All Forum Posts by: Matthew Shay

Hey, if any contractor has liens that they need to be removed, I highly recommend Rosen Law Firm LLC based in Great Neck

Hi, you can private message me @Eric Konoski

@Michael Plaks Thanks for the info. I forgot to mention that I am also thinking about getting licensed as an Associate Broker. Does that make a difference for the S-corp benefits or would it only be if I was a managing broker (managing an agency or an office)?

Sorry, I meant to include this @Stanley Bronstein

When I registered with my broker I put an existing LLC which is used for another business and had an activity for 2018 (it was used for buying and selling real estate) on the W9 and it is an OUT OF STATE LLC. I did this because I did not open up a new one yet and just wanted to get started. What are the ramifications of using this LLC for another business (brokering real estate) and it is in a different state. I suppose I would need to register it as a foreign entity and pay the fee. Am I correct to assume that I would only have to pay for state taxes only where there was an activity? Would I be able to deduct expenses for each separate business under one LLC? I would normally create two separate entities from the beginning but this LLC that is open right now is not expected to bring in more activity in the foreseeable future

I am interested in forming an LLC w/ S-corp status for tax implications. The idea would be to build a team and protect my brand. I have heard some people say that forming an LLC is mainly for legal protection and others who say that it is an advantage for lowering taxes. How much income do you need to make in order to make it worth the tax benefit? Setting up an LLC in NY costs a few hundred dollars I am assuming without hiring an attorney

I am interested to open up an LLC as a real estate agent in NY for tax purposes (thinking to elect the LLC as an S-corp for tax purposes.) Is anybody else doing this and is it worth it? Do you need to put your LLC name in your business cards and marketing materials and on the website or can I just use the name on a business bank acct and use my personal name on everything else?

Do the errors and omissions insurance cover the agent as well or only the broker?

Next question, if I have an LLC in Oklahoma (which is designated as a real estate buy and sell entity which already generated profits) can I use that entity for my real estate agent business and just file for a foreign LLC certificate? Its $50 more to do business in NY w/ a foreign entity but are there any advantages i.e. would I be exempt from the publishing requirement? Am I better off just creating a brand new LLC in NY?

@Micki M. I was curious about the details of how you flipped this remotely. What methods did you use to find the deal? What specific tasks did your boots on the ground" provide? How were you able to manage rehab? 

@Kyle Weimer I realize that this is an old post but I am curious what did you pay the ground guy for? Did he identify the property and go over to inspect it? What was his qualifications? Did you use a licensed realtor or contractor in order to estimate final sales price and rehab costs when the end buyer will turn it over?

Hi Dylan, where are you in the process? Are you going to do flipping or buy and hold? Sounds like you can really add  value via sweat equity in rehabbing them yourself and managing the process. That can be a huge plus  @Dylan Strickland