All Forum Posts by: Jordan Sizelove

Ned Carey - Thanks for the fast response! Do you have a link to the one that costs $20? I'm interested in finding out more about it so I can possible attend.

That would be great! If you can't find it, don't worry about it.

Ned Carey - Thank your for the warm welcome! That's too bad I'm not in your area. I see your all the way in Baltimore? I don't think I've ever been there. I may have passed through, not sure. I'll definitely take a look at that article. As far as REIA goes, as Sean Moen stated, all their groups are 5 hours or more away, which is def. an inconvenience (not sure my car would make it lol).

@Sean Moen - What part of Northern California are you located at? Glad to see someone showing the same concern I have. I called one of my local CPA's today and they pretty much had no idea what I was talking about. The lady I spoke with said that it's pretty much impossible to elect S-corp for your LLC, strictly for tax purposes. Anywho, I'll be contacting someone else tomorrow to find out more.

Let me know how the 2 meetings go! Matter of fact, where are they located? Are they open to anyone?

Are there any real estate investors in the california area (near Antioch/SanFran) who need help fixing up houses, or anything else, in exchange for mentoring me? I simply want to get my feet wet and create a track record for myself. If anyone is willing to mentor me in exchange for my time fixing up houses and anything else you need help with, please let me know. I want to jump in right away!

Hey everyone,

I'm looking for real estate investors in the california area (near Antioch/SanFran) who need help fixing up houses, or anything else, in exchange for experience. I simply want to get my feet wet and create a track record for myself. If anyone is willing to mentor me in exchange for my time fixing up houses and anything else you need help with, please let me know. I want to jump in right away!

@Manesh - Alright, thanks for the info. I'll seek out help from a local CPA and update again when I find out (for the benefit of others CA).

Are you just an S-corp or a LLC that elects S-corp for tax purposes?

Here's a link to the article that raises my concern (it states that licensed professionals cannot elect S-corp for their LLC, take a look under 'GENERAL COMMENT'):

http://www.taxesq.com/llc-taxes-as-s-corporation.html

Should that be of concern?

Thank you Karen Rittenhouse! I'll check it out.

Karen Rittenhouse - Thank you for your reply! Where would be a good place to locate real estate investment groups or landlord association meetings in my area (Antioch, CA)?

Mike LaCava - That's great advice! I'll start pursuing my re license and continue with my business plan. That way, everything in my business plan will be complete and ready to go when I get my license. I can get the experience as an agent and carry it over to my business.

Can you expand a little bit on some of the things I can't do when investing, if I were to get licensed?

Manesh Hardeo - Access to the MLS is one of the main reasons why I want to get licensed. Also, I save a few extra pennies because I don't have to pay an agent for each property I sell. Great advice! Thank you!

I'm still curious as to whether or not I'm able to start a LLC and elect it as a S-Corp if I get my RE license. Will I be unable to elect S-Corp if I get my RE license?

He Levi,

I'm not quite sure myself. I don't speak to him much myself. My uncle is the messenger and he's not very good at relaying messages. I did send him (the broker) an email this morning to get some clarity.

I'm guessing 'hang your license' is where you work for a broker and you get a commission for each house you sale. Is that correct?

Also, would there be any benefits if I decided to hang my license with a broker (considering the investment plans I have and the business I'm going to start, etc.)?

When I start my rei business, I will be starting a LLC. I will elect S-Corp when filing taxes so I can get the best of both worlds. However, I came across a site that states, "For example, in California a licensed professional cannot form an LLC so their best option may be a corporation." I'm not sure if they're talking about a real estate license or what, but can someone clear this up for me please? If I get my re license, will I be able to elect S-Corp for my LLC? This is the only thing keeping me from getting my re license right now. Once this is cleared up, I will be on my way (if of course I am able to elect S-Corp even after I get my re license).

Thanks for your response Levi!