All Forum Posts by: Soh Tanaka

I'm sorry to say this, but what you did is definitely an overkill, even considering you guys are physicians (just making an assumption that you make good money and have some assets.) The only way to make this less of an overkill is if you ended up buying a lot more properties in the next 7 years. Did you consulted your investment counselor from the turnkey company before paying $26k?

@Rivy S. Try to delegate as much as possible. Also, make sure you are not over stressing yourself unnecessarily. Sometimes we put too much stress on things that really don't matter much. I'm sure if you break down "selling one house", "under contract on one", "starting renovation" to small pieces, none of the them are really that stressful. They probably consist of waiting, calling, driving, writing, finding, etc. All of them you are capable of doing. 

-Working Dad 

There's always some risk when you are rehabbing. It gets worse if you never seen the house before. It gets worse if you are doing it out-of-state. It gets even worse if you never worked with the rehabbing crews. It gets even worse if you never done rehab before. As some mentioned above, I would suggest to do it where you can drive by within reasonable time. 

Doing BRRRR for the first time out-of state could work in theory but will be difficult. You want to look at turn-key as retail, rather than premium. Doing turn-key first to learn what it means to buy an investment property, then start doing on your own may be a good option.

@Bill Exeter, another great response. Unfortunately, as I live in non-community property state, the answer to my question is maybe. I'll talk to my accountant.

@Dave Foster, thanks for another great response. I'll talk to my accountant.  

@Dave Foster, thanks for the response. What I'm not clear is why does IRS care? I would ended up paying the same amount of tax anyway (selling and buying as an individual or LLC selling and buying). This LLC is owned by myself and my wife. If it matters, this house was bought under my name originally.

Hello All,

I am considering selling a property that is owned by LLC (IL LLC), and buy another one in another state. The problem is, I don't want that particular LLC to buy a property in another state. But my understanding is if IL LLC sells a house, I have to use the same entity (IL LLC) to buy another one, which I don't want to.

My solution to this is to dissolve the LLC and transfer the deed to myself before selling the property, sell the house and buy another one in another state.  

Do you see any issue with this?

Thanks!

Thanks all for your opinions!

Do you hire a professional service man clean your rental property's furnace and AC? Is it worth it? How often you do it? I feel like it's not really doing anything, but I could be wrong. Thanks!

I've been using them for the last couple months with no issues.