All Forum Posts by: Jeff Weissman

Dear ariesonthecusp,
Please see my post called, "14.3% Cap Rate, 43% Cash-on-Cash SFR in Jackson, MS" in the "Deals...forum. This might be a great way for you to get started & learn the business. If you're not interested, maybe someone you know or work with is! If so, please pass it along! Thanks & good luck. You're on the right track!

Dear Heathen,
I was a professional photographer for 20 years, now an elementary school teacher (retiring to devote more time to R.E. investing). In my humble opinion, you'd be wasting your time to retrofit a digital slr with an old lens. There are plenty of good, inexpensive, digital cameras out there & many of them zoom from quite wide angle. Check out www.steves-digicams.com or www.dcresource.com or www.dpreview.com/. You can search for cameras with wide angle lenses. Good luck!

Trada just closed their doors.
Anyone else out there stuck with a mess?

So, Ncarey, you're saying that if I, representing my LLC, need a loan to buy, say, a duplex, I could approach a commercial lender?

When I browse through the topics in a particular forum, the ones I've already looked at show up in a slightly lighter blue color than the unread ones, but you have to look pretty carefully to tell them apart. It'd be a big improvement if the topics I've read appeared in a much more noticeably different color, like red for example.
Thanks.

Dear ncarey,
Interesting...I didn't know that minutes were not required by all states. My LLC will be a Washingtons State LLC, so I'll contact their Secty of State's office & find out.
Re: comingling of funds...If I keep a separate checking account (net necessarily designated as a "business" account, but registered to the LLC), pay all bills out of that account, deposit all rental receipts into that account & take monthly "owner's draw" do you think I'll be ok? Does that strategy satisfy the "no comingling" rule?

Yes, we could do that. Thanks Joshua. I'll also try the Google search.

Another good source is Nolo Press. They have an excellent book (well worth the price, in my opinion) that walks you through the process. I've set up 2 LLC's myself this way--quite easily.

Dear Revinv,
I'm just like you, pretty comfortable with the deal analysis, due diligence, etc. part, but in the dark re: taxes. I've always used a good EA, but she's not much help when I have questions or need input on strategic tax planning vis-a-vis my properties, so I need your guy!
Any advice on how to find such a savvy CPA, intimately familiar w/ REI'ing, in my local (SF Bay) area?

OK, I admit it, I've been lax & lazy...but I want to clean up & go straight (sort of): I set up an LLC 2 years ago. The LLC holds title to 3-fourplexes. My wife & I are the only people named as members. We've never held a formal meeting (unless you count conversations about the properties over the dinner table). I understand that without proper meeting minutes a savvy lawyer has a better chance to pierce the corporate veil. Fine, we can start conducting regular meetings & keeping minutes, but (& I realize this may not be completely kosher) is there some easy way to create "old" minutes? I mean, is there perhaps some template out there I could copy (replacing specific property & personal names, of course) to save myself time, or am I ok just doing it right from here on out???