All Forum Posts by: Darian Richardson

Hello BP,

Two thing aspects that I have learned on the route to F.I.R.E is paying off debt and also building a portfolio filled with passive income investments, investing in real estate is the vehicle we predominately choose hear at Biggerpockets.

Between these choices I am trying to determine which would be the priority. Paying off the loans such as auto, credit cards, student loans, etc.  OR putting those extra funds towards saving up for your next deal?

Paying off all my credits cards and completely paying off my auto loan has definitely gave me mental momentum to stay on track and pay off my student loan which is my last loan left (excluding my property). At that same token, if I direct those funds in my opportunity fund that will be a greater down payment for my next deal on a quadplex? 

I'm curious to know, how others have prioritized on their road to freedom?

@Casey Powers Good Read!!Thanks for sending over. Unfortunately, since GA does not allow domestication of LLCs. More odds than likely I will have to dissolve the LLC in NV, and open a new one in the state of GA.

@Basit Siddiqi

Thanks for the input. It is a multi-member LLC. I agree, option 2 is not looking like the best possibility. I am leaning towards the option of transferring the LLC, just need to figure out how exactly to go about it.

The goal of the LLC would be to separate my business expenses form personal, build business credit, hold, and acquire properties.

@Edward B. Thanks for the insight.

If possible I would like to transfer the NV LLC to Ga, I opened a line of credit for the LLC and would like to effectively keep the same Tax ID number as well as Dun & Brad street number.

I agree having the LLC in NV and Georgia would definitely be Overkill in this situation.

Aw, tis the season for Taxes, eh? With that comes a few mini debacles early in the year, hopefully someone can offer some insight into my current one.

Early December 2018 I formed an LLC in the state of Nevada due to the possible future benefits. However, I live in Georgia, I speaking with CPA he made me aware that since I am registered in Nevada but live in Georgia, this will pose new challenges or extra money to file.

From our conversation it seems that I have a few options.

1. Close the LLC, and open a new one in Georgia. (Since the LLC is newly formed this will not be massive crisis. However, I would like to avoid this route if possible)

2. Pay an additional fee for filing a foreign entity. 

3. Transfer Nevada LLC to Georgia. ( I am not to sure if this option is possible, but if anyone has done anything like this in the past please let me know.)

I am not to keen on the cost of the options, my main focus would be to set up the foundation of this LLC properly. Eventually I would like to use this LLC to buy a property in it's name instead mine.

Has anyone been in a similar situation, like this? If so, if you have any suggestions or links to read up on please let me know.

I appreciate the input Nathan and Thomas. The most recent tenant that applied checks out with all my requirements. I'm going to move forward him, he plans to move in February 11th.

Thanks a lot again,

Fellow BPers,

I recently updated my rental unit and placed it on the rental market January 6th. It is posted on the majority of the larger online rental sites, Zillow, Hotpads, Trulia, Cozy,etc, as well as a "For Rent" sign in the front yard with information flyers attached. Routinely I have 2-3 open houses a week, and when potential tenants take a look their feedback is typically positive. On a daily basis I receive many calls inquiring about the property, however only 9 applications have filled out the application. Out of those 9, I approved 2 and  moved forward in the application process, both times those individuals bailed within a couple hours of the scheduled deposit to hold meeting. 

If any one has been in a similar situation where there has been a bit of delay finding a quality tenant please let me know how you proceeded. I look to up my action but not sure by doing what that can reach me closer to gaining a quality tenant.

Is their any particular tips or strategies you guys use to target ideal tenants to get them to in?

Suggestions??

I couldn't agree more, it's a tough one. I noticed when I do not hit the gym or do not eat clean, around mid day I am feeling fatigued. In contrast the days that I work out, and eat clean it provides me energy, in turn my mental and physical ambiance is much more clear.

Make it a routine not a one and off thing, and keep track! I mark my calendar with an X the days I hit the gym, over a time period it is rewarding to see progression in your routine on paper but also physically!

An easy way to drink more water and clean is narrow your option in your surroundings to that. For example, I am on the road a lot for work, I travel with a cooler filled with water, and fruits. So in the event that I am hungry or thirsty, my closest option is a couple bottles of water or fruit.

Find your own routine and stick to it, good luck!

@Collin Schwartz This is exactly what I needed to hear, thank you for sharing your journey! 

@Anthony Dooley Gotcha! That makes more since, I think for the time being that will work. I plan to manage my own for the time being. 

Thanks for the insight, also looking at the PMI website, that looks like a good option as well!