All Forum Posts by: Mary Joe

I have looked at a lot of condo in different markets over the years, for condos I actually think you cash flow very well. Some of the things you may want to consider are:

-how many units are there in the building?

-does the condo bylaws have restrictions on rentals? some buildings require at least a certain percentage of owner occupied units.

-have your attorney review the condo financials, find out if there are existing lawsuits,

-find out from the condo association if they anticipate any capital improvements in the near future, what are they?

-how many owners are currently delinquent with their HOA dues, for how long, and what have the condo association done about that

-Is the condo on bank's approved list for mortgages? If banks don't loan to buyers of this building, then you know something is wrong about the building.

Good luck.

While on the subject of "am I going to be taxed" , does anyone know what are the tax consequences if I deed a property to a newly formed LLC, ?

Say right now I own a property personally, and I plan to deed the property to a LLC. I will be the sole member of the LLC. Do I need to treat the transfer at fair market value and pay capital gain tax on the transfer?

Thanks Joe, appreciate the feedback. I want to be scared, that's how I motivate myself to do the right things to protect myself.

But how can someone find out what assets I own just by my home address alone?

Even for credit or background check, you will need the person's social and home address. Besides credit report don't show what the person owns free and clear.

With property address, the only thing I know of is to find out if the property is owned free and clear.

What other searches out there that will disclose everything I own just by searching my home address alone?

Is it really easy for someone to track down what I own? The only thing I can think of is if someone knows my home address, then they can do a search to see if I own my home free and clear. But other than that, I can't think of how people are going to find out what assets I own.

Say even if someone knows that I own a LLC, can they really find out what assets I have in my LLC? It is a private business entity so all the LLC's financials should be private matters as far as I know.

Thanks

MJ

Hi All,

I got so confused about reading this article about doing business out of state. Does it apply to rental properties that I own out of state?

http://www.bizfilings.com/learn/doing-business-other-states.aspx

I live in NY and if I want to have rental properties in FL, how do I "qualify" to do business in FL? The article says if I do not properly qualify my business I will lose the right to enforce contracts, which could be a huge problem if I am not allowed to enforced my lease with tenants.

Will forming a LLC in Florida (where the rental property will be located) be sufficient?

Any advice would be appreciated.

Thanks

MJ

Can someone post a sample OA for a multi member LLC that is used for buy and hold long term strategy ? I am just planning hold the properties long term and rent it out.

Thanks

Hi All,

I watched Al Aiello's video on LLC and he suggested forming a 2nd LLC as a lender in order to facilitate equity stripping for the LLC that holds the real estate.

I understand the logic behind this but I don't know how it is done in reality without involving actual cash.

Can someone help me understand how this is done?

Many thanks ...

Thanks Steve. Is there an easy way to tell if a particular county keeps detailed records or not ?

Hi All

I am thinking of transferring ownership of a property from one entity to another.

Is it true that IRS will definitely NOT accept government assessed value for a property?

I prefer not to have to spend the money on an appraisal if I can rely on government assessed value that is showing on the property tax statement.

Any advice would be appreciated.

Thanks

MJ

A house is a liability generating asset. Be a responsible landlord and do everything you can to limit your exposure.

Largest award ever in similar lawsuits against Landlords:

http://realestate.aol.com/blog/on/faika-shaaban-wins-annapolis-bedbug-lawsuit/?icid=maing-grid7|main5|dl4|sec1_lnk2%26pLid%3D323824