All Forum Posts by: Lucky B.

I have a new llc and I will be accepting 140k from a friend to put into the llc bank account. I will most likely be paying him back 20k for for investment. 

Do I have to tell him make sure he writes let an on the memo line of his check when paying the llc ? 

We are buying a home to flip. It will basically be 50/50 ,but I have to know how to separate his money and how to distribute the earnings so that I don’t get stuck with the tax bill on his share. 

I know paperwork and records are important for tax Reason and legal liability. So my questions is,how do pay him back a flat amount (20k) instead of showing it as an interest payment ?

Well the reason i am considering him to be on board is because this is all he wants to do( real estate) and i  run a car business that i like and i also like the real estate business. If i can use his money that means i could use my money for other investment relating to the car business. 

I am not sure if opening a personal joint account is best. He can easily withdraw everything and take off with my money ( you never know people change) . I am thinking this has to show as a loan, but i am not sure how to go about it for accounting purposes of the LLC and when it comes to my schedule C . Anyone else with an opinion ?

Guys, i recently put in an offer for a bank owned home and i expect the bank to accept my offer soon. The offer is $280k and a good friend of mine wants in on it because there is about 40k of profit to me made on the flip. I have a newly formed LLC and he does not. I will be putting money into my new LLC very shortly to fund it, but i need your professional opinions on how this should be done ,being that he doesn't have a LLC ,and is just willing to give me half of the cash ($140,000).

If i take his money, put it in my LLC bank account, then flip the home, all the while everything is in my LLC( title to the home) then give him half the profit after the home sells, then i will be taxed on the full profit and he will be tax free.

How do i separate his money from my money, can i make it a loan ? how do i pay him back while showing my company made a 20k profit, and and not 40k. ?

Also is there like a simple agreement form that states the terms of our agreement that i can use and put in ink so that everything is clearly understood in writing ?

that's guy for clarifying to the 1031. Well i missed my chance to do the 1031 so uncle same will tax the hell out of me 

but how should i go about handling the formation of a new llc or reinstatement of the existing llc. As i said i don't like the current name existing LLC. it will cost a little more if i reinstate, and it will be cheaper if i form a new business , plus Chase will give me $400 for opening a new business checking account.

will i have to notify the IRS that i closed the llc ? 

i know i will have to obtain a new FEID number from the IRS. 

will it make accounting matter too complicated if i start a new LLC or Sub S business ? 

Guys i need help here. I formed a LLC company in 2015 and i let it automatically dissolve last year(2017) by not filing an annual statement on Sunbiz.org. i did it on purpose because i was planning to sell my only rental home and figured i wouldn't do more investing.

Guys, i sold a rental property this year, and i want to invest in commercial and residential properties. The '"name" of the LLC, i had my rental property under was administratively dissolved . I let it dissolve in 2017 because i didn't think there was a future for the company at the time .Also the name of the LLC is not suitable for my new future strategy. I want the name of my future LLC to include investments. So should i

A) pay the reinstatment fee, past due annual fees and make an amendment  to the name of the llc under the current FEID on Sunbiz

or 

should i just form a new LLC and obtain a new federal employment identification number . It will be cheaper on Sunbiz , but does the IRS allow me to change the name of a company and still use the same FEID number.

I also have to consider than i help the property for less than 3 years and i closed on it last week. I made 80k profit so if i were to create a new LLC can i still do a 1031 like kind exchange ?

There is a house in my sub division that i would like to buy. The husband recently passed away, and the wife was just a homemaker , and didn't handle the finances in the household . She is now left with 2 mortgages, one for the primary that she is in currently, and the rental house that is 2 doors away from me .  i know her, and i knew her husband very well. 

The house is worth about 180k. There is a existing mortgage on it for 110k . I want to buy it however i already have 3 mortgages and i know i can't get an additional mortgage. A friend of mine said i could get her to sign a buy option or future contract where i will get to buy the house if i could pay her 20 or 30 thousand now, she might sell to me and i can takeover the mortgages payments if allowed by her bank.   

Can you guys share your suggestion on the best strategy to get her to sell me the house, without me having to apply for a mortgage. 

you mention great stuff, does anybody know how the courts usually rule in Fl ?

First thing that will come to your mind, protection against a lawsuit. Well how about a judge piercing your corporate veil to tap into your assets if he or she wants to. I am asking this question because the LLC in theory is a way to keep your business separate from the owner. Lets look at my case. I am a self employed entrepreneur, and i have three rental properties, 2 are in my personal name, and 1 is a LLC.

I am debating if i should take the 2 that are in my name, and put it in the LLC or quit claim the only LLC and put it in my name, so this would make 3 properties in my name. I know this is called putting all my eggs in one basket.

I know if i am to be sued or if the LLC is to be sued, the insurance policy if going to be targeted. Now what if you have a good homeowners insurance policy with high liability limits, wouldn't that offer the peace of mind ? Also an insurance policies for having a property in a LLC, will cost you about 30 percent more, but if you have it in your name, it will be 30 percent less.

I am unsure of what to do, and i need your experts to share your opinion. Should i put all properties in one LLC , create an an LLC for each property or just put all 3 in my personal name. To date, all of my tenants are A grade people and i never have trouble with them.

good replies. 

have you ever read the summary final judgement of foreclosure document with regard to a HOA foreclosure. there is a paragraph that has me stumped. the notice is sale basically says in one section that all defendants and herein or hereafter are forever declared barred or foreclosed. then the next paragraphs says , if you decide to sell your home or hire someone to claim that additional money you should read carefully all papers you are required to sign. why would it say if you decide to sell your home ? in my opinion, you wouldn't be able to sell your home once a COT is issued, and you are forever barred , so how can one sell your home after it was sold at auction ?