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Ham Equity posted:In my continuing effort to provide content for this thread, the Bad With Money thread, E/N, and the r/Relationships thread, I met with a lawyer today along with two friends with whom I want to buy a house to use as our primary residence. Lawyer was very helpful, answered a lot of questions, but he is a real estate guy, not a tax guy, so couldn't answer one question I had: if we use an LLC to own the house (we would all be co-owners of the LLC, the LLC would be on the title for the house), is there any way for us to get the primary residence capital gains tax exemption, or is that right out given that an LLC cannot have a primary residence? My brother has an LLC with some business partners that owns a triplex. I don't know how it happened, but they took the mortgage out in his name, personally. The LLC then reimburses him every month for the mortgage payment. I strongly suggest you not take out the mortgage out in your personal name.
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Sep 29, 2022 16:37
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Ham Equity posted:Whether or not the home would be eligible for the primary residence capital gains exemption is something we'd like to consider when we are deciding whether we form an LLC or not. Definitely going to use an accountant for at least the first year if we do go that route, but all three of us have worked in some form of finance, so depending on the cost and the complexity may or may not continue to use one after that. Ah yes, the pro se accountant. God speed! Let us know how it goes! You still need to pay a CPA to answer your question, even if it's just an hour. BigHead posted:My brother has an LLC with some business partners that owns a triplex. I don't know how it happened, but they took the mortgage out in his name, personally. The LLC then reimburses him every month for the mortgage payment. I assume at least one if not all 3 of these people will have to issue a personal guarantee. The actual way to do this is one person buys a house and charges rent.
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Sep 29, 2022 16:44
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BigHead posted:My brother has an LLC with some business partners that owns a triplex. I don't know how it happened, but they took the mortgage out in his name, personally. The LLC then reimburses him every month for the mortgage payment. The way that this gets set up is the three of us are on the mortgage, the LLC would be on the title. No bank is going to loan an LLC money that has no revenue stream, but it's pretty typical to do this. I just realized I posted this in the homeownership thread instead of the house buying thread. My guess is there's a lot of overlap, so I won't bother to cross-post in order to fix my mistake.
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Sep 29, 2022 19:47
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Ham Equity posted:The way that this gets set up is the three of us are on the mortgage, the LLC would be on the title. No bank is going to loan an LLC money that has no revenue stream, but it's pretty typical to do this. Please do it will give me a reason to skip to present there.
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Sep 29, 2022 19:54
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H110Hawk posted:Please do it will give me a reason to skip to present there. This contract is sealed.
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Sep 29, 2022 20:48
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Ham Equity posted:The way that this gets set up is the three of us are on the mortgage, the LLC would be on the title. No bank is going to loan an LLC money that has no revenue stream, but it's pretty typical to do this. Explain the point of the LLC if you're going to all be named on the mortgage individually. Why would anyone personally guarantee the assets in an LLC in which there are other members/they do not have full control?
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Sep 29, 2022 20:55
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In regards to the primary residence tax thing, you can ask in the income tax questions thread to get some other opinions, but speaking from my knowledge the house if it's owned by the LLC does not get the primary residence exclusion on capital gains, it's held by the partnership not an individual who gets that deduction. There might be some clever way to structure it otherwise, but my off-the-cuff opinion is unless it's VERY clever that's just going to add a ton of complexity at best, and more likely tumble you into a world of hurt if you try to treat the house one way and the IRS thinks it's another and you're trying to be cute with your taxes to evade them. Also not really sure it's a "business" since you aren't really trying to set the LLC up to make a profit which could cause other issues, maybe a trust could hold it better? Probably need an actual tax lawyer and not a CPA to get the best answers on this stuff.
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Sep 29, 2022 21:30
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MadDogMike posted:In regards to the primary residence tax thing, you can ask in the income tax questions thread to get some other opinions, but speaking from my knowledge the house if it's owned by the LLC does not get the primary residence exclusion on capital gains, it's held by the partnership not an individual who gets that deduction. There might be some clever way to structure it otherwise, but my off-the-cuff opinion is unless it's VERY clever that's just going to add a ton of complexity at best, and more likely tumble you into a world of hurt if you try to treat the house one way and the IRS thinks it's another and you're trying to be cute with your taxes to evade them. Also not really sure it's a "business" since you aren't really trying to set the LLC up to make a profit which could cause other issues, maybe a trust could hold it better? Probably need an actual tax lawyer and not a CPA to get the best answers on this stuff. LLC is what the real estate attorney we talked to recommended as an option to get some liability protection. The other option is just to rely on the Real Property Agreement, in which case I think we would probably get an umbrella policy on top of our homeowners insurance in order to mitigate the liability risk.
