All Forum Posts by: Mike S.

@Carlos C.

For instance if you need to evict a tenant; when you appear in court the judge will drop your case if your LLC is not registered in that state.

I have been curious about cell towers for a while. But I am wondering with the 5G evolution if it will still be a rewarding investment in the future.

The size of the cells is shrinking and now most operators are deploying micro cells that are nothing more than a concrete utility pole installed on the public right of way. These operators won’t be dealing anymore with private owners for these small footprints. They will still need to keep most of their major cell towers but I don’t expect them to seek new ones.

Use a warranty deed or special warranty deed (if there is a mortgage or lien attached to it) instead.

There is no cost difference between a quit claim or a warranty deed.

That would help keep your title warranty and keep a better chain of title.

@Chris Roush

You can use Zelle to transfer money from one account to the other for free.

If your bank offers transfer to other accounts in the same bank, you may also consider opening a personal account in the same bank.

Last you can also set up your mortgage payment to be paid directly by the business account. However this last option may trigger some side effects that you need to evaluate seriously: is your lender aware of the transfer of the property? If not will that trigger a due on sale clause? Depending on your specific setup you may not justify that expense directly from the LLC but have to distribute it first to you as a member.

I am a proponent of having a separate entity to do the management of all you other entities/LLC, to act as management company with the tenants and to be the public face of your operation.

This management entity In my view should be taxed as a C Corp (either a C Corp or an LLC taxed as a C Corp) to get most of its tax benefit (welfare plan, vehicle mileage remboursements, deduct most of your ancillary expenses and training,...). It will add one tax return, but your taxes will be very low if you limit your income in proportion to your expenses. Unless you want to use that to get a W2 and contribute to a Qualified Retirement Plan and/or justify earned income for a future loan qualification.

@Aurora Martinez

I wasn’t aware that you could get a two years tourist visa.

I was under the impression that for that length that would be a non immigrant visa that still gives you some work authorization. Even a 2 years student visa give some limited work ability.

Even if that person was able to obtain an SSN for employment purpose, your background check would be nil as there is no history in the US.

On the other hand if that person just recently obtained a visa, you can be sure that some background has already been done by the embassy delivering it.

At the end of the day that would be your decision, but if I was in the same situation I would have no problem renting to them as long as they can justify enough income/resource to pay the rent.

I’ve seen him at a local meeting. His 1 hour speech was only a sale speech for his training with absolutely no useful information but just a self glorifying theme to present himself as a guru.

On the other hand his training offered during that show was very cheap (less than a $50) and I almost signed up for it as i was more seing it a cheap 2 days networking expense. But I was sure that this ‘training’ would have been a longer sales speech for another more expensive mentoring product.

I had also one of his older dvd/book package that I got used on eBay. For the price I bought it for, i can say it was a fair product. Some good generalities and a few actionable techniques. Nothing really to rave about, but also not worse than most other product on the market.

Why not getting a high speed internet at the property address, install good router and WiFi for the whole property and then sell the internet service to your tenants for a small fee. That will be cheaper for them than each paying their own subscription and it will be an additional revenue stream for you. As such you could use any of the unit address as it will be the only connection there. Also you can have the billing address different from the service address.

If you have a mortgage on the property, I agree that it opens a lot of tricky side effects that you need to mitigate. If you own it free an clear on the other hand, I don't see any real cons.