All Forum Posts by: Mitch Nachtigall

Brian,

Some of your questions really vary state-to-state. In some states, anyone can show a property. In others, you have to have a minimum of a property management license. As for your PM handling both the lease option and rent to own, this will also really depend on the company. My own opinion would be that you would want a real estate agent involved, and in many cases a property management company also does some realtor work so you might be good there. You might check out your local community education center if there is one. I took a 4-week property management class a few years ago for less than $50. It was very helpful.

Mitch

I commend you for looking at ways to set yourself up way down the road! It sounds like you’ve thought this out really well. You mentioned that cash flow is not a concern with your W2 job. Is this true even with significant unforeseen expenses like major appliances or water damage? I don’t think you’re in any danger of average rent rates going down, but does your model account for that anyway? 

That sounds awesome!

Hi Trevor,

This is definitely an interesting idea. I don’t play as much as I used to before kids. I tended to shy away from playing online because of the toxicity, but a curated group of like-minded people would be fun and potentially productive. 

Mitch

That's good insight, Jonathan!

Quote from @Jonathan Harms:

@Erin Baumfalk Is this the place by Happy Holiday RV community and across from Reptile Gardens?

You asked about tax and legal. I give this advice to about anyone…Get a lawyer before you need one. Building that relationship and trust before a sticky situation arrives has huge value for a real estate professional. It’s worth the couple billable hours it incurs.

On tax strategies, learn your annual income and expenses as quickly as you can. At that point, you’ll be able to pretty accurately forecast some big dollar maintenance/repair/improvements so that you can spend your dollars on that stuff instead of on spending them paying taxes. Seems obvious, but there is some nuance and the simplest method is to know your revenue.

I’d be interested to hear more about your venture and compare notes! I’ve had rentals in the Black Hills for several years. Tiny homes are something I’ve never done though. 

Quote from @Christian Estrada:

Good Evening,

I am a resident of California, have a Texas driver's license, and own a home there. I am currently stationed in Virginia. 

I would like to start an LLC (e-commerce) out of Wyoming but I am not sure if I would still need a registered agent in Va.

I have been researching the subject and have not found a real answer except that if I will be doing business out of Va, then I will need to register my LLC there. If the LLC is online, does that still count as doing business out of Va?

Thanks in advance for any help or advice. 

- Chirs

If your business is completely online, you’re ok to open your LLC in a state like Wyoming or Delaware. If this business will have property in or sell from a physical location in Virginia, you’re best off to file the LLC there. You will need a registered agent with an address in the state where you file and both WY/DE have hundreds of agencies that handle it for a small fee. Separate note, make sure you’re using a platform like Amazon or Shopify that will handle your sales tax calculations. It is very difficult to do yourself if you’re selling to people in multiple states around the country and you’ll end up paying penalties in every one of those states. I teach college classes in setting up small businesses so send me a message or reply here if you have more specific questions.