All Forum Posts by: Yoochul C.

John,

Hey do you have any info on multi families in the corona area that could cash flow.  I'm interested in the 300-400K range.  I'd like to keep them 4 units or less to qualify for conventional financing.  Let me know.  I'd love to be in the standard 1% and 50% rules.

Thanks

Yooch

Thanks guys. 

yeah my end goal is to have cash flowing properties.  I guess you're right about the CA appreciation may be way better than TX.  I guess i'll go the refi route and keep the properties. 

Yooch

Hey BP,

I have a townhome (completely paid off) and a condo with about $200k in equity.  Both properties are worth about $550k.  Should I take the hit in expenses and buy much better cash flowing properties in Texas?  Rent on the townhouse is $2100 and the rent on the condo is $2300.  I obviously cash flow on the property thats paid off, I cash flow about $100 on the condo.  Please give me some advice.

Thanks

Yooch

Nevada isn't any more private than a CA LLC. NV still asks for member information to be listed on their articles. Besides, having both NV and CA can be expensive. NV requires you to pay the initial list of managers ($125) and business license ($300). Plus you have to pay the $800 CA minimum franchise tax.

There are several states that don't ask for member info.  WY, DE come to mind.  There are more.  

Thanks

Yooch

Kevin,

There is a good turnkey guy in Houston that I almost did business with but I have found someone with a better connection in San Antonio.   His name is Shawn.  Website is

http://texasturnkeyproperties.com/

Check him out.  My friend has bought several properties from him.  He's legit.

Let me know if you do anything.

Yooch

Thanks guys, 

my sisters uses them and seems really happy with them.  She spends about $500 a year and her tenants don't call her but this company for any and all repairs.  Seems so much simpler than a property manager.  I thought it was just a home warranty but there are repair services as well.  

Thanks

Yooch

 Hi Gregory,

I live in the Vintage at Arboreta community right at the base of the mountains just north of the train tracks where the 2nd phase of the Gold Line is to come through.  There have been three townhomes in my community that went up for sale in the last month.  All three sold within days.  We bought for around $510 and now we can probably sell for about $580 or so.  Not much appreciation in about 5 years but i'll take it.  So just some FYI.  I think the demand is there.

Yooch

hey guys,  

Just found about this company called American home shield that provides service calls for my tenants.  Why should I pay a property management company?

Thanks

Yooch

Tony

You don't need to use Legal Zoom. It is really easy to set up a LLC in Illinois. Unfortunately, IL is the most expensive state to form a LLC in. The state filing fee is $500 compared to say a state like MI which is $50. The form to complete the articles of organization can be downloaded at this website.

http://www.cyberdriveillinois.com/departments/busi...

The link to the form is on this website.  However if you wish to file it online and get it done much faster you can file it online for about $100 more.  The usual turnaround time for the state to file a paper filing is about 4 weeks or so. 

The basic info that the state requires is as follows
1.  Name of the company

2. The name and address of the agent for service of process. Basically the person to serve process if the LLC is to ever be sued.

3. If the LLC is gonna have managers or members. Members in this case is essentially the owner. Managers are third parties that operate the day to day operations of the LLC other than the owners.

4.  Sign and send to the state.  You'll need to send the document with a self address stamped envelope.  You'll also need a cashiers check from the bank. 

Let me know if you have any questions.  I do this for a living.  I can't give legal advice but I can walk you through the process.

Thanks

Joe,

In Texas, the state filing fee is $300. You need to set up an account with the state to file your LLC on your own. Its pretty easy to do. Here is the link. Texas is one of the few states that does allow for a Series LLC. You should look into that if you're having multiple properties. Again, you should go over this with your accountant and attorney.

https://direct.sos.state.tx.us/acct/acct-login.asp

Good luck.

Yooch