All Forum Posts by: Alexander Vitro

I'll be there!

Hi @Frank Uzzi So far I have filed for and received my certificate of formation from the State and received my EIN number from the IRS. I'm sending in form NJ-REG this week. I needed to know whether to file as a 1065 or 1120 but I have a partner so I know now I have to file as an 1120. I believe this is the last step until I have to fill out my yearly information update. Am I right about that?

Thanks!

@Ibrahim Hughes Yep, already taken care of.

Thanks @Bill Gulley I already have my business registered but read online (probably generic advice) that certain businesses might require special licenses to operate. Thanks for the help.

Does anyone (a lawyer would be a plus) who is familiar with NJ know what, if any, special licenses or certifications might be required by the state/municipalities to run an LLC that buys and sells real estate. I'm hoping this will work out better than my attempts to get ahold of someone from the government... they seem to always be away!

Thanks!

I'll be there!

I agree with @J Scott Building an efficient system is much more important than saving a few dollars. Time is more valuable than money. But if you would like to save a few bucks, recycle. I don't know the details of the project but on my last renovation (pretty much a gut job) we recycled a bunch of old growth lumber that usually ends up being of a higher quality than anything you will find at home depot... and it's free! Also, if you can find a place that will buy any metal you want to get rid of (especially aluminum and copper) you can recoup some cash.

Thanks @Scott E. I'm definitely starting to think a 3/4 unit owner occupied is the way to go after a bit more research. I'm a hands on guy and would like to find a rehab project so I would probably look into the 203k. My concern after more research is the restrictions imposed on you before you can get the loan.

Thanks @Daren H. I was wondering about schools. I'm trying to choose between targeting families and single people. Each has their advantages and disadvantages. Families' desire for good schools being a limiting factor of course. I find a lot of properties that look like good deals in my market but the schools are questionable.

It's always good when the trial by fire goes well. It looks like you've done a great job so far. Congrats!