All Forum Posts by: Debi Dunkerley

We have to sell a triplex that is right on the Paterson/Clifton border. I need a real estate agent that can handle everything professionally and help me get a relatively quick sale. The basement was recently renovated (2/1) and a friend lives there. First floor (2/1) rents for $1,200; Second floor (3/1) rents for $1,200; Attic is unfinished. It includes a garage and ample parking in the back, which NJ folks seem to really love. I take parking for granted down here in FL.

Help!

Pensacola's GCREIA is having their Christmas party/dinner/get together tonight at 6pm at Cazadores on Cervantes. Please come! The only thing is you will need to pay for your own dinner if you're not a member - all guests are welcome, so you guys come as my guests! You won't be sold anything in this group. You WILL hear inappropriate jokes and meet a lot of fun, quirky people. Come find me tonight. I'll be the one with the loud, obnoxious laugh and the big, cartoonish smile. Hope to see you there, P'cola Peeps! :)

I go to this group: www.gcreia.com They meet the third Tuesday evening at Golden Corral...so you know it's good! ;) They are fun and laid back, but there is a downtown group as well.

Hi, Donald! I will contact you directly and let you see what I do. Also, we have a real estate investment group that meets once a month (3rd Tuesdays). They have a vast library that is free to members! I bought my first property when I started grad school - 5 min from UWF! This site is great! I wish I had something like this when I started out.

Hi, Brian! I'm fairly new here as well, although not new to real estate. There are a few of us just over the FL border in Pensacola. I love listening to the Podcasts while I'm prepping dinner or doing some other mindless activity that lets me focus on something else. Best of luck!

I believe we treat our LLC as a partnership...and I pay one of the top accountants in the area a lot of money, so I want to make sure they're not screwing up or misinforming me. I know we get money back at the end of the year from my husband's job as an attorney, so a quarterly tax payment is apparently not an issue (?). Perhaps my lack of clarity on the issue comes only from the accountant and attorney around me talking about selling mobile homes (which we do rarely and not for much direct profit). I'd like to get a better understanding of the tax implications as I'm either being thrown a "here-are-the-basics" bone or the people around me are not well-informed (or a touch of both). One of these days soon, I'm sure we'll sell one of our properties. Anyone (Jon or Steve H.) have a great book to recommend? I'm sure I could read through Google results all day, but I'd like to have a concise, comprehensive guide to have nearby.

So, if he had a FL management company managing his LLC, would he still have to pay taxes in CA? Would it just be on any personal income he took? I'm just curious now. :)

Set up your LLC easily in FL with this: http://form.sunbiz.org/pdf/cr2e047.pdf

I don't think you need to do anything special if it is just you as a managing member, but you probably want by-laws if you have anyone else involved.

Thank you for the topic name. You made me laugh before I had my coffee - no easy task! :)

Hi, Ryan! I bought my first property in grad school. I knew I had to be there for 3 years, and purchasing a new 16x80 mobile home on a city block of land cost $5 less a month than renting an efficiency apartment. I'm 39 now, own the property outright and rent it out. I will develop the land at some point I'm sure. One thing I might have done differently (especially in this economy) is to try to find a 4-plex and live in one of the units. There are many creative financing ideas you can find, so don't be too discouraged with the fact that you "only" have $5K.

Just don't necessarily take this advice if you are getting a free dorm room, as it wouldn't make as much mathematical sense. :) One other piece of advice I would give you is to find out how to be practically handy. You don't want to be changing out faucets or replacing doors all of your life, but it sure can save you some money in your first years (and later years if you're a bit of a tightwad like me).

Ask lots of questions. Get experienced people talking. Think of starting a Roth IRA. You can make it a self-directed IRA and you don't have to pay taxes on your gains if it's a Roth! It's one of the best deals out there. Good luck!

I am NOT a professional accountant. Almost all of my properties right now are buy and hold. However I know that money that I bring in to my LLC is all pre-tax. If I use that money for other expenses during the year, I don't end up paying taxes on it, and i believe buying other properties is an expense. I know I get some bonus money with my taxes for depreciation, but I also know that I don't pay taxes until the year is done. I would chat with an accountant that specializes in this area. You may be able to reinvest that money if you have an LLC and only pay taxes at the end of the year on any profit you have made minus any expenses. Creating an LLC is easy. You can do it on the internet in less than 30 minutes in FL. An LLC also offers protection that you don't want to miss out on.