All Forum Posts by: Rafael Norat

Wow! That makes me think of caddyshack for some reason!

Yes, I would say replace unless you can pull of a retro type theme somehow. I have an unit with similar look that does rent but makes me cringe a little. Most likely will replace soon.

Whats up Faye! Welcome! I'm sure you'll meet plenty of good folks here..

I've been trying to learn notes for a LOOOONNNG time! In NJ, we have a some good note networks here. A lot of out of state action considering NJ is so judicial.

Good luck and best wishes!

Thanks as always Steve!

@Ryland Taniguchi

Much appreciated for the input. Yes, S-corp I am considering for future flip-only projects. This project came up quickly. So I used a general business LLC I have. Not ideal, but did the job for now.

I'll ask around here (NJ) on the contractor partner approach and see if anyone is using this angle to pick their brains as well. Thanks again!

Hey Charles. How in the world did you get to dave!!! I would say just keep grinding and building experience. There's always some puffing with numbers in most circles as people are trying to predict the market. I would say keep hitting up your local REAs and learn from those that are active in the areas you are looking for. In my short experience, realtors are usually much better with providing comps than wholesalers. But just keep at it and you'll eventually find good people with a common goal to work with.

Ok. Would that be reconciled at the individual end after all profits are disbursed, or would my LLC take the entire hit as the purchase entity? Thanks for your input Wayne.

How is that? For time reference, the purchase and sale here is less than 1 year. NJ charged capital gains tax on real estate sales unless you have residence for 2 years within a 5 year period.

How is it that a multiple member LLC is identified as having more than one member in any court proceeding? My question stems from the protection aspect of multiple member LLCs potentially shielding the corporate vail better than single member LLCs. Would the operating agreement have to be published publicly to record for general knowledge? Otherwise someone would be able to add a member at last minute, no? Any help would be greatly appreciated.

I have a flip project with 2 partners through a joint venture. The property was purchase in an llc I own with a separate agreement stating our purpose, roles, and such. Question: would the capital gains tax be calculated individually after the profits are disbursed, or do I have to process that prior to disbursement and subtract out the estimated tab amount? I'm reaching out to my CPA on this matter but figured I'd shoot it out here as well.

Hey Marcus. Can't hurt to call and see who's on the other line. Doesn't mean you have to spend any money. Mentoring is huge now with just about anyone with experience, as local investing has really shot up in the last couple of years. I would say hit up your local meetups and see who's really investing and who's not. Then make your judgement on what course of action to take.