All Forum Posts by: Kevin S.

@Stuart Udis

Does LLC need to be done by an in-state attorney?

You said it cost more to transfer from personal to LLC after the sale. I hear many recommend to 'consider' LLC after buying more than one properties, not the first and only property.

Isn't there a yearly cost to maintain LLC? If so and I was to create LLC after buying my third or fourth property, is the cost of transfer to LLC at a later date really that expensive compared to the maintaining of LLC on just one property for few years?

Thanks.

 Thank you.  You recommend that over buying RE in SDIRA?

@Matt Devincenzo

Thanks for your response.  I guess I have to add relevant facts to my original post.

1. Yes, I am at the age where I can withdraw without penalty.

2. I meant not to live on but solely to withdraw, pay the tax and invest in RE.

I am trying to decide if I should draw out everything from tax deferred retirement account, pay the tax and invest in RE (move into Roth as another option)before I hit RMD point.

Hoping to hear from those who have walked the walk and share actual experience of their success/roadblocks.  Thanks again.  

Hello BP members,

Have any of you been there and done that?  Left the market, completely or partially, and had to choose between using funds from either accounts? Which did you choose to dip in first and why?  Looking back would you do it differently/change the sequence of which account to draw from first?  I know the question doesn't involve tax bracket, age etc.  I want to hear your experience/journey.  Thanks for sharing.

 Permitting has to do with me having ZERO knowledge in 'construction' and not knowing if the contractor is doing something correctly or not.  I depend on city inspectors to tell me if something is not done right.  Government involvement in this case is actually favored, at least for me.  Many other things, not so much.    

 You are welcome.  In our case the contractor said that it's better for home owner to get permit but because we wanted to move in by certain date he suggested we may have to skip it. It was our choice.  Now if a contractor suggest skipping permit right off the bat, it may be a bad sign IMO.  Regardless, it's still a risk without permit.  

I can tell you as the end user why I did it. TIME. Re modelled almost the entire house before we moved in. The cost was the cost and the contractor let me chose to permit or not to permit. We choose to skip permit only because we wanted to move in before the holidays! Choosing permit route would have caused delay. I don't think the quality of work would have been different with permitting. Would I have preferred to go the permitting route? Yes. Sometimes the reason(s) lies outside of rational or logic. As for the quality, it depends on company. The contractor we used had renovated bigger homes than ours. We took the chance. I think if a contractor 'suggest' to skip permit then I would stay away. The renovations was not ADU type work just to be clear.

@Adam Bartomeo

How's the rental market in Ft Myers/Cape Coral area?  Seem saturated?

 Census.gov will give you (for any city/state) the population, median home value, median household income, median age, racial distribution and more.

 Good advice.  That's not the way to do especially if you are newbie, less informed and inexperienced.  Familiar response from my teenagers growing up.  Fortunately not anymore.