month / $3,200 for 4 bedroom 4 bathroom 1381 sqft apartment includes all utilities trash water, internet , nice common areas pool ect.    They are all booked up so should give you some kind of idea of the rental market.  

We are seeking a remote keyless lock system for a property in another state.   We would like to be able to change the codes remotely.   

This is our first rental property in our new real estate company we just started.   What amount is recommended?  Is Landlord insurance a separate policy from general liability for the company or does in encompass all?  

This is a new home.

Moving  the lump sum to a Borsa was the only way to get 100% of the payout.  No taxes but yes the early penalties were waived.  We moved it to the BORSA 401k account we set up and from that to corporate account to by real estate.  Quite a bit of paperwork but just paperwork and process.  It was worth it. 

Got it.  I just got of the phone with the company doing the BORSA.  I think it makes sense to go this route.  I was concerned it has to be a c-corp but learned the tax laws changed in 2018 and Ccorp has only one tax tier of 21%.   Which is lower than income tax rates I pay on my other company that is an S corp.   

@Jeff Wallace what do you mean you wouldn't be able to use rent money until 59 1/2? I am looking at using a borsa to fund areal estate purchase for a rental. My husband has an early lump sum offer from old employer (GE) can we use that towards buying a rental property that we will rent out? We were just about to form an LLC and go with a loan to buy property. I will use half our cash and half his early pension payout to pay cash for house. I already have an agreement to lease it out long term at a really good profit. How is the profit of company handled in this case?

I am buying my first rental property and looking at just getting an insurance policy versus setting up an llc. Once I can figure out how to move the mortgage to my LLC without triggering the due on sale clause i will create the llc , and keep the insurance. To get started this seems to be the easiest.

If one LLC owns the other can you still file as a s-corp? I read you can not file as an S corp if the llc is owed by another llc. How does this work with series llc?