All Forum Posts by: Andrew Wong

Welcome @Tiffany Hautau!

Check out and come by @Johnson H.'s meet up in Milpitas next Wednesday night. 

https://www.meetup.com/SF-Bay-Area-Real-Estate-Investing-Club/events/234515399/

@Jeff Caravalho it depends on what you're comfortable with and what you can sleep with. If CA wasn't so expensive, I would probably put each of my properties under one LLC to keep them isolated from each other as much as I can. But given the reality of the situation, that's pretty rough on the income.

You should think less about "How many properties warrant a LLC? How many properties should I put under one LLC?" and more along the lines of "How much net worth would I need to warrant a LLC? How much net worth do I want to expose in one LLC?"

@Jeff Caravalho, at the root, you don't need a LLC to file taxes for a business income. For example, you can just be a sole proprietorship without any legal entity. You don't need a LLC to file business expense deductions.

You need to read up on what a LLC provides: liability protection.

You don't need a LLC to buy a house, you can buy it under your name. But not having a LLC opens you up to liabilities if you get sued. A way to help is to get umbrella insurance.

Regarding the LLC out of state and living in CA. I just talked to a well known CPA and here is the answer...

If you're living in CA, you are considered to be doing business in CA, and thus even if you have an out of state LLC, you will need to do the appropriate filing for that in CA, which does include the $800. There doesn't really seem to be any way out of this. From my understanding, it's not whether or not you use a property management company or not. It's if you have business income that you need to file and pay taxes on from you rental.

There are plenty of dating groups that gather via meetup.com.

I'd argue it can be a dating site.

I'm looking for some recommendation on cleaners/cleaning companies for my AirBnBs. Anybody use some they like? These are all studios/1BRs.

@Joel Schilperoort, nice working. I used to live in SF, but now I'm living/investing in the South Bay.

@Michael Rutkowski, your condos arent under a HOA that cares? All the condo HOAs in my neighborhood are very against this type of thing.

Go to China, visit the tens (I think less than 100) of ghost towns that were built with all the complexes and high rises, and see that about 100 people live in the town. Yeah, it's a bubble, a bunch of buildings people were paid to build, where nobody lives. Is there even any equity in them? 

Welcome @Joel Schilperoort.

Where are the properties you sell/buy for yoru customers?