All Forum Posts by: Greg W.

Check out Chad Harris with Fidelity bank in West Des Moines Iowa. They are pretty flexible with terms and conditions. 

(sp) fidelity-bank.com

You could also talk with Chad Harris at fidelit-bank.com

OK, hopefully the city council gets something done soon to open up more affordable housing options.

@Pavel U. It does appear conversions happen but may depend where the property is located. Just found this BP thread on it. I found the rules too. More rules. And planning commission videos of their discussions of it.

@John Woodrich What is the process and how difficult is it to convert a single family to a duplex in Minneapolis? Is the city pretty am able to this? How about if the property used to be a duplex but is now zoned SF? Tons of houses in MSP with a coup,e BRs down and one up that could easily be converted. Thanks!

So @Scott Smith, in order to use a Series LLC, I would need to create an anonymous trust, correct? Then I would put each LLC under the Series LLC. The Series LLC then collects rents, makes payments to vendors, etc.?

Would I be able to do the same thing with an LLC? Holding LLC collects rents, payments to vendors, etc. Would I have to have any money flow back to the property shell LLC or can I have all finances run out of the Holding LLC?

If you have one property, you put it into an LLC, get an EIN and a business checking account for it and run you income and expenses through it. No problem.

Now say you have 35 properties and each are held in individual LLC's for tax/liability purposes (Please don't debate the individual LLC point). If each LLC would need it's own EIN and business bank account, management of these entities and accounts would become an administrative nightmare rather quickly. There has to be a better way! But what is it?

Addam Driver had a blog post on this recently that seems like the answer but would like others to chime in and give their thoughts. James Hamling also had an interesting post on this which seems to imply double taxation using an S or C Corp but is a different strategy than Addam's.

Can anyone provide some clarity on how best to structure for asset protection, taxes and administrative burden?

If you want more income, you have to make more (more hours or a raise, second or side job) or decrease or eliminate expenses. If your husband is staying home, can he be a dog walker? They make good money for little time and effort.

Who is you cell phone provider and how much are you paying per month?

We use Total Wireless on Verizon network for $35/mo each with 5GB data each.

How much are you paying for cable tv?

We have an antenna for free tv. We would use YouTube tv or Hulu Live for $35/mo if we wanted cable.

What’s internet cost you?

We pay $30/mo for 20GB; new subscriber deal and we switch from one company to another once per year to get new customer discount.

What other subscriptions are you paying for?

We only have Amazon Prime.

Selling to me seems short-sighted. Home equity loan or selling condo seems like a compromise so you can get your new kitchen, which is also short-sighted if you aren’t planning on staying there.

My wife wanted to take a chunk of money we had to redo the basement, porch and pay off loans. I wanted to buy more real estate. We decided to pay off a couple of loans, forgo basement and porch for now and invest in real estate.

Corrine, you say you want more income, we’ll, isn’t that $800/mo more income? Selling it will just be cash, not income. It can also be your retirement, if you so choose. That place paid off in 22 years will be how much income per month when you are X years old?

You also say you are going to invest the proceeds from the sale. What are you going to invest in? The stock market is an all time high, so that’s not really a good option. You should have something in mind that is going to get you a better return than what you currently are from this place.

You also say you want the money so you won’t have to live on as tight a budget. What are you going to pay off to make that happen? What expenses will you eliminate with this money? Otherwise, this is a one-time hit of cash, you’ll live like you used to when you had more coming in and then when it’s gone, you’ll revert to living on a tighter budget again and you won’t have this asset to use as a bank or have the $800 coming in anymore.

What’s the interest rate on your car loan? How many years left on the loan? Could you take the home equity loan and pay off the car and then you get $xxx.xx extra coming in per month. My guess though, is the home equity loan would be more expensive than your car loan right now.