All Forum Posts by: Russell Thomas

 My memory is that evicting the tenant because the building is being sold is an exemption. Read the actual text. I think the seller would have to remove them not the buyer.

About half of the replies in this thread are amazed and confused by why the government would take such an action.

The moderator prohibits us from answering this question if we discuss nasty things, but I assume we are allowed to state some statistics and make historical and logical observations as long as we do not break the rules.

7.1% of the population report rental income on their tax return. 36.6% of the population rents. Every 4 years all of those people help select a person to lead our country for the next 4 years. As part of that process, the people who want to rule the country historically have made calculations about how their promises or other actions will make the highest number of people in the country happy and they make promises or base decisions on how to make the most people happy.

If you don't understand why a boss over a government agency would tell his or her underlings to make this kind of rule, the same month that people start selecting their ruler, and expire it the month after they select their ruler, you might think about how bosses whose jobs depend on making the most people happy calculate whether they can make more people happy by helping the larger group or the smaller group. 

Another way the say this is that this rule makes a lot of people happy at a very important time.

Please do not twist my words and talk about things we are not supposed to talk about here, or the moderator might remove my post if you associate it with off limits topics.

Simplisafe is fully functional without wifi. They have an internet backup option but it does not add any features just backup for poor cell signals. There is no contract so no contract to transfer. You can turn it on one month for $15, move it around to as many locations as you need then not pay the next month. When moving it you just log into your online account and provide the new address so their dispatch will know where to send the police. It is so portable you could take it on trips and set it up at every hotel you stay in. The only issue with that might be they like info on the local dispatch contacts which would be a hassle to locate every day.

No you can only quiet title to what you already own.

We use simply safe alarms on vacant units. They can be purchased new for around $200 or used on eBay for $100. The monthly monitoring charge is from $15-$30 and has no long term obligation. We also allow workers or others to stay in vacant properties before they are ready for rent at times.

Many skilled Tradesmen are out of work right now. I suspect most are not eligible for unemployment and therefore in desperate need of work. Building supply stores apparently are considered essential services so this may be a perfect time to remodel houses. I suspect that we will need to have good photographs available on the web of our projects. Ads on Craigslist and Facebook offering work should be good sources of reasonably priced skilled labor.

I have digital locks on my doors and SimpliSafe alarm systems for remote showings. 

I am able to post 360-degree photos of every room and exterior of the properties on the web.

I have approximately 30 vacant properties in need of various levels of remodeling.

Any suggestions on how to go through this process especially with the chance of supply disruptions would be appreciated. Also, suggestions on ways to manage the bidding process. I assume I should get a good scope of work prepared before offering the jobs.

I am interested in setting up a small opportunity zone fund. I would like to see how others have set up their chart of accounts in quickbooks to cover capital contributions from capital gains differently from non-qualified capital contributions and qualified assets separately from non-qualified assets to run semi-annual reports required to report compliance with the 70% qualified assets rule.

I understand that the most common approach to rental property in a series LLC is that one series is the management series. It collects all the rents, pays all the bills, and tracks the transactions using classes and subaccounts for each series so it is the only series with a bank account and it maintains separation of funds between the series through subaccounts if the checking account in QuickBooks. It is important to have QuickBooks set up to be able to produce a p&l and balance sheet for every series and to not co-mingle funds in the accounting system even though the funds are technically co-mingled in the bank account. The categorization of every transaction to a subaccount avoids co-mingling in the books.

The Arkansas Protected Series LLC does not have charging order protection for single-member LLC's but it is possible for husband/wife and other multi-member LLCs. As far as the CPA income question above there is a little extra cost in the way books are set up to be able to account for each child series separately. Single-member LLCs are disregarded entities that flow onto the member's return, not separate returns, multi-members are taxed as partnerships, and any can elect c or s corporation treatment. The act allowed entities as of October 1, 2019, but the Secretary of State will not have forms until January 1, 2020.