All Forum Posts by: Peter Mckernan

@Hermilo Garcia

I would grab your license first, from there the next step is to continue to network and getting the word out about your goal. Once you have your license you will be able to advertise as much as possible and push your company through as many channels as possible. 

Also you can become a member of CAA for forms you'll need and I would also think about putting your company into some type of entity. You also need an agreement between you and the clients you will be managing properties for. Those are a few things to think about. Those don't cover having a bookkeeper or lawyer for evictions either. 

I agree at times the business is not sexy, but not every business is sexy and if you go for something that is sexy with no passion you won't be successful. What gets you results is continuous persistence of driving towards what you love. If you have found a passion in property management, just keep moving and don't stop until you accomplish that goal. 

Good luck,

Peter

Welcome to the site @Niko Buntich! 

There is a ton of information here and many investors willing to help you out with your investment questions! I hope you find what you're looking for and if you need any help I'm right down the way in Newport Beach. 

Good luck,

Peter

Hey @Toyin Dawodu

Your post was really good! Yes, I don't invest outside of the Inland Empire currently, but will be within the next two years! The reason is because I have some extended family in Arizona and would like to get more involved with investments out there including the investments I have out here. Keep doing a good job!! 

@Aristotle Kumpis

@Sam M.

You also have to watch buying in any area in Victorville, that city/area is very unsafe. 

@Debra Murray

I would ask what are the situations where they have you cover the costs and where do they cover the costs. If it was because something you allow at your properties (i.e. Dogs) and someone got hurt, then there might be a stipulation in the contract stating you have to cover the costs. 

That is just one example of why. There could be others, but I would contact them to see why. 

Peter 

loopholes of real estate

@Eli F.

welcome @Account Closed !

This site is full of great and helpful people. Thank you for your husband's service as well. I am an investor in Southern CA. I currently live in Newport Beach and invest in the inland empire. 

If your husband and you need some help with anything locally you can send me a PM. 

Peter 

Hey @Mark Ho,

(this is just off books I have read and also meeting with an attorney).

I agree with @Tim Crumley. I read a really great book that talked about the advantages of forming the LLC and filing as an S-Corp. The protection is great as an LLC, but if you are flipping houses with the LLC the IRS looks at it as a business and you get taxed at the state and fed income rates (brackets you fall within), a payroll tax at 15.3%, if the company is making over $113,700 a year it get's taxed an additional 2.3% medi-cal, and any employee making over $200,000 gets taxed at .9% for medi-cal.

If you want to form it as an S-Corp, that's great too. LLC and S-Corps basically have the same protections with some different items that cover employees. I have recently started a property management company by myself and formed an S-Corp through LegalZoom. I am currently forming another business entity with two other business partner that will be ran through an LLC.

Let me know if you have any other questions and I try my best to answer them, or guide you in the right way.

Peter 

@jon

@Jon Huber

Yes, Please do! I want to make it to at least the next one, or one right after. I don't mind at all making the drive to join the meetup! Thank you!