All Forum Posts by: Raymond McGill

June 14th (2nd Wed)

https://www.biggerpockets.com/forums/521/topics/44...

and also

https://www.eventbrite.com/e/nh-seacoast-real-esta...

Seacoast NH REI Club.

The May 17th Seacoast NH REIA meeting will be held in Portsmouth at Keller Williams Coastal Realty.

Topic: Social - Q&A, Meet and greet

Networking and socialization - Come and meet your peers and future partners. There is success through quality partners. We encourage everyone to come out and meet the seacoasts best Investors, builders, accountants, bankers, private lenders, and other passionate people in Real Estate. All are welcome to the NH Seacoast including Portsmouth, Kittery, Dover, Rochester, Somersworth, Exeter, Stratham, etc.

KW Coastal is at 750 Lafayette Rd., Portsmouth, NH 03801

Meeting Format:

• Meet and Greet
• Topic - Q&A
• Meet and Greet - What I can give, what I need (I have a property/skills, I need a roofer, etc)

The next Seacoast NH REI meeting is this Wed night 6:30-8:30. I will send the invites later tonight

Great question, Bob. 

Welcome to the 'Shire!

Find your niche where you can add value. You will do well!

When is the lease up? Maybe write the letter, address it, and if there are ANY doubts, don't renew. Good tenants aren't that hard to find, and if they are smoking in your rental, they aren't good tenants anyway.

Welcome, Matt @Matt Burt

@Robert Nason  Umm. I think every city claims the "more restaurants per capita". I know Portsmouth does :)   https://infogr.am/U-S--Cities-with-the-most-restau...

@Rodney Saucier 

@Stephen Polizzi

I just renewed my LLC in NH. Its $150. How much umbrella coverage is that? (if you have umbrella and know the coverage cost, chime in so we can compare.). I plan on having both, but maybe we can compare cost of LLC for lets say 2 properties vs extra umbrella insurance.

Why LLC? 

I looked at it and came up with this:

Positives

+ Psychological - more professional. Creates a Business entity you are the "High and Mighty One". 

+ Needed for Commercial loans. For those of us that dream of apartments, LLC seen by lenders as indicator of a valid business. These indicators are used to determine rates i.e. underwriting loans.

+ LLP, LLC needed for partnerships and pooled money/investors? My understanding is with investors, you create a LLC to structure everything.

+ Clearer way to separate Biz vs Personal. Liability issue only.

+ Maybe the cost is similar to registering a sole proprietorship with your locality? Might as will get liability protections.

Negatives

- Not favored by Residential lenders

- More paperwork than insurance.

- $100+ per year fees

- May incur extra taxes (business tax? )

- They are passthrough. (otherwise form a real corp). So no tax advantage. 

Questions for us to answer:

Cost difference between 1M umbrella vs LLC

Does extra insurance provide same as LLC?

LLC good for Commercial/partnerships/investors, less good for residential (lenders perspective)?

What is difference in cost to have a sole proprietorship vs LLC registered with your state?

Are business taxes applied to LLCs but not Sole Proprietorship/Individuals?