All Forum Posts by: Rick Doshier

Greg,

Thanks for the information, I did think about this after you posted. I do see what your saying and that is a good way of doing it, I will talk to my CPA about doing it this way.

Thanks

Rick

I am just getting more and more confused on the whole idea of an LLC. I have spoken to my attorney and CPA, both give conflicting information.

All I want to do is put rental property in LLC's, and the only thing I am confused on is how to advertise with multiple LLC's.

Example - If I have 10 LLC's with x amount of properties in each one. If I have more then one unit that I need to advertise for and they are in seperate LLC's, how would you advertise, if you dont want to use the LLC's name for each property that you are advertising for.

I thought about just using a DBA in my county and just using that name for all the LLC's, but then that brings up another issue. What if your driving down the road and you hit someone, and all they see is Dos*** Home Buyers and Rentals on the truck, then they find out that it is used for 10 LLC's, to me this leaves the door wide open for all the LLC's to end up in court.

Now another thought I had was to put properties in LLC's and then form LLC and use it for Dos*** Home Buyers and Rentals, this would only be used as a property manager and then I can contract out the labor from my other LLC's to Dos*** Home Buyers and Rentals.

If anyone from Texas has an idea on how it works in this state I would appreciate any help.

Basically I am just trying to figure out how to have business cards, signs, news paper ads, ect. with one name that can be used for all LLC's?

Thanks

Rick

LMAO, yeah that could get you in trouble.

Rick

Thanks for the replies.

I think I got it figured out. I can name my LLC's any name that I want, and just DBA with my county to use for the name on the business cards and advertising.

I wasnt sure at first, but I do believe this is the way to do it.

Have a great one

Rick

I am curious to know how you guys name all of your LLC's if you have more then one?

I have formed one LLC and I need to form more for my rental properties, but not sure how to name them.

I need to advertise for the properties or make business cards, I am just confused on how this would work. 10 LLC's and you need to be able to have signs, cards, contracts, Ect. for each one.

Any thoughts would be great

Thanks

Rick

I am forming and LLC for asset protection. I was only confused on the issue of members in the LLC. I am just trying to figure out if my wife needs to be on the LLC or not, this way she will have some authority in the business if needed. I understand that I can set all this up in the operating agreement. My other issue was tax purposes, being a single member or a multiple member, I think its best to do a single member and file tax returns as a business instead of a pass through to personal return. I have been in contact with a couple of other landlords that have been in the business for many years that are LLC, and hopefully they will provide some advise.

This LLC was the last step in getting everything setup, so I am just covering myself and making sure it is all correct, before I jump into business.

Thanks for the help

Rick

I have a question for you full time investors,

I am forming a new LLC for rental property and I am wanting to have me and my wife as partners so she can manage the business if I am away.

How does this work, it is asking me for the percentage and the contribution?

I am also wondering if my wife will have to file for her own EIN number, and how does this work out? If I am using the EIN number that I already obtained?

If anyone can help me out that would be great

Thanks in advance for your help

Rick

Thanks both post are very true. Maybe he was just using this for low income housing im not sure. I didn't think it sounded right at all.

Thanks for the replies. I will stick with the 2% method.

RD

Question,

I was speaking to a landlord today and he was saying that he buys houses that will pay for themselves in 3 years. Example

House is selling for $21,900.00

Rent is $500 Mo. @ 12 mo. = $6,000.00 x 3 yrs. = $18,000.00.

Therefore $18,000.00 is the most you can give for this house.

Is this the same as the 2% rule just another way of figuring it.

Do you guys us this type of formula to figure what you will pay for a house?

Thanks

RD

Thanks for your reply, I think if I can get this deal pretty cheap I think I stand a good chance at making some decent money on this property.

RD