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Sep 29, 2022 21:48
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Ham Equity posted:LLC is what the real estate attorney we talked to recommended as an option to get some liability protection. The other option is just to rely on the Real Property Agreement, in which case I think we would probably get an umbrella policy on top of our homeowners insurance in order to mitigate the liability risk. I think what Motronic is getting at is that you do actually have liability protection if you have personal guarantees on the mortgage. You're piercing the corporate veil by not having all of the assets/liabilities within the LLC, which of course is extremely difficult to get a mortgage with without a long history of creditworthiness and business.
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Sep 29, 2022 21:53
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StormDrain posted:Heck yeah best of luck. I do it with the powdered joint compound, I use either 20 or 45, both are fine depending on how much you're doing. After it dries in like 1-2 hours I sand it down and wet rag it. Anything smaller than a coin I can usually blend but larger than that and I do hit it with some canned spray texture that is way more expensive than it should be. I definitely misunderstood you - using the wet rag after the mud is set and sanded adds to the texture? Your example looks dang good and mine are probably closer to the example that you said was bad, lol, so I'm trying to wrap my head around your technique to improve my patching in the future. Cause there's a lot of it in my future... 
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Sep 29, 2022 21:54
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TraderStav posted:I think what Motronic is getting at is that you do actually have liability protection if you have personal guarantees on the mortgage. You're piercing the corporate veil by not having all of the assets/liabilities within the LLC, which of course is extremely difficult to get a mortgage with without a long history of creditworthiness and business. The process he described was getting the loan in our names, buying the home, then moving the title for the home into the LLC. Dude has been a real estate attorney for nine years, and seemed to know his poo poo, but I will ask for some clarification on this. He said he'd done this a bunch, and it hasn't been a problem.
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Sep 29, 2022 21:56
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Ham Equity posted:The process he described was getting the loan in our names, buying the home, then moving the title for the home into the LLC. Dude has been a real estate attorney for nine years, and seemed to know his poo poo, but I will ask for some clarification on this. He said he'd done this a bunch, and it hasn't been a problem. Of course it's not a problem to do this. It's only a problem when the liability protection you thought you had turns out to be bullshit once it's tested. Ask him how many of theses setups in your state/jurisdiction have been part to actual liability and the outcome of the litigation.
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Sep 29, 2022 22:03
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Johnny Truant posted:I definitely misunderstood you - using the wet rag after the mud is set and sanded adds to the texture? The rag dissolves the extra mud you don't want on the wall, unlike sanding. When you sand it becomes a big flat area. Using the rag will just clean it off around where you wanted to fill it. Smaller holes or patches blend in better since you're just filling the gouge or hole, and you can kind of dab the mud a bit to give it a texture where the hole was. The roller texture of latex helps a bit too, although it's too flat to help on anything big. It ain't perfect... I find myself spraying texture on anything much bigger or doing things like flicking a brush dipped in mud at the wall to get something back on if it's too smooth. pre:So I haven't been sleeping because today I admitted to myself that a wall of my basement is tilting inward and I need to have it stabilized. I noticed it was out of plumb and figured I'd monitor it, but I've got to get this taken care of. I'll probably have to demolish the deck, which isn't a huge loss since it was in bad shape anyway. It was a super low priority compared to more fun upgrades to the house! Ah well.
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Sep 30, 2022 09:25
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Well this sucks. I’m assuming these bushes are not easy to remove. 
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Sep 30, 2022 15:14
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meanolmrcloud posted:Well this sucks. I’m assuming these bushes are not easy to remove. That dead one? Hack at it with a powered hedge trimmer straight to the core close to the ground, then use some form of wood/plant saw (bow saw, whatever you have) to cut the trunk. Then just haul it out. It's already done the "dry out" part. A ton of leaves will fall off but whatever. Then cut it up as you see fit. Getting the stump out will likely involve digging with a sharp shovel straight down from several inches out from the stump. Push hard, you're trying to cut roots. If you have a pickaxe now is the time to use it. Once excavated around it and under it, use a lever (shovel, pickaxe) to get the root ball out. Might take several separate attempts. It will come out, but you need to get as many roots cut off it as feasible. If you want to remove them all then use your new access from the removed dead one to cut the trunk then leave it for 1-2 weeks until it looks like that one. They will weigh a lot less. No reason to remove the alive ones unless you have a plan to replace them.
