All Forum Posts by: Charles Wilson

Check out our website for details on sale.  There are a lot of perks if you buy from us. There is a short video of a slide show that explains.  We have 14 properties available.  All properties have been fully renovated.  Email us we will send you a list.

cpwpropertyinvestors.com

Will have 15 turnkey rental my partner and I will be trying to sale in Detroit Michigan.  We are looking for the best ways to advertise with out an agent.  We want to try online marketing.  Anyone have suggestions.

Ok here is my question.  I have rentals in Michigan that has a state income tax.  My S corp in registered in Nevada.  Will my S corp have to pay Michigan State Income Tax?  I have been told Yes and No.  

Property in LLC would have no debt. I am thinking it would be a benifit to already have the property in a LLC for asset protection and would make closing easier. Because you are selling a company and not a property. This would be a deal for a all cash investor.

I remember reading somewhere about purchasing a property Quit Claim Deed it to a LLC. Then selling the LLC instead of the property. You would be selling the Company with the property as it's asset. Has anyone heard of this or done it before?

Thanks Todd

I also invest in Detroit.  I will definitely be reaching out to you.

Charles 

Looking for recommendations, for a foreclosure attorney in the Detroit Michigan area.

Jaime, thank you for the advice.  I will do just that. The property is in Detroit, so there was a 30 day redemption period due to the property being abandoned.  Waiting on my attorney to give me the go ahead.

Thank you everyone for your replies. It is nice to know when you have a question on a problem you can come here to get answers. Brian's answer is the way I will go. Makes sense and I already had a plan to have a joint venture partner.

Charles 

I need some help.  Ok here is the scenario.  I purchased a mortgage note with in my SDIRA the note turned non-performing.  I foreclosed on it. I am thinking this means the property is now owned by my SDIRA. I want to take the property out of my SDIRA.  Let the property be owned by my S-corp so that I can borrow money to do rehab.  I know that if I borrow the money while it is in the SDIRA I will be subject to the UBIT tax.  

My plan for the house is to fix it up, create a note to get the cash back to pay off rehab money that was borrowed, get the house rented, sell to turn key investor and make a profit.  All done using the S-corp for the tax advantages.

So my question is how do I remove the house from my SDIRA.  I am over the 59 1/2 mark so there will not be the 10% penalty.  

Thank you in advance

Charles