All Forum Posts by: Adam L.

Ha, you're right. We do not have a CPA/accountant yet....I was kind of thinking this would be something easy I could do on TurboTax.  It looks like we need a pro.

Hey Ron,

You mentioned tracking the tax basis & capital for both LLC's...did you mean the originating LLC that owns the property that my LLC bought a share of? I'll start looking into my own LLC info needed, but it seems like it is simple, right?

• $100k goes in to my LLC (sourced from 3 co-owners)
• $100k goes into RE LLC to become Limited Partners, owning ~1.5% of RE LLC property
• my LLC gets quarterly distributions, based on profits from RE LLC
• at some point in future (3 years?), the RE LLC plans to re-finance and cash out all its Limited Partners' principle.

Thank you....yes, the LLC was funded with cash from us. Yea, I just don't want the $$ to sit idle.

For distributions out of our holding LLC, can this be done anytime throughout the year, not just at the end of the year? I don't want cash to just sit there idle all year.

excellent, I figured it was pretty simple like that...your thoughts on distributed the quarterly payouts from the investment entity?

Can I use this to deduct 'business expenses' and receipts against?

So I and 2 friends created a TX LLC for the purpose of meeting a $100k minimum to join as Limited Partners of an LLC that bought a multi-million dollar, 200 unit apartment complex in Atlanta Georgia. We did this in February and split the funding 25/25/50. We are just starting to get distributions, currently sitting in a business checking account.

I'm curious how others have handled taxes on this type of situation.  I'd love to chat.

 Good question.

Looking at anything really.  I think that since I've saved a lot and have stable income elsewhere, along with several other friends in similar situations, I'd like to get right into multifamily units and/or partnering on even larger stuff.  I'm not opposed to Single Family Rentals, but looking to optimize economies of scale.  I'm not tied emotionally to Central Texas or anywhere really and even open to RV parks.

So are yall using your HELOC often?

Hey John,

Thanks for the share.  I appreciate your perspective on paying off the debt; personally, I'm ok w/ carrying low-rate debt and arbitraging a higher rate elsewhere, but to each their own.

Did you use your HELOC at all to use as fast-cash for a rental purchase?

I'm just getting started and looking to network and meet peers in the area.  I don't own any rental units yet but am ready to get into it.

so I just got my HELOC secured here in Austin on my primary home through BBT. Man, it was a PITA and took a lot of time. It seems that TX lending laws make the process much more difficult than my friends in other states. Anyway, does anyway else use a HELOC here? I'm interested to see how I utilize this.