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Sep 30, 2022 15:36
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I have a similar boxwood that looks about half eaten with blight. How does one even go about finding a replacement around the same size as it's neighboring bushes?
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Sep 30, 2022 15:43
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It's not really possible because a bush with that size of roots is going to suffer from transplantation. You'll have to wait out transplanting a young one.
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Sep 30, 2022 15:57
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Boxwood smells like cat piss
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Sep 30, 2022 15:58
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That smell always reminds me of Colonial Williamsburg, thus childhood nostalgia. Also, if that box has an actual disease, a new plant will get it too.
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Sep 30, 2022 16:06
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sexy tiger boobs posted:Boxwood smells like cat piss
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Sep 30, 2022 16:25
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I've got a small leak somewhere in my water line, and my Water Bill is about 50% higher than it should be given my usage. So it's not like, "crisis" but definitely serious. The main line is PVC from 1981, and plumbers aren't even considering a repair job, or trying to locate the leak. They're all just saying it's time to dig it all up and replace it all. Annoying. I know the leak isn't INSIDE the house, because all my walls and floors are ripped open at the moment and I have no plumbing fixtures to leak, but I'll probably want to confirm it's not just a busted irrigation system before I go digging up my driveway for fun
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Sep 30, 2022 17:21
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GoGoGadgetChris posted:I've got a small leak somewhere in my water line, and my Water Bill is about 50% higher than it should be given my usage. Is there a shut-off valve for the line that feeds the irrigation system? Even if not, putting one in and then shutting it off would be a cheaper test than just digging it all up.
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Sep 30, 2022 17:28
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I'd do both: ensure there's a shut off for your irrigation and and replace any main line pvc. Pvc that's 40yo is past its expected life.
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Sep 30, 2022 18:16
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Diva Cupcake posted:They're pretty ugly too honestly but they came with the house and now I'm debating tearing up the whole lot of them instead of having some lovely mismatched bunch. Tear them all out now, amend the soil and let it overwinter, then replace with some nice natives in the spring. Boxwoods are a scourge upon the earth when not carefully maintained as whimsical topiary.
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Sep 30, 2022 22:42
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 What is the metal hose next to my chimney for? I have a mystery vent hose with a big split next to my chimney that I discovered while doing some dryout after hurricane Ian. It doesn’t connect to a dryer. On the low end it disappears into some plywood near my fireplace. On the high end it exits stage left instead of straight out. Edit: here is the exit 
CarForumPoster fucked around with this message at 02:27 on Oct 1, 2022 |
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Oct 1, 2022 02:23
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There's a stump in my back yard that has died in the year since I moved in. I kicked it and saw some termites. Do I do anything about it? It's just a couple of feet from my seemingly unaffected deck support beam.
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Oct 1, 2022 02:46
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redreader posted:There's a stump in my back yard that has died in the year since I moved in. I kicked it and saw some termites. Do I do anything about it? It's just a couple of feet from my seemingly unaffected deck support beam. Stump grinders are a stupid cheap rental, especially if you have multiple stumps. I rented one for ~$100/day and in a couple hours ground 5 stumps below the grass line.
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Oct 1, 2022 02:51
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Hutla posted:Tear them all out now, amend the soil and let it overwinter, then replace with some nice natives in the spring. Boxwoods are a scourge upon the earth when not carefully maintained as whimsical topiary. This is the Way. Tell us where you live (approximately, just which USDA zone and what general chunk of the US you're in), and we will all gleefully suggest plants. In particular, your foundation planting will look much prettier with a variety of plants than with a uniform hedge, and you can set it up so that things are blooming, or have fruits or pretty leaves, for a lot of the year.
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Oct 1, 2022 03:02
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CarForumPoster posted:
Bathroom vent? lovely dryer vent? Nobody can tell you this from those photos. You need to trace it in the other direction back to its source.
