All Forum Posts by: Tina G

ok so i checked some notes i have and reread that link as well as a few more (see above), and now i remember what i found to be the case from several sources (including the above link that came up in my google search).

the recommended way to handle real estate is to put it under an llc (or land trust) and to put those entities (llcs and landtrusts) in a corporation. each llc/landtrust would have an umbrella insurance policy like for added protection like curt mentioned. there seems to be debate on whether the corps should be nevada/wyoming based or not, but for the most part this structure is most secure.

i am not sure how much of an affect the loan being under your name has, so it may very well negate the whole system described above. i assume RE attorneys would be the best way to get the right answer to this question. hth!

so i found this website that explains it a little and basically says that a corp is the way to go for rental real estate as far as asset protection goes, but as far as taxes go an llc is the preferred way. this sort of it against some other things i've read and learned at seminars, but i still am trying desperately to figure out the "right" and "best" way of doing things...http://www.alglaw.com/service/view/8

hello there,

i am new to real estate investing and am currently working on correcting the structure of my current entity as well as learn the best ways to setup asset protection and tax relief for investing.

i am looking to "meet" other NJ investors/RE professionals and hopefully find out more about the processes, laws, and useful knowledge pertaining to NJ.

i am currently seeking recommendations or info about local CPA's that are knowledgeable with investment properties/real estate because the last 2 i worked with didn't have a clue. it's been frustrating trying to find my "team" members because i know there are many investors in NJ who have their system built up, so the right professionals are out there somewhere...i just can't find them yet.

i am looking forward to meeting fellow investors of all experience and learning more about this lucrative industry.

Originally posted by Rich Weese:

The difference the way I understand it, is whether you are determined to be in the business or in "the start up process" That is a question for a KNOWLEDGABLE real estate CPA. I would personally take the deduction if I was tinarei. If you're audited, fight it, if not audited, you win by default. Rich

thanks rich, i am actually desperately searching for a *knowledgeable* CPA in NJ. so far the 2 i have used in the last 2 years were no help at all and just didn't know much about investment properties. i am early in the game so i don't think my business taxes are too complicated, but it's definitely going to take a CPA with knowledge and experience with RE/I to do my taxes correctly. i'm hoping in the next couple of weeks i get some recommendations for local professionals. i appreciate your opinion on the matter :)

hello,

i was wondering if any one had any experiences with or recommendations for CPA's or certified bookkeepers who are proficient in RE taxes/laws in the NJ area? I suppose NY would work too, but NJ would be most ideal. I have been through 2 CPAs and found (now that I am learning so much) that they really had *no* idea how to do taxes dealing with real estate investments.

if you have no recommendations, but at least experiences (even bad ones) to share please feel free to PM me. my intention is not to bad mouth anyone, i just don't want to reinvent the wheel in terms of finding a good CPA/CBK when i can pool my own experiences with others and narrow down my search to find the right professional. thanks in advance :)

thanks jeff, i wasn't planning on pulling the trigger any time soon i don't think. i've slowed down on my education because i was definitely knee deep in 20 different things and it wasn't a healthy way of progressing.

right now my goal is to set up (or re setup) my business entity in an asset- and tax-intelligent way. but i do appreciate your advice, and i definitely think that slowing down and immersing myself in sites like this is the best way to proceed.

looking forward to what lays ahead...

~T

i am in the advanced training now. and it cost a pretty penny, which i must say i do regret in some ways. i decided to take the "package" that has 3 courses and opted for doing 2 courses online so far (they include the ability to attend the same courses in person too if you want w/in a 2 year period).

they use adobe connect for their e-learning and i feel that the combination of quality of teacher, teaching materials, and use of technology are important in the outcome of the class. well one instructor is fabulous at teaching and uses the technology well, the class materials aren't so bad either (provided by the company so the teacher has no choice).

the other instructor, however, is AWFUL. i can't say i learned anything that even the BACK blurb of a book could teach you. he was repetitive, offered little useful information, and seemed to permanently be off-topic.

the advanced training in my opinion is at least 3x more in price than can be justified, and even when learning useful information with a great teacher, i wouldn't say it's all you need to be on your way to becoming an investor. it definitely sets you up but it sets you up to be a newbie - i can't tell you how many people posted on the tigrent discussion boards (formerly WIA) with their new websites and business card designs after the first couple classes (doing so was our "homework"). it was like a flood of "i buy houses" .coms, which is a great effort, but to me also an unfortunate aftermath of misguided investors-in-training.

all in all of the 2 classes i took so far, it was a 50% disappointment (because of the instructor) and definitely way more expensive than its worth. i plan on attending the 3rd class because i paid for it, and i also eventually plan on attending the 2 e-courses in person in the future, but there is no doubt that i will be reading, researching, and investing in more affordable education to bolster my knowledge (books, tapes, etc) beyond what this training has given me.

in fact, i am currently looking into al aiello's goldmine tax program and trying to find out if that is really worth the money -- i would be grateful if anyone had any info to offer. also, i am happy to answer questions about my RDPD experiences and thoughts. i tried hard to find useful reviews and accounts of others' experiences before opting in for the training, but didn't find the type of info i was looking for, so i hope to offer a useful personal account to anyone who is considering it themselves.

i'm new to all this, so just to get a better understanding of my own situation... if i formed an llc back in 2008 and have one rental, then would the seminars and educational expenses i have incurred in the last year (2009) be eligible to be written off in my business taxes? based on what i am reading here, it seems that in my case, seminar costs could indeed be written off because i am indeed "in the business" - correct?

having an llc but your own personal information holding the finance, is not really being protected. many people recommend a c-corp and one that is housed in nevada or wyoming because the laws there are most protective of such entities.

however, i have read in many places that the optimal setup for asset protection may not be exactly the optimal setup for taxes (for instance i have read tax recommendations stating llc's are better for tax purposes). i would definitely look more into this. i personally have an llc holding one investment property, and my recent education seems to reveal that i have a completely unsafe setup in terms of asset protection and tax relief....i am by no means an expert but definitely just started out and am learning from real mistakes i have made.

hope this helps!

hi all,

i am new to this site and also to rei. i have been immersing myself in information and educational materials about different aspects and types of rei, and came across yet another "product" that may be worthwhile. i already have spend quite a bit of money on education, and although i did and am learning from it, it certainly wasn't worth the exorbitant cost so now i am extremely cautious about educational materials.

anyway, i have been reading about "al aiello's goldmine and 1031 exchange" tax program that seems to be advertised around the web for $897/997. I tried to look up seemingly honest reviews about it, but i am coming up short. has anyone had personal experience with this "program" and would you recommend it? i have found it very difficult to find knowledgeable, reasonably price professionals - specifically lawyers and cpa's/certified bookeepers - and would be relieved to find some useful information and/or referrals.

thanks in advance for any info!