All Forum Posts by: Jonathan M Peters
Jonathan M Peters has started 11 posts and replied 47 times.
Post: Greatter Seattle Area
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
James,
That sounds great.
Post: LLC - Must have or nice to have?
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Originally posted by @Zanetta Bryant:
I guess the correct this to say is When someone sues instead of if :)
Thanks for your help.
Post: Occupied Rental Apprasial
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Sweet I'm heading over to the properties this weekend to get my tile on! I appreciate the Help. I'm thinking I will have to make sure that the tenants are going to have the house clean and looking in its best shape.
Post: LLC - Must have or nice to have?
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Originally posted by @William C.:
Originally posted by @Jonathan M Peters:
Originally posted by @William C.:
Just learned some very interesting tax codes that encourage LLCs. I will create an LLC tomorrow, and instantly reduce my income tax bill by $15,000. Kinda blew my mind I wasn't doing this already.
WHOA! is that just a state-by-state situation?
No, it's a Federal tax reduction. I'd be happy to go over it with you, it's just way too complicated to explain right here. The long and short of it is LLC is the way to go, then the way that money is spent via there LLC, reduces your tax bill. It's legal, and simple, and may not even be a new concept to you, but having been an agent for 9 years was never told how or why to do it. But I am not an accountant so I can't exactly get into the weeds.
This is totally uncharted waters for me. I am still pretty dumb on the whole rental deal. The whole process for me is buy cheap property the can be rented for more if I invest some of my know-how and time into it. Rent it. Pay myself back then start stacking for the next house.
Everything outside of that is now just part of a huge learning curve.
BTW! Nice suite man.
Post: LLC - Must have or nice to have?
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
I see. I will have to talk to an authority on the subject in my area. Plus I will still need to go get an umbrella policy for the properties I have currently. and save even further.
Post: YOUR OPINION: Best way to get rental adds on a single family unit
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
I am currently renting a single family home and the new school bond has made my profit disappear. I have been thinking of adding a pole building garage so that I can justify a large increase of rent.
Issue is the family I have in the unit have been there for 5+ years and have not been showing signs of leaving anytime soon.
Do you think that this is a good avenue? It will be about a 10k investment into the property but I should be able to increase the rent around 300 each month and gross a 350-400 a month profit.
Any other suggestions are greatly appreciated!
Post: Greatter Seattle Area
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Originally posted by @Michael S.:
Welcome to BP Jon. Great to have you aboard.
Are you in the Seattle area? Do you know of any meet ups?
Post: LLC - Must have or nice to have?
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Originally posted by @William C.:
Just learned some very interesting tax codes that encourage LLCs. I will create an LLC tomorrow, and instantly reduce my income tax bill by $15,000. Kinda blew my mind I wasn't doing this already.
WHOA! is that just a state-by-state situation?
Post: LLC - Must have or nice to have?
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Originally posted by @Delana Watts:
@Jonathan M Peters
LLC is just a way of protecting your self so if something happens on or with the property it is not attached to you as a person so you can't be sued for your personal assets it goes to the LLC company it can be sued and all assets be confiscated but you will not loose your personal assets that is not tied to your LLC
Delana, do you use an LLC for your buy and hold properties?
If you do, do you have any experience with what it looks like to leverage equity on properties that are in your LLC or LLC's for each property to buy one large investment property?
Post: LLC - Must have or nice to have?
- Handyman
- Mountlake Terrace, WA
- Posts 48
- Votes 14
Originally posted by @Keyun Rivers:
I understand that it is supposed to help with lawsuit protection but what if you owe on the home ? isn't transferring it to an LLC going to require immediate payoff of the property?