All Forum Posts by: Jerry W.

Bummer luck bud.  Hope your vacation gets better soon.  Enjoy some beautiful weather and remember that it is who you are with, not what your room looks like like great memories.

@Daric Myers, I applaud your enthusiasm, but I am very cautious about Wyoming right now except for Cheyenne, and possibly Casper.  Barring a war or major interruption in oil production in the middle east, I am hoping for a gradual recovery, but I am not convinced we are out of the woods yet on a bust cycle.  It will only take a $10 drop in oil prices to hammer us back down.

@Ronald Rohde, I have been the county attorney for 12 years, and have been an attorney for over 30 years.  I obviously do criminal law, and must do a bit of employment and contract law to advise the other elected officials.  My area I enjoy most is obviously real estate and I also enjoy probate work.  I have done a lot of things like a few personal injury, wrongful death, med mal, and lots of litigation.  I often had other attorneys call me into cases to do the litigation part and they did the paperwork part.  I suppose my spending so much of my time doing real estate is what makes the legal part of that so fun.  I am a part time County Attorney, and it is a small town, but I do 80% of all of the deeds, land contracts, private mortgages, etc. in town.  I have done a little teaching on corporation stuff, mostly for the beginner level.  I look forward to getting to spend more time doing real estate.

@Chandra Whittaker, the problem with a Sub S Corp is that it is primarily for short term high income things like flipping properties as you can pull some of the income out as wages. An LLc is usually better for long term rental units. Also any transfer out of the S Corp is a taxable event. This is NOT an area I know a lot about, but I made that mistake because an older more experienced lawyer made me a deal to buy his Corp instead of form an LLC.

I do have more advice that is probably of less value, as I know less about it and it is all opinion.

First you are clearly a good person trying to do a good thing for your future and that of your children and family. It sounds like your husband is a good person too. You don't need to apologize for not knowing everything. I am an attorney and was one when I bought a Sub S corporation instead of going with an LLC. We all live and learn. Your family would be very proud of you if they understood how hard you are working to help them out financially. We all fear taking risks, it's just that some of us overcome that fear because we want to improve our position and the position of our family financially. Your husband has the right to explain to you why he doesn't want to sign, and you have the right to explain why you want him to. Seek to understand before you seek to be understood. It will help. You are taking on a second job by investing. You value him enough to commit to sharing your life with him, but you did not commit to give up your life to satisfy him. When we overcome fear we almost always think looking back, that really wasn't so bad, but the fear before we overcome it is real. You may know that snake is a harmless bullsnake, but the fear it engenders in some is real even if they know it cannot hurt them. Keep that in mind. Best of luck. I think it is admirable that you are working so hard and trying very hard to get the tools to allow you to keep helping your family as best you can. The easiest thing is just say OK dear and give up, but you are willing to go farther because your desire to achieve and your work ethic keeps you at trying to find a solution. Again, best of luck and please let us know how it comes out.

https://www.biggerpockets.com/forums/48/topics/173...

Sorry I am not good at doing links.  There are literally dozens of these threads.  I wish you the best of luck.

http://www.biggerpockets.com/forums/48/topics/1865...,

I am sorry I cannot find the other links.  I have dealt with this in some fashion for over 20 years.  Some folks say you cannot make it without the support of your spouse, I disagree.  It is hard, but not impossible.  For what it is worth I am technically becoming unemployed from a government job in January.  I worked there for 12 years.  Folks are asking me what I am going to do.  The fact is I don't have to worry about it.  I have made a little money over the years as an attorney, however my real estate net worth is 3 times what my assets are from working my regular job.  My wife said we need to ramp up our law practice and be going by January, I said lets take January off.  This is only possible because of real estate.  She said you know you I am glad you invested in real estate it really worked out. (I nearly fainted)  Of course I told her I had two houses I wanted to buy and she said we didn't need them and walked away.  The security from real estate is worth the risk.  I lost my job of 12 years and have absolutely no fear of the future thanks to real estate investing.

  It is hard to get your spouse to see your vision.  Be kind be honest, and ask them to be the same.  Will they fight you or block you from pursuing your dream?  Or will they believe in you and love you even if you don't do what they want you to do?  Hard questions, but they need answered.

@Chandra Whittaker, my wife has not approved of a single house I have bought yet, except for 2 I sold shortly after acquisition for a hefty profit. I am over 30 doors now. In my case since I was pretty much the sole wage earner it was easier, but still it can be tough. there are several old threads about this topic you might search for. I finally had to point out that I had to work the overtime. If she wanted to go out and get a 6 figure job with benefits I would be glad to stay home and be supportive, but if it was my job to make the money I had to make the decisions, especially since she would not even read a single book on the subject. My wife is a great person but her folks drilled into her that no investment is proper except CDs backed by the FDIC. over the years she has mellowed a little, but either they love or believe in you enough to let you pursue your dream or must decide their fear of investing is more important to them than you are. Now I never said my way or the highway, but I made it clear that it was affecting our marriage. She loves music and I have never discouraged her in pursuing it despite it not paying much especially for the time she invests. We either love each other enough to tolerate differences or not.

@Wendy Peterson you can form a wyoming llc in just a few minutes on the secretary of state website.  it costs $100.  Now if you want operating agreements that is another matter.  Feel free to PM me if you have any other questions.

Thanks I had forgotten about that.  Is that gross income or net income for the $150K?  I know I am grossing over $10K a month, but if you take out interest and repairs I am well under that, if you can take out depreciation, well i am just above break even most of the time hehe.

Looks like I need to read up on that part.

I cannot say for other areas, but in my area when tourist season is over renting stops.  I doubt if I had 5 renters between November and April last year.  I didn't make enough to pay utilities.  Now during the peak of the summer I was full for almost 2/3s of the month and made double, almost triple what the place would rent for by the month.