All Forum Posts by: Robert VanZee

HI Nick,

I live in Hudsonville currently and started investing 3 years ago this week. I was also interested in a backup income for my W2 job. I use the BRRRR strategy and have 5 properties in GR, 1 in Muskegon and I am a partner in a 4 unit vacation rental in FL. My advice to a newbie would be to go to the local meetup (RPOA has a meetup 1st Monday of the month at BW3 in Grandville) and find a real estate agent who ALSO owns investment properties. I started with Paul Leason at Berkshire Hathaway in GR and his knowledge was invaluable. I am comfortable now doing FSBO without an agent but I still bounce all of my potential deals off Paul for analysis.

Hope this helps and Ill see you at the meetup!

Bob

Hi Nathan thanks for the reply. I dont have PM nailed down yet for MKG. The house is 80% rehabbed so PM is on my to do list for this week. Can you tell me the 3 PM companies that were discussed? I use United Properties in GR and they are doing a good job for me.  Also, which meetup in GR?

Mike thanks for the response.  

After several discussions with my aviation attorney and accountant here is where I currently stand:

Attorney recommends LLC to hold airplane and biz LLC to lease from Aircraft LLC, using industry standard hourly rates. I asked why the lease was necessary, and was told that if you hold the aircraft in an LLC AND use it for business purposes, the FAA sees it as a for-profit operation and would require FAA part 135 certification. So if my business leases the airplane at a neutral cost from the LLC, no profit equals no need for 135 certificate.

All this set-up (new LLC, Lease agreement etc) was going to run about $2000.

Accountant asked how much aircraft use was going to be personal vs biz use and I was honestly at 70% personal 30% biz so does the cost of setting up the entities justify the tax savings?  My personal answer for the time being is NO.

So while I dont really like having the airplane in my personal name, for the time being that is where I am: Title the airplane in my personal name, carry adequate liability insurance on it, keep track of all business use, and give those direct costs to my accountant for taxes.

By the way I found a nice Beechcraft Debonair. Pre-buy inspection in the next 2 weeks, and hopefully close around the first week of November.  Cant wait to be able to fly my own airplane!

I recently expanded my investing footprint to include Muskegon, MI. Anyone have experience/recommendations for Muskegon property management?  The house requires a complete rehab but will be a nice 3 bed/1bath when completed in a few months.

@Jay Hinrichs the Cirrrus Jet looks great too!

I’m close to Oshkosh had fun this morning watching some unique aircraft fly over on their way to EAA Oshkosh

Thanks for all the replies.  Paul Leason we will definitely need to go on some aerial recon flights to check out new properties! Jay Hinrichs Eamonn McElroy great info thanks.

I am looking into an aircraft to fly weekly to Chicago from Michigan for my W2 job with a big cold lake in between me and Chicago so mostly looking at twins (Baron or Cessna 310). I will plan on forming a new LLC to hold the airplane and document what costs were associated with each usage (personal or biz).

I love the SR22 but with wife and 3 kids I would like to be able to haul all of us and I would be much more comfortable with 2 motors over Lake Michigan.  I have my ATP and thousands of jet hours but just getting back into General Aviation to supplement my RE biz and personal family travel.

I am a real estate investor in Grand Rapids, MI and Anna Maria Island FL, and I am looking into purchasing a small airplane for both personal and business use. I currently have an LLC that holds 5 properties in MI and one in FL. Does anyone have advice on how to structure the aircraft purchase? Should I start a new LLC to hold the aircraft or just use my current LLC? How do I best account for the aircraft costs?

Hey all I currently reading (listening to) the Four Hour Work Week by Tim Ferris. He strongly recommends using a virtual assistant. I am thinking of using one for my direct mail or social media "Cash for Houses" campaigns. I have mailed in the past using a local printer but the process is cumbersome and time consuming. Any thoughts on how I might utilize a VA for this or which service to use?

Hey all, I am a full-time airline pilot and part-time buy and hold investor in West Michigan. My current goal is 20 units in 5 years. I have purchased three properties totaling four units in the last 13 months, all off of the MLS. Two of the properties were significant rehab projects, and both turned out successful. Any advice on West Michigan wholesalers or direct mail campaign?

I would recommend Paul Leason at Berkshire Hathaway. He is an investor himself and has a great feel for the local market