All Forum Posts by: Susan O.
Susan O. has started 69 posts and replied 547 times.
Originally posted by @Mitch Kronowit:
Originally posted by Mark M.:
Yes, it is state-specific. I've seen this brought up a few times before, and each time "Pennsylvania" was involved! :wink:
Here in California, I did NOT pay a documentary transfer tax when I moved my rentals into my LLC. Only once, when I transferred my wife's "sole and separate" property into my LLC, did we trigger a tax reassessment, which was no big deal as the transfer was made shortly after the close, so the assessed value didn't change any.
Would you know or anyone know if when you transfer or QUITCLAIM to LLC in Florida whether you have to pay a transfer tax or if the property gets "reassessed" for property taxes? for transfering title from the owner tenants in common into an llc
in florida
Originally posted by @Mark M.:
I actually met with both my accountant and two lawyers (one specializing in real estate and the other in business). I posed the same question you asked. I do not know if it is state-specific but keep in mind, you may pay additional transfer tax if you transfer the property into or out of your name or your llc. In PA, any time a property changes hands whether an individual owns it or not, a llc owns it or not, you must pay a transfer tax. So if I chose to transfer it into my name then an llc then another llc before into someone else' name, that's four transfer taxes to pay right there.
Isn't the goal to make the most profit possible?
What I did find out was very interesting. I set up a single member LLC because after talking with both lawyers, I found out it is possible to convert from a single to regular LLC and still hold the property in the same name of the LLC. I am not changing names, just merely expanding the LLC to more than one member. And best of all, no additional transfer tax.
You have to figure out how you want to exit the property. If you die tmw, who pays for the transfer?
Just a thought based on my experience and I only started after 5 years of reading, networking, asking questions, blah blah blah and putting the pieces to the puzzle together so I could see the bigger picture (ahem, bigger pocket, maybe?).
these are good responses
so how about proctetion of privacy do you hold in your own name for LLC? do you use your own address or another address
and what about insurance do you have to change the insurance when you get LLC?
Post: LLC - "principal office address"
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @John M.:
When creating an LLC, do most people use their primary residence(where you yourself sleep) as the principal office address?
I'm going to have a lawyer set it up. I was wondering if I could use their address, or if I have to use mine. I just don't want renters looking me up and stopping by.
Thanks
did you ever setup
Post: LLC - "principal office address"
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Nicola Mattis:
I've used UPS business address service, which allows you to create a street address that you can use. You can pay for it with 3-month contract, 6-month, etc.
And do you put yourself as Managing Member then if someone looks it up they can see your full name and find wher you live?
How do you keep this anonymous on an LLC form?
Post: LLC - "principal office address"
- Fresno, CA
- Posts 552
- Votes 181
I was wondering for Florida when you do the LLC do you put your own name in as Owner or manager of the LLC
I want complete privacy. But When i look up other LLCs they have people's names.
Should I just put my lawyers name? He told me I could set it up myself with the laywer as "registered agent" but I have limitted time to do this today.
For "General Manager" can that be my lawyers name i don't want ot put my name on there because it's public info
Post: How do you guys calculate a "good" commercial deal?
- Fresno, CA
- Posts 552
- Votes 181
The above.
It goes from mom and pop to micro economics of a business. You have to look at the P&Ls and your monthly profit and also your yearly
Loans are very different, management is very different
Post: Jersey City --- converting a rent control building to condo
- Fresno, CA
- Posts 552
- Votes 181
YOu have to vote and fight the rent control. We're originally from Jersey and the socialists have been trying to put it into single family for a long time. When home owners realize what they're doing they vote them out. We have to keep working at it because they try every few years. And they're tryig in oregon, all the north east, boston, new york, philadelphia and now miami
Post: How are Renovators planning for Taxes W new Apartment improve
- Fresno, CA
- Posts 552
- Votes 181
Maybe do a segragation and acceperate some repairs like kitchen and floors over 7 years? Then accelerate some over 3 year or 5 year schedule like painting or landscaping?
Accelerate some things like roof over 15 years? Windows over X amount of years?
Appliances Tools and certain business equipment for the property do it over the accelerated bonus 179 depr?
Post: Best cities to buy multifamily building for buy-and-hold purpose.
- Fresno, CA
- Posts 552
- Votes 181
I've noticed during LONG downturns or bear markets it's much better to be in an A or better state. Like Florida, Texas, sun belt, New york or east coast good too
It's the blight and the long term bear that will devistate the mid west. You can find nice rentals in Florida that retirees and medical industry millenials are flocking to. But those mid west towns are scary. When you visit them they look third world. And the heroin drug epidemic is terrible. There's abandoned houses in detroit ohio etc. When people will walk away from a house and land over repairing it that's a problem.
You need to think of long term future growht 5 10 years not 1 or 2.I'm sticking to developed cities top 20 especially instead of risking high cap with chance to lose everything
Post: Does anyone know Ft Lauderdale for investing Air bnb and apartmen
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Tim Kanak:
No, I don't. I have a Realtor license, but I work primarily as a contractor running a multi-million dollar construction business.
It's a hip area. It's already started turning over (micro brews, craft coffee, restaurants, etc.). You are seeing the Flagler area spilling over. They are transforming it into the Wynwood of Fort Lauderdale and you can see how much real estate in Wynwood costs now.
I might be intersted in renovations on a 2-4 unit