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All Forum Posts by: Andrew K.

Andrew K. has started 9 posts and replied 77 times.

Post: TENANTS FROM HELL #2 Tubs & Showers from hell. PICS INCLUDED!

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

Several of those tubs look like there is a standing water problem and water infiltration.

What is in that tub in pic #4?  Little black (matches?) and a magazine subscription card?

Post: TENANTS FROM HELL #1 Deplorable living conditions. PICS INCLUDED!

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22
Originally posted by @Mike Cumbie:

Looks like you got a nice "travel neck rest pillow" out of the deal!

I believe that is actually meant for small children as a positioner for feeding and also propping them up before they can "sit up" for they can really sit up.  Source: I think I have that exact same pattern on the one I have.

Post: REI Meetings in Philly

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

DIG - Diversified Investor Group

https://digonline.org/

Post: Info/advice on investing in Pottstown and Norristown

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

I'd also be interested in hearing about issues, if any, with Norristown's HARB (HISTORICAL ARCHITECTURAL REVIEW BOARD).  Are they overly aggressive?  Any tips for expediting the process?  How has Norristown been for working with landlords?

Post: How to form LLC w/ traditional financing and no proven history?

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

Title the investment in the LLC from the start and personally guarantee the loan. No bank would loan to your LLC that is brand new.

Post: Newbie just opened LLC and business banking

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

I am not a lawyer or accountant, etc.

Single member LLC? You could characterize the initial capital as a loan and take it back when you need it. Otherwise it would just be distribution to the LLC members.

I would imagine you don't want to get into the habit of freely taking money in and out of the LLC. It would probably make it easier to have your corporate veil pierced if you were ever sued.

Post: Starting an LLC - Texas or Nevada???

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22
Originally posted by @Cheri C.:

I'm also looking at setting up an LLC in Texas and buy a few properties with a partner. This thread is very informative!

Semi-relatedly, how does one go about putting properties under the LLC, would you recommend when buying to just buy in the LLC's name?

Yes buy it in the name of the LLC from the start. If you're looking for some anonymity/potentially obscuring asset searches then don't let your name show up on deed records.

Post: Flipping Partnership Contracts

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

Always best to talk to a lawyer on YOUR side of the partnership and get everything in writing.

Post: Setting up an LLC - Legalzoom or Local?

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

It's important that your partnership agreement spell out EXACTLY what you want.  Outlining everyones responsibilities, contributions and potential dissolution.  For example: What happens when a partners dies?  Do you want to be partners with their spouse (if they have one)?  Without that spelled out in the agreement you very might be partners with their spouse and that may be the last situation you want to be in.  I doubt LegalZoom will cover the details that should be covered.

Post: Inherited Home determining Basis?

Andrew K.Posted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 82
  • Votes 22

I know stocks step their basis up to value at date of death for capital gains purposes.  I would imagine fair market value would be appropriate.