All Forum Posts by: Marty Hofmann

Looking for information for Oklahoma as well. A phone number, email or anything to get a hold of someone who knows something. Thanks in advance! Marty

I have been looking for information on this off and one for a month and have been frustrated as well. Located in Oklahoma, the state here got something like $160 million. But I have the same frustration with not being able to find out where to apply or who to call. If anyone finds out anything please post. Thanks in advance. Marty 

Thank you everyone, Michael Skoczylas,  Jaysen Medhurst,  Bjorn Ahlblad, Dave Foster, and Bob Norton for your comments and help. To clarify the situation a bit. We (my wife and I) took possession in our name and later deeded it to our (wife and I 50/50%) LLC. Our originally plan/intent was to build houses and hold this property for many years as landlords as it is a 9 acre plot not far from a new school and was already divided into 4 lots/acreages. It is a manufactured house and we have decided in the mean time that we would rather sell it and move the money into another asset. We are looking to sell it roughly 13 months after we closed on it in our personal names, and 11 months after we put it into our LLC. The IRS will see passive income for 2019 on it.

    We are also looking it Government Opportunity Zones as we have a lot of opportunity with them around as well. The bottom line is that we would like to avoid the tax bill while selling this property. The 1031 Exchange has been the tried and true way of doing this in the past. I appreciate all your time and consideration and wisdom. This is a great community to be apart of! Marty

Question: We closed on a property in November 2018 fixed it up and rented it the couple that wants to buy it. They agreed to buy it once we crossed the 1 year mark so that we could roll capital gains out into a 1031 exchange. However, in January of 2019 we took the property out of our personal name and transferred it through warranty deed to our LLC. The county Clerk had us write "No consideration" on the warranty deed. Our question is: Can we sell this property in December 1st, 2019 (a year after we closed ) or do we need till January 2020 (a year after we transferred deed to LLC)? Thanks for the help.

Thanks for your time and wisdom. I will seek our a real estate attorney. 

Last year we purchase an investment house on a big lot. Shortly after closing (online forecloser auction) we found out that we only purchased 1/2 the lot as the county only foreclosed on the one lot. The adjoining lot will sell soon at the local propery tax sell, but it has a federal lien from 2011 of $250,000 and state lien from 2010 of $11,000 on it. Our understanding is that these liens will follow the new buyer, is this correct? Is there a way for us to have these liens removed or satisfied cheaper as the property is only maybe worth $10,000. I am sure many would say run, and we are prepared for that, but currently the septic lateral lines are on this property, so found like to purchase it so that we can easily sell it down the road. We are also wondering if these tax lien would effect our credit score if we inherited them at the purchase of the property. Thanks for any help. 

Thanks Ryan. Well said! I appreciate you taking the time to write this up and give us your thoughts. You are write that each person is going to have their own needs in this regard. We are small and getting started in the real estate world, but do understand and value doing things well, while protecting our assets. I think attorney are cheap if they do their job well for you and help protect and strengthen ones investments. Thanks again for your time. We appreciate it. Marty

I am wondering who is the best real estate attorney in the Oklahoma City, Ok area. Would love to work with one that invest in real estate themselves. Any thoughts and/or suggestions would be helpful and greatly appreciated!

Basit Siddiqi, Thanks for the post and information. I really appreciate it. My thought on the Corporation vs LLC was to switch my self employed business from a LLC to a Corporation and use that Corporation to invest in real estate. I have been reading a lot of Robert Kiyosaki books and this seems to be his business model and sounds like I could keep my taxes lower by doing so. Would I be better off keep the two businesses separate? I really appreciate your recommendation and will probably move forward with something similar to what you have suggested. Thanks again, Marty

Looking for the best CPA in Oklahoma. Would like to find one that invest in real estate themselves and has "been there, done that." Looking for advise on being LLC vs a Cooperation, and the pro and cons of both. Currently have a couple rentals, a flip going on and made income from 2 different LLC last year. Thanks in advance for any help, direction and advice.