All Forum Posts by: Robert A Garcia

S Corp pass through profits and losses  and do not have to pay any tax themselves  only the members  through their schedule e

when you set up the LLC also apply for S status that way income or losses pass through from the corporation to the member individuals look at the back of a Schedule e

I would set up the LLC at the beginning the bank only care if you guarantee both you and your father can add your signatures it's much cleaner this way if you buy it as an individual technically you can't transfer it to the LLC the bank would see that as fraud

also is what is there even able to be developed

so how long have they been on this property.  this would help you understand if any claims have been made or if they even could be made

You have to pay a common utility such as electricity or gas in my experience because the tenants will be unhappy that its not fair otherwise.  For some reason the water is different. I have no problem sorting the bill by the number of users and each one pays their share. Maybe its because we are over 90% water.

I think the cash reward which has an actual cash value as stated, would be income either applied to the account or taken as a check, and some other reward would have a relative value to what one might claim.

The best reason for me to have separate cards is the accounting as Mark Holencik has said. Even though I have never been audited in over 40 years I would want to have the right answers.

If you had an equity line you could use the spare 60K to pay it down and save (or earn) 4% to 6%.  You also could go get it again if you need it.

Be creative in how you find stuff. Learn to notice where there might be possibilities. If you see something be prepared to spend a few hours looking into it. The best commercial property I ever got started with a trip to the office of records after hearing about it from a friend. Tell everyone you know that you want to buy a place, they might help you out or think of you when Aunt Jane wants to go to the nursing home. Sometimes you might get something under market this way or maybe not have any competition, which can be just as rewarding.

Look at the lot and subdivision   As far as I know,  they don't use GPS to designate real property

I had a similar situation.. I hope you didn't pay a lot for your parcel.  In my case the lot was a strip adjoining my land that had been dedicated 70 years ago for a private drive to access several lots behind mine built on 65 years ago.The county would routinely sell this strip for back taxes (its not even on my tax bill) and unsuspecting buyers would find out;

1 The parcel isn't big enough to develop

2 The parcel was dedicated as a drive (can't be changed)

       As for your parcel under a structure I would think a survey would be required and then see the rules on adverse possession in your locale, because that is what someone might claim against your potential claim.   I would be interested in hearing how this one turns out, if its a mobile park and they haven't been there 7 years it might be worth looking into. 

Make sure next time you know what you are buying. The profit you are looking for may be a lesson for you and other BIGGER POCKET users.

Good Luck