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Oct 1, 2022 04:57
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Today, after reading earlier in this thread about people cleaning their dryer ducts, I extracted about ten years of lint from inside a wall. It filled a white garbage bag.  I have no idea how they got so much up there, when (1) the dryer has its lint trap in place, and (2) when I bought the place, I realized they had been venting the dryer directly to the laundry closet and there wasn't even a flex-duct connecting it to the wall. My guess is that they didn't use the lint trap and only installed it right before they put the place up for sale, and maybe they were venting poo poo up into the ducts for so long that the pressure build-up jettisoned the flex-duct? I installed it two years ago, though, and it hasn't misbehaved for me at least. If the former owners of this place are ever found dead, I'll understandably be a prime suspect. Sundae fucked around with this message at 05:08 on Oct 1, 2022 |
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Oct 1, 2022 05:05
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Motronic posted:Bathroom vent? lovely dryer vent? Well I don't feel bad for just having no clue now. That's the bizarro thing... theres nothing near this other than a fireplace to imply its use. It's my bedroom on one side (side im standing on) and a large living room/fireplace on the other (side with the insulates ceiling vault shown in pic). My room has a bathroom but it is very far away and has a separate vent system. This vent disappears into the aformentioned plywood and I have no clue where it ends up. There is no water hookup or 220V outlet near by for a washer/dryer. I'll have to investigate more tomorrow. EDIT: Theres a weird cutout in that room with a little door that goes into a crawlspace cubby hole thing...I wonder if the PO originally planned to put a gas heater in that area and ended up drywalling over it. This could be the fume extraction for a gas heather that was never installed. CarForumPoster fucked around with this message at 05:11 on Oct 1, 2022 |
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Oct 1, 2022 05:08
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CarForumPoster posted:Well I don't feel bad for just having no clue now. That's the bizarro thing... theres nothing near this other than a fireplace to imply its use. What gas appliances do you have? Gas water heater? Range hood? Gas furnace?
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Oct 1, 2022 05:10
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StormDrain posted:What gas appliances do you have? Gas water heater? Range hood? Gas furnace? Literally 0, but see above edit. I think thats my new best guess. I'll check the little access door in the weird room cutout to see if there are gas lines. EDIT: I should replace this line with pneumatic tubes that go to my bedroom, my office and my wifes offices so that I can send her pneumatic dick pics and offers to make a deposit at her love bank. EDIT 2: And fart in one of those little pneumatic pill canisters and send it to her lmao CarForumPoster fucked around with this message at 05:18 on Oct 1, 2022 |
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Oct 1, 2022 05:12
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House Ownership: Sending my wife pneumatic dick pics
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Oct 1, 2022 05:18
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Hadlock posted:House Ownership: Sending my wife pneumatic dick pics Dutch oven delivery
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Oct 1, 2022 05:32
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Sundae posted:Today, after reading earlier in this thread about people cleaning their dryer ducts, I extracted about ten years of lint from inside a wall. It filled a white garbage bag. One of the worst house fires I handled had the gas dryer venting directly into the wall cavity. Something lit it up about 3pm on Thanksgiving Day 1998. Went straight up the wall & through the roof like a chimney fire. It was very sad to see the blackened turkey sitting in the pan. You are fortunate.
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Oct 1, 2022 16:43
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Speaking of dryers, when I moved into this house I basically took apart the dryer and cleaner out all the lint. I also replaced the exhaust hose. After running a load, there are always tufts of lint outside on the ground under the exhaust opening. Is this normal? I always clean the lint trap after every load. Internet tells me this is a sign of blockage in the exhaust hose but it’s brand new.
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Oct 1, 2022 17:06
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CarForumPoster posted:
I specifically used a metal dryer vent hose and tried to minimize kinks, and internal ridges inside for less turbulence, most people get the cheap foiled paper around a 1/16 inch coiled wire body and those can be fire hazards as they are flamable.
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Oct 1, 2022 17:18
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Quaint Quail Quilt posted:Are you sure that's metal, because it looks like the cheap foiled paper kind to me. I am not sure what it is. Sorta update:  I checked the weird cubby cut out in our bedroom and went up to the attic again. No vent hole. The cut out can easily be seen in the attic and is 5-6 feet from the mystery vent. Unless I pull the entire vent hose through the plywood it goes in to I can't see what is below. The hole is tight fitting around the hose and I dont know if its connected at one end and dont want to rip it if its attached to...something Still no idea what it is for or where it attached to on the low end. Single story house on a slab so no basement or crawl space application. Our fire place is a giant stone facade to is basically has to connect to the fireplace if anything...but why are there two connections?
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Oct 1, 2022 17:24
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Fresh air intake? Except the exterior vent cap closes.... Hmm
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Oct 1, 2022 17:37
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