All Forum Posts by: Chris Fuhry

Last one I received was December/January 2022.  Loved the magazine but nothing since then...

Great info, thank you both

Looking for a recommendation please for a good Real Estate Attorney in Philadelphia. In the past two years, I have started investing in real estate. I have some long term rentals, STR, both in state and long distance. Some personally and some in my LLC. I'd like someone to work with to review my environment and give advice before purchasing any more properties.

Wondering if it makes sense in any way to have my sons name on my next house/deal with me? He's only 5 and I really don't know if there is any benefit to having him on an LLC with me, or if it makes any beneficial sense to do so. Maybe saving on future transfers/taxes? Figured I'd throw that out to the group and see if anyone does this, or knows if there is any benefit? Thank you!

Greatly appreciate the response. I have a great accountant that assists me with my main W2 job, as well as my telecom consulting business. When it comes to REI however, he is not the strongest. I'll have to check around, thanks again!

Question for my tax savvy REI's out there. My wife and I own a handful of long term rentals and I am the sole partner of an LLC for some of it. My wife assists with property management, scouting new deals, interviewing agents/lenders, etc. Is there any benefit to paying her via a 1099. Not only tax benefits but I heard if she logs over 1000 hours she would be considered a "real estate professional" and can take advantage of some extra tax breaks that I myself cannot as a pure "investor". She does not have a full time W2 as she's home with the three kids. Any insight on this top would be amazing. Thank you!

Awesome thank you!  That is one I actually looked at yesterday and I'm leaning in that direction.  Thanks Kevin!

I am purchasing my first property that I will be actively managing.  I have another rental but it's long distance and I use a PM.  I saw BP has a list of over a dozen software apps for landlords but does anyone have a specific rec on what they like best?  I purely need it for managing payment, and maintenance, as I do not want calls/texts to my cell.  Any advise?  Thank you!!

I currently am working with a potential partner on an off market deal.  The situation is this:

I have the cash to do a deal and put down for down payment, reno, etc. My partner comes to the table with no cash, however he has the skill to do all the required work to fix the place up, and he would be the property manager as well. He has way more experience then I do and lives in the neighborhood. Ultimately I'd ONLY be the cash guy, while he does all the repair, management, etc. We plan to buy around 70K, put 30K into it, and have an ARV of around $120K. We would put in a renter for around $1000 a month and I'd carry a loan of $350 - $400 per month. My question is how do we determine the ownership stake? I can't imagine 50-50 being fair if he comes with no money, but in the experience of the BP Group, what would a fair equity share be? Is 75-25 to me fair or too aggressive? Thanks!

May be a silly question here, but as an investor living in PA but investing in FL, does it matter where my attorney is? Do I look for one in PA or FL?