All Forum Posts by: Robert A Garcia

they can be the same

I suggest you step back and have a drink.

You seem to be too personally involved. Its just money not your life

I think this goes to the file above our heads  as to why we got into this situation.  (a name of an artist)  Please have all future investments of a real estate nature in a S corp so they pass go and collect the $200

and s corp is just a variety a LLC . its an election the llc made,, OK?

I mean as a solvent to remove tar and oil stains

Tyler Watts, the way I got my student rentals was by going to a realtor in the college town I was interested in (my son the student contacted them) and after looking at a lot of stuff we went to the area I wanted to be in as I went there years ago (Lawrence Ks ROCK CHALK) and she knew about a group of properties that were being listed. In that area its a tough market (expensive). What I'm saying here is that as great as Bigger Pockets is, You need someone on the ground at the university you contemplate. But its a great move, can you say Venmo.

regular cleaning rules apply here as it most likely has polyurethane if finished in the last 20 years.  soap for fats and sugar, I use Coleman stove gas (white gas) for tar or oil based stains, and water for most anything else, go easy on the water as you don't want it to get on the other side of the polyurethane (through cracks and grooves).  I buff and re-coat my rentals almost every time I re-rent as it makes them look beautiful and uniform again.

Or you could pay someone to do it and that could be $500-5000.  Also some states offer hourly service for a lot $2500 if you need one today (kind of like eloping)

you can do it yourself download an operating agreement, and fill it out, which states who are the organizing members and how you will operate . You do have to pay the secretary of state and that varies. In Kansas it was a yearly fee so I started mine in Missouri and it was less than a $100 for my articles of organization. That is for a LLC, what makes you a S type is your election on filing form 2553. This is done with the federal government download that form and file it...election can be later but is best done from the start.

Itemization is limited and does not reflect the true nature of your partnership while the LLC limits your liability, allows all expenses to be deductible, and allows for members to have a varied interest (you can decide by the number of shares. It also allows for easy transfer of you legacy to future family members by gifting tax free shares (they just have to be under the limit that is taxable). Plus you can designate some shares controlling or not. For all these reasons I think holding property in an LLC is better. The only time its not is when you convert you personal home (held as an individual) because if you have held it long enough the capitol gain exemption is too good of a benefit to miss, so own your own home that way. Then convert to a LLC when you turn it into an investment property, by moving out and selling to your LLC for county appraisal.