All Forum Posts by: Jay Truong

Thanks Jerry. I went to Bank of America and they helped me set it up for free.

I am planning to restructure my portfolio to a safer place. My plan is to have a Wyoming LLC for anonymity, which will own other Arizona LLCs for each rental property in Arizona. Do you have any recommendation of a service to start a Wyoming LLC?

 Thanks. I got the idea now and I will talk to my CPA.

Thanks @Dominick Austria and @Eamonn McElroy.

So I will try to avoid doing scenario 2 (transferring share of incorporation).

What if I add his name to the title (which means the company and his name will be on the title, and it is considered a gift for him), would he be taxed on the 50% full selling price $y or would he be taxed on the capital gains only?

I have 2 scenarios that I would like to ask on the tax. At this point, I don't know whether I should do it.

1. I want to transfer a property I just purchased to my LLC A on title using the Warranty Deed. I purchased it for an amount of $x. If I sell it 5 years later for $y, would my company be taxed on the capital gain ($y - $x) or would my company be taxed on the full selling price $y?

2. I want to transfer another property I purchased to my Incorporation B on title using the Warranty Deed.I purchased it for an amount of $x. Then I will give 50% share of my company to my brother. If we sell it 5 years later for $y, would our company be taxed on the capital gain ($y - $x) or would our company be taxed on the full selling price $y?

If you want to scale up fast, then do $50k down on 10.

If you want to find really great deals, buy with cash. I was able to use to cash to bargain for $60k cheaper on some $300k multi-family rentals listed on MLS as the sellers were in some desperate situations.

My first 3 deals were with cash as it gave me really great deals. Then as I have bigger income from these initial rentals, I was able to get mortgages with lower rates.

I am a local investor in Tempe, looking for a property management company as I am purchasing a fourplex. I am currently self-managing my other units.

I have been talking to Taylor Street Property Management but their Yelp reviews are terrible. So I would like to see if the community here has good experience with any local property management company.

Thanks.

@Garrick Oconnell Okay. I already paid $60 for the Process Server. I should have contacted her in the first place, but I will keep her contact and contact her in case things do not go as expected in 30 days.

 Thanks for the referral. Eviction processional was exactly one of the services I was searching on Yelp but I was not sure which one to pick.

I just ordered "All About Serving" Process Server local company to hand them the notice. I am waiting to hear back from the staff.

Thanks everyone for your inputs. I have less than one year of experience in the rental business so I really appreciate your advises. 

I will continue to empathize to the mom as she is worried about him. She is trying to get in touch with him as well.  I will also send out the lease termination notices using either process server or certified mail.