All Forum Posts by: Scott Mac

Both you and your wife should take the time to schedule a session together with an asset protection attorney who knows Connecticut and New York law.

Good Luck!

You intend to buy 40 units and you need to use other people's money for $3,000???

You also say you're looking to buy 5 units to 40 units. Have you talked to a lender yet about this because you may be looking at different qualifications personally for a 5 unit loan versus a 40 unit loan.

I have to say if you cannot tap $3000 (or even $500) for this without feeling it, you might not be able to tap what you need to qualify for the loan- you should look into this.

You will also need earnest money for the deal, and earnest money on 40 units is a lot different than earnest money on 5 units.

And then there are also  sewer scope fees, and if your inspector recommends other inspectors to do inspections on things like the plumbing system, the roof, the electrical system etc... those have to come out of your pocket also- if you're going to pay for them.

Does your lender require a Phase 1 Enviro; How do you intend to pay for that?

 just my 2 cents.

Well Larry,

You are in over your head on this LLC thing.

It can be pretty complicated from a tax standpoint or it could be rather easy from a tax standpoint to implement.

There are so many choices out there that you need to make, and you have to look at what you really trying to do with it, which is asset protection for your personal assets most likely.

There's also the issue about having an accounting system in place for the LLC and using the accounting system when you prepare your taxes.

Some investors, (and some attorneys are comfortable advising) running without an LLC for some people and instead having an insurance policy in place to cover most likely scenarios of paying.

Your personal tax situation, as well as your personal asset situation will weigh into this decision of how to set up the LLC And what to include in the operating agreement.

You will also have the need to have annual member meetings and annual manager meetings for the Shell (slang for the LLC).

Talking to your real estate tax person and an asset protection attorney and then making your decisions is a reasonable way to go about this task.

Also know that some LLC setups can make it very hard to borrow, which is something to talk to lenders about before you make your decision on what to do.

Good Luck!

How to have a single member LLC members meeting:

https://www.youtube.com/watch?v=U6WnUFLfg9Y

 Do snowbirds want to live in Class D areas?

Well guys, I agree with all of you.

Although I do see some nuances.

There are bread and butter deals, and there is shark food.

Shark food can put you in a new Mercedes with a Burmeister sound system. Class C or not.

If you have the cash available to swing the bat and are clever enough and have the experience to make it work, a shark food deal can improve your lifestyle.

But what is shark food to one person could be biting off more than he chew to another--without a war chest of touchable/spendable cash.

Which is what I mean when I say cash is king.

just my 2 cents.

Maybe take the bricks out and flip them over???

Maybe take the bricks out and soak them in buckets of some kind of degreaser???

Maybe take the bricks out and space them throughout the driveway replacing the removed bricks with the ones you took out to place the old bricks???

Just my 2 cents.

Ring ring ring.

Hello Mr Renter.

I'm sorry that the oven has not been replaced yet , it would have been done already had you gotten back to me immediately instead of waiting two weeks. 

Right now we're looking at having it done by the XYZ of the month. 

I'm not ignoring you , and I understand how important an oven is to you. 

But right now because you waited so long this is the best It can be. 

If you withhold the rent I will toss you out on your ear, but I don't want to do that, because you're a good renter and we'll get that oven in there for you as quickly as we can. 

Do you have any questions for me?

========

Don't cause an unnecessary expensive turn--collect the rent.

Good Luck!

Detroit, Tigers, Lions, Pistons, Red Wings, massive Cobo Hall, world famous coney dogs, etc...

What is Faygo?

A local delicacy. See here:

https://www.youtube.com/watch?v=_Hu3DrW3K4M

https://www.youtube.com/watch?v=jvZN8wepLp0

 I did a virtual drive through Faygo town a few days ago, which I think is called the Hunt neighborhood.

There appeared to be a lot of empty acreage of stubbed in lots . 

I say stubbed in lots because each of those lots used to have a home on it most likely, or a business . 

Lots of electrical wires still on the poles waiting to service houses that could be built there. 

I also noticed the grass had grown over the sidewalks so you could not see them, and in some areas was creeping got on to the roads the same way . 

I thought how ironic the neighborhood is called Hunt (at least I think it is--maybe I had ventured into another area on Google drive), And my thoughts about how it looked was it looked like some place you could go pheasant hunting due to the lack of buildings , and the amount of open ground . 

A very pretty area and the few houses that were left in the area looked to be in reasonable shape. Not the dilapidated look Detroit is known for in some neighborhoods . 

I'm not saying This is the best area to invest in I'm just saying I was surprised at the amount of open ground and how far I could see in the distance.

Just my 2 cents.

From the  internet (NOTE I did a virtal drive through not in person):

if you go there be careful.

The McDougall-Hunt neighborhood in Detroit has ahigher risk of crime, with a CAP Index score of 8 out of 10. This is higher than the national average of 4, and the risk is highest for violent crimes.  Detroit is ranked among the top 100 most dangerous cities in the United States, based on crime data.