All Forum Posts by: Mary B.

You know that an LLC can elect to be taxed as a small corporation(s-corp), right? LLC can be disregarded entity, corporation or partnerships. So you get to be both - a Limited Liability Corporation, if you so choose. Complete the Form 8832 with the IRS for entity classification. You may even be able to change entity classification up to a certain point within a specific LLC of yours. You should confer with the IRS or your accountant on the specifics there. Though most people just start another LLC. My coin.

Kudos,

Mary

0 Votes

Originally posted by @LUIS M SANCHEZ:

does anyone remember the Carlton sheets no money down program

I bought the tapes in 2000 maybe 2001. Don't remember exact year. Carlton and Russ Whitley(bought his book) were both avid real estate investment pushers via late night infomercials. Did Mr. Sheets make a come back?

Kudos,

Mary

0 Votes

Itemizing and write-offs are W-2 employees baby during tax time. You shall come to learn that sooner or later. No accounting or legal advice given here, just my coin.

Kudos,

Mary

0 Votes

Greeting,

Glad to have you join us here on BP. Definitely take the time to fully explore all that this website has to offer as there are endless learning tools touching on the numerous aspects of real estate investments. Happy learning and happier Holidays to you.

Kudos,

Mary

0 Votes

Interesting article and I hate to be a Debbie Downer but what's the rate of their marriage lasting more then a few years? Is the divorce rate through the roof with millenials? Leaving the basement is great(singles, shacking up and newlyweds are moving out on their own) so those investors that are looking to sell may want to prep for that. However, the landlords may want to prep as well, for those couples that want to rent First. Plus, if the divorce rate is through the roof, someone will be moving again before long. Hopefully not back to mom & dad's basement. :-) My coin.

Kudos,

Mary

0 Votes

Originally posted by @Ryan D'Amico:

Hello everyone I am 19 years old and live in Connecticut. I am currently shoving as much information from books and info off of bp from the forums and podcasts as possible. I am trying to learn as much as possible and want to further my education in real estate. I was looking into getting my real estate license and joining Ct REIA's coaching program. Any thoughts on some more things that will help me in the future? I am currently trying to save up a lump some of money (20-30k) for a downpayment on a house to flip and make some money off of until I can make cash offers on a home to buy and hold. Any help would be great on information about real estate in Connecticut and the best education I can find. Thank you guys so much and happy holidays

Hello and Welcome to BP,

Here's an article that I just read the other day and it seems to be gear towards addressing your situation. https://www.biggerpockets.com/renewsblog/2015/12/1...

Kudos,

Mary

2 Votes

Sounds like you need to take up a charitable cause or two. A vacation (seriously no electronics in tow) might not hurt either but donating a thousand bucks here and there to some charities; purchase some school supplies, tablets for a low income school in your market; start a non-profit organization of your own. One or all of the aforementioned could surely free up that heaviness in your heart that you're suffering from. If neither of them work then you likely need to find out what your calling really is, my coin.

Kudos,

Mary

8 Votes

Lawyer up, real estate lawyer that is...my coin.

Kudos,

Mary

0 Votes

Originally posted by @KJ Miller:

So, I'm still learning the ropes and not ready to jump in to actual investing just yet, but I just wanted to throw my plan out there and see what people thought of it (especially Kansas City folk). Obviously the main reason I want to get into real estate investing is to help make a better life for myself and my growing family, however I would also like to make a difference in my city. I have a dream of purchasing homes in lower income and rougher neighborhoods and providing quality sfh's to people where they wouldn't normally be able to find them. I would like to provide quality section8 housing for the less fortunate, but still make a better life for my family while making lives better for others. Is this even a reality? Am I crazy?

I admire where your heart is but its not as simple of a task as it may seem. You're not only dealing with the government that may not give two shakes about the fact that you're helping the less fortunate as they allow the tenants from hell to wreak havoc on your newly renovated properties without holding them accountable, but you are also dealing with the true bottom of the barrel renters. Sorry but its the uber truth in most major cities throughout the country section 8 tenants are the worse. The only competition is maybe a bum attorney turned professional tenant from hell and drug-addict squatters. I'm not saying to never go that route but please super please thoroughly research the whole HUD(section 8) regulation system federally as well as in your housing market to the bone first. A flock of SFRs spread out across town means that you will be the PM and that's additional stress that you don't need weighing down on your and your family. My coin.

Kudos,

Mary

0 Votes

Originally posted by @Lynette Braun:

I'm a realtor in San Diego specializing in Luxury & Investment. I often get e-mails or calls from individual investors or investment companies looking to purchase pocket listings or "get the best deals before anyone else". My first requirement is to meet them in person for coffee, lunch or at my office. If they are out of area, this is a 30 minute video chat.

I want to hear about their goals, the properties they are looking for and understand their financing. If there is anywhere I can help in the planning process, I am happy to do so. But, 90% of the time when I ask for in person meeting, they don't want to take the time to do it. Yet, they want me to spend hours researching and favor them over my existing clients. When an investor or company puts time and energy into building a relationship with me and brings something to the table, values my time and shows me there can be a win-win for both of us, I am going to pour a lot more than just a 15 minute CMA into that relationship.

I can create custom off market property searches and do the leg work like a wholesaler to bring you deals that meet your needs. Before I invest that kind of time into an investor, I would want to know it's mutually beneficial. Start by building a relationship with just 2-3 agents and really share your goals and how you might be able to work together. You might find them much more motivated. Hope that help! Happy Investing!

^^^^If only there were many more agents like this!^^^^

Kudos,

Mary

0 Votes

All Forum Posts by: Mary B.

Mary B. has started 17 posts and replied 1764 times.

Post: llc vs s-corp

Post: guru

Post: Real estate with W2

Post: Intro

Post: Millennials are leaving the basement

Post: Types of Education

Post: Seasoned investor wanting to walk away from it all

Post: Quit Claim Deed

Post: Is this a horrible idea?

Post: relationship with realtors for MLS access?