All Forum Posts by: Christie Gahan

$70 if you refill the pool ???  You might want to sit down, the water/sewer bill for the fourplex is over $500!  I'm hoping that is a bill that gets paid every 2 months.  When the office opens, I'm gonna call the city.  

What are Rubs?  I've heard of them but I don't get it.

I don't want to be chasing tenents water bills.  But, logic tells us that if they are paying the bill that they will pay more attention.   

Good idea about the water department!  I haven't bought this yet running numbers.

Any idea what it costs to get seprate meters ?  I wonder if that would lead to more plumbing issues, or finding more issues.?  

thanks

I'm running numbers on a four plex.   The water bill seems high.  What can you do to save water / money?  What is the process of getting seperate meters for each unit?  Are there other ways to split the bill ?  

Quote from @Shafi Noss:

Quote from @Caroline Gerardo:

Furniture for Sale From Luxury LLC Corp. $1.

Sorry to tell all the cottage industry attorneys and gurus on BP that owning or vesting in a LLC no longer keeps your identity secret. It really never did. If you applied for a mortgage with the LLC it's publicly registered. And everything digital can be accessed or hacked.

Beneficial ownership reporting is a requirement from the Financial Crimes Enforcement Network (FinCEN). This is the U.S. government's efforts to prevent money laundering, financing of terrorism, tax fraud, and other illegal acts. Beneficial ownership reporting requires those with control over businesses or legal entities to provide identifying information. 

This information includes: Full legal name, Date Of Birth, Residential Address, Unique identifying number from a non-expired US passport, state identification document or driver's license, social security number, ITIN number, or foreign passport.

Reporting companies must file their initial reports electronically through FinCEN's Beneficial Ownership Secure System (BOSS). Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. A beneficial owner is a person who enjoys the benefits of ownership even though the title to some form of property is in another name.

A court can subpoena the name, address, DOB, driver's license/passport or ITIN or Social security number thus exposing your asset protection plan.

Twenty three types of entities are exempt from the beneficial ownership information reporting requirements. 

These entities include:

• Publicly traded companies meeting specified requirements- you know those on the stock market
• Many nonprofits but not all- the not for profit has to be approved, filed, and registered with IRS and the state.
• Certain large operating companies

Other entities that are exempt from BOI reporting include:

• Sole proprietorships
• Unincorporated associations such as HOA's
• Estates
• Family trusts includes Revocable Living Trusts
• Natural persons opening accounts on their own behalf a human who uses their real name
• Trusts (other than statutory trusts created by a filing with the Secretary of State or similar office)
• Authorized users for credit cards, your children on your VISA card
• I wrote 50 times to vest in Living Trusts and save the filing costs, keeping money separate, and paying for extra tax returns and attorney fees. Now here is another piece of evidence why not to bother with Asset Protection Schemes. 
• Caroline Gerardo
• NMLS 324982
• opinions are my own

Once you incorporate only an attorney can represent you in court, you can't represent yourself, even for a single member LLC. Another disadvantage of having an LLC. 

 I don't know if that is true or not  But, why would you not want an attorney to represent you?

Search "cottage cluster"   This style is the up and coming thing in the PNW

This is is a long thread under the heading "Multi-Family and Apartment Investing"

Post: Ashcroft capital - Paused Distributions

Well, I remember talking to someone with a lot of section 8 rentals. The big advice they gave me? Do not plan on getting any money out of the tenants. Make all your numbers work on what the govt gives you. HUD "determines" market rents and makes a list. The dollar amount changes year to year.

huduser.gov/portal/datasets/fmr/fmrs/FY2024_code/2024summary_erap.odn   

I realize that you want to learn this, but learn it from someone that knows the ropes.  Consider a property manager.  You can do it all yourself the second year.  The thing people like about Section 8 is the check from the govt is on time every month.  

Good Luck

If you didn't get an inspection prior to purchase get one now.  Make your decisions with everything on the table.  If you bought any supplies to upgrade the house, return them.  You need to focus on this stuff.

I'm not a plumber.  On some plumbing problems, they can leave the existing pipe and insert a liner so that nothing touches the orig pipe.  Are they wanting to upgrade the water filter due to poor water quality?  Is this related to the problems with the septic?  

Who is giving you this info?  Did you get a min of 3 bids on everything?  Get some old timers out there too and ask them for their opinion.  Ask them what they would do.  There may be some stop gap measure?  Well water and septic are not new technology.

I'd also call the county or the state and ask, "How does a home owner know the water is safe?".  Do not tell them your story.  Just find out where you can get the water tested.  Take your own sample.  Verify everything.  Who is telling you that you need a UV filter?  The guy selling the UV filters?  Just wondering.  

Good LUck!