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  1. T

    transfer properties to LLC

    Andviv, I've been going through this same process and here's where I am so far: 1. I live in NY and my attorney says QC is the best way to transfer b/c something to do with no title insurance (I did bring up the warranty deed thing Diane mentioned to him). 2. He doesn't think it's...
  2. T

    Is this the right tax set up?

    TAXES | REGS 
    Yes. I will have my RE Brokers license by March and there is another license required by NY which will all be fulfilled before we officially launch. Good to point it out though.
  3. T

    Is this the right tax set up?

    TAXES | REGS 
    OK. I was thinking that my hubby and I start the LLC and I own 51% (woman owned) and he owns 49% and have it taxed as an S corp. Yes. My properties will be separate from the rental biz. I'm not sure what default structure is though. I'll look into that. So if my LLC that holds my own...
  4. T

    Is this the right tax set up?

    TAXES | REGS 
    I've been getting a lot of requests from landlords in my area to rent apartments for them, so I've decided to start a property rental company. This will also include some management on certain properties. I thought it would be best to set up an LLC but not sure if it should be a single member...
  5. T

    Do you like fishing?

    FUNNY 
    The title says they're "fishing" in the Amazon. I hope those weren't pirranahs!
  6. T

    Member of a country club?

    I was just wondering if anyone here was a member of a country club and if so, why they joined? Did you join to use it as a way to leverage meeting more people with money and/or possibly meet more like minded people? Or did you join because you could? Has it at all helped you achieve fastlane...
  7. T

    More real estate & LLC questions!

    I know owning rental properties in an LLC has been discussed before in another post http://www.thefastlanetomillions.com/showthread.php?t=675 and I had some questions that I thought I could re post and possibly get answered. Sorry if I'm beating a dead horse! Diane says... My main...
  8. T

    Any thoughts on how to get around this?

    REAL ESTATE 
    I found a couple of links on simple vs. amort. http://www.mtgprofessor.com/A%20-%20Amortization/how_does_simple_interest_work.htm http://www.mtgprofessor.com/A%20-%20Simple%20Interest%20Mortgages/simple_interest_mortgages_can_be_a_trap_for_the_unwary.htm
  9. T

    Hmm just a thought...

    How about setting one up in New Orleans? I was there last Feb. and there doesn't seem to be any moral police lurking. Anything goes in N.O. Heck you can gamble on the Shreveport boats in what ever river is over there. It's miles away from the ocean.
  10. T

    Any thoughts on how to get around this?

    REAL ESTATE 
    Yves, I seem to be running into the same problem as you. I recently had 5 different property owners approach me to manage their properties or at the very least rent them as needed. It seems NY requires a brokerage license as well to own a management company- it's only takes a year here...
  11. T

    preforeclosure note buying thought

    REAL ESTATE 
    A 1st mortgage wipes out a 2nd if you foreclose on the 1st, so buying the 2nd might not be necessary. If you purchased a 2nd, you would need to make sure you're in a position to not be wiped out by the 1st in a foreclosure and have a plan. Just wanted to point out that you can't get a...
  12. T

    Credit Reporting on Bad Tenants

    REAL ESTATE 
    Does anyone know how to/report a tenant who skips out of a lease to the credit bureaus? I've used MrLandlord.com in the past but don't know how well they work or if they're reporting like the say they will....
  13. T

    Property Manager?

    REAL ESTATE 
    I am going to hire a PM and I would like to know how you pay your PM (% of gross rents?) and exactly what duties they perform (showing, leasing, eviction, etc?)? Do you pay extra for getting the apartment ready for a new tenant? Do you hire a sep. person for lawn care, etc? Thank you!
  14. T

    Tax question for Diane or anyone else

    TAXES | REGS 
    Hello, I wanted to thank you again Diane for your expertise and wanted to let you know we closed on the "grant" (no ss#/tax id # required) and small blip was put in the paper as follows: Fort Schuyler Group gets rehabilitation grant UTICA - The Fort Schuyler Group has been awarded the...
  15. T

    Land Contract on a Commercial Loan?

    REAL ESTATE 
    Hello, I was wondering if a one could do some sort of a land contract on a commercial building (since it's not assumable?) as a way to avoid paying all of those fees for a new loan? And having the seller avoid the prepayment penalties thus being able to offer a lower price. Is this possible...
  16. T

    Great morning today

    OFF-TOPIC 
    Yves, you might have discussed this somewhere but I was curious what you do with the cabin? Rent it, I assume, weekly, nightly? Is it seasonal?
  17. T

    How I started in mobile home notes

    HOT! 
    Great point. It gets a bit tricky because we are offering a "mortgage" on personal property not real property (RE) and the last thing you want to do is foreclose on a mobile home if you can do a simple eviction. But you shouldn't have to foreclose b/c it is not real estate. I'll have to ask...
  18. T

    How I started in mobile home notes

    HOT! 
    Absolutely! This is a "how to" book. But it's up to you to go out and do it. You do have to do your dd on what's allowed in your state though. Let me put it this way, I read the book in a day and did my first deal less than a week later. Lonnie puts all his forms that he uses (he's in VA)...
  19. T

    How I started in mobile home notes

    HOT! 
    Yes, Tony is very respected and is known as the expert on land deals. I've read his material and it's very good, but pricey imo. Ditto! Tony and Lonnie both contribute to the forums there and answer questions. Haven't visited in a while though.
  20. T

    How I started in mobile home notes

    HOT! 
    So far I keep them in the park. Moving them can get quite expensive and I've never done it. Also, they need to have the wheels and axel. Before I buy, I talk to the p.o.(park owner) and make sure they are OK with what I'm doing and that the home is OK to stay. This is VERY crucial! I also...
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