All Forum Posts by: Account Closed

What kind of CMX is it? (i.e. 2, 2.5?) and what do the neighboring properties have? PM me the address if you don't want to post it here.

All of that is correct. I was confused when you said there is no other business structure involved.

You're problem is that you are trying to not have a formal business relationship with your friend while operating a business with your friend. If there are any future issues and you need to go to court a judge is going to look at your case and say well you never filed for a business license, never paid any business taxes, why should I give you standing in my court. You're argument would be well me and my friend well we had this arrangement he paid the taxes and you will realize that maybe we should've formalized some of this before it got to this point.

It was interesting reading this discussion. I have always been a conservative  investor paid for my rentals in case and thought that once I hit FI I would let things fly a little bit knowing I had filled my FI bucket. Try to hit some real home runs. Never thought I would scale down risk further, but that's what it sounds like many do.

Think about it from the other side when you will need to use the license. When you go to evict a tenant or sue  the tenant for non-payment who is going to sue and could there be disadvantages to not having a CAL? Who is the rent being made out to? Is it some entity that includes all the partners, or are all partners going to file separately? 

@Terrell Murray Where are you located? I'm from Slower Lower. Have a fried who's an agent and another old friend who invests in Delmar. Not sure which rural towns you are looking.

Here's a link to a google spreadsheet I use. Even have my mom using it for her rental properties. Just save a copy in excel if you prefer that. Sorry to mod's if I'm not allowed to post these kinds of links.

https://docs.google.com/spreadsheets/d/1zQGfm__95DiLLYRK9zx5Fnd1vKS2w_VUmboGaHvaTis/edit?usp=sharing

You can use Brandon's

https://www.biggerpockets.com/files/user/brandonatbp/file/basic-rental-property-income-exspense-tracker

Someone a couple blocks away from me had one that sat out and it was pretty annoying. Quickly filled up with other peoples trash and dog poop bags on top of the construction debris. I was thinking about reporting it, but then it was gone and I didn't think about it until not. Not sure about the legality, but based on what I know it's not legal, just depends on if anyone reports you.

 So we don't have final regs but it seems like you can start a partnership and invest in opportunity zones and that would qualify as a opportunity fund.