
27 August 2024 | 4 replies
They might tell you they can't release any info to you without SS number or some kind of authorization or detailed info.Who knows how fast a lender forecloses.

27 August 2024 | 18 replies
The people in that cell can have signature authority, that is granted in the operating agreement of the master.Your tax status has nothing to do with an operating account.

28 August 2024 | 11 replies
The individual is not a senior officer of the reporting company.The term “senior officer” means any individual holding theposition or exercising the authority of a president, chieffinancial officer, general counsel, chief executive officer,or chief operating officer, or any other officer, regardless ofofficial title, who performs a similar function. Yes NoInheritor (Exception #4)An individual qualifies for this exception if the following criterion applies:1.

27 August 2024 | 10 replies
The tax authority may have only assessed the value of the completed portion or the property for part of the year.

28 August 2024 | 22 replies
I heard about Steadily from the authors of the latest BP book on self-managing.

26 August 2024 | 3 replies
You asked about a property you have listed for sale and property taxes that are coming due and the consequences of not paying them until the property sells.Generally, the local taxing authority will impose an interest penalty on any unpaid balance after the due date with a long grace period before you would have to worry about unpaid property taxes affecting your ownership of the property or your ability to sell.In all likelihood, the property taxes will become a part of the closing and will be deducted from your proceeds at the time of sale.By the way, property taxes are always in first lien position ahead of any other debts like mortgages.

26 August 2024 | 2 replies
@Nina PenuelaOne of the things we have seen, specifically in Ohio and Indiana is local building authorities target out of street owners with ridiculous fines and make life miserable.Had one where the porch light was out and charged a $50 fine.Another one claimed grass was not cut because it rained for 1+ week and did a $400 fine.

26 August 2024 | 23 replies
Tenants use to threaten to sue me or complain to authorities regularly.

26 August 2024 | 13 replies
I have read a lot of books published by bigger pockets and other authors on real estate investing.

26 August 2024 | 8 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.