Kevin Robert
Starting as a broker part-time?
8 May 2024 | 11 replies
There are plenty of LO's that start in the business part time because it can be hard to start the motion especially when you are working for a brokerage that is 100% commission.
Shannon Garst
Need advise on setting up an LLC
7 May 2024 | 13 replies
Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.
Sarah Selle
Dynamic Pricing for 30+day Rentals
6 May 2024 | 10 replies
Also MTR pricing software might not be effective yet because there are so many variables with properties its hard to truly comp and get an apples to apples comparison (without looking further into the property and the amenities that are covered)For example the pricing software will not know exactly which utilities are covered, how nice the furniture is, term of lease which can impact the rate, other amenities that is not uniform amongst MTR inventory.I recommend manually finding comps on Zillow.
Joe S.
Wholesaler renegotiated the contract after they assigned it
4 May 2024 | 11 replies
I disclosed to my lender that the Wholesaler was making 5k so then it made me look like I was lying to my lender when the HUD clearly showed the Wholesaler was making 15 KI recently had another transaction where a Wholesaler renegotiated a lower price after the fact.I’m assuming that where the wholesalers have that ability to make that extra is that they are naming the price that the buyer is willing to pay and not necessarily naming the dollar amount that they are assigning their contract for so this gives them the leeway to keep trying to get a lower price from the original seller, even after the fact of going through the motions of transferring their rights to the property to a new buyer.
Dean Valadez
Question on write-offs and do's and don'ts
4 May 2024 | 8 replies
For instance, a new suit is not a write off, but a uniform for your business is.
Craig Lessler
Airbnb - Active or Passive - Deductibility of Losses Schedule C
3 May 2024 | 30 replies
In footnote 35 they talk more about how it's not really being addressed in this case because of procedural/timing issues with the Commissioner's motion.
Matt Buck
Cost of STR Virtual Assistants
30 April 2024 | 18 replies
Guesty has proven beyond helpful.It funnels all of your listings and accounts into a SINGLE, uniform inbox.
Dan Mahoney
How to buy a tax deed at the Fulton County Tax Sale, Atlanta, GA
29 April 2024 | 168 replies
Right at 10:00 a uniformed deputy will come out with a few staffers and will immediately begin the auction.
Terry Portier
How to become a Hard Money lender?
26 April 2024 | 44 replies
state license ect. .. and your correct the bigger private guys in this state pretty much uniformly got cease and desists the state went looking found them shut them down.