All Forum Posts by: Sean Salandy

Got it. Thanks again.

Thanks Rob Beland I will continue to ask around and research so that I can make the best decision. I've read many posts on the subject and listened to the podcast and there seems to be no consistent answer. I'm curious as to the reason your CPA advises against a business entity. Is there a particular reason that they gave you?

Thanks for the responses everyone. I figured the quote from the attorney was high. I assume I can amend the op agreement at some point too if it becomes necessary. Rob Beland I am working on my first right now. I just wanted to be proactive in trying to set these up. Thanks again.

I've recently met with both an attorney and CPA (separately) about entity formation. They both offer formation services at vastly different costs. The attorney will charge nearly 8 times as much to form a Series LLC than would the CPA. Although I know I can do much of this myself, I would rather take advantage of either the attorney or CPA's services. The attorney will spend time creating a custom Operating Agreement (the company will only have one member) while the CPA will create one using a template. Should I spend the relatively larger amount of money (close to $8000) on the attorney's services or should I use the CPA? How much of a big deal is it to have a custom Operating Agreement? (It was suggested by the CPA to form a Series for my buy and holds and an S Corp for my flips. ) Thanks in advance.

Got it. Thanks again Richard Dunlop

Lisa Kohl Thanks. I just need to make sure I buy as low as I possibly can or walk away from the deal. Richard Dunlop Great idea. You mentioned "not rebuild". Did you say that because you think I should have a separate contractor do the rebuild.

Additional question: How could you really estimate the ARV on a home with previous mold exposure? It seems to me that having mold in the history would lower the value and reduce the number of prospective buyers. I just fear that even with the proper test results showing the home has no more mold, any ARV based on a market analysis I come up with will be questionable because of the history.

Thank you for the contact and thanks everyone for the info.

Leroy Kerr Yes this is a foreclosure. You make a good point about the power being off. I can't wait to see it to find out. From the pictures, it looks as though there was some water damage nearly halfway up the wall. By the way, would you happen to have a contact at greener cleaners? I was unable to find a company by that name in Middletown. I see a similar name of a dry cleaning company in Wilmington.

Leroy Kerr Thanks for the referral. I will definitely see what this company has to offer. Robert LaBrie I will take your warning into consideration. The last thing I want is to have the actual source of the mold become more expensive than I anticipated. I will be sure to do my due diligence. Bryan Williamson I've been told this in the past. I'd like to get a professional to do the work. What this tells me though is that the mold issue (if handled properly and purchased at the right price) is not the end of the world so to speak.