REIT Bagholder

@Wildlaw406 Now do the WY LLC, which solves all of these problems, and more.... 😂

Say it with me people: LLCs and corporations are entity types governed by state law. S-corp and C-corp are different entity tax treatments under the tax code. Different entity types default into different tax treatment, but you get some choices, too. Hence, the oft-repeated distinction “LLC vs. C-corp” indicates a misunderstanding of the meanings of the terms. The distinction is between LLC and corporation, and either entity type can be treated as either an S-corp or a C-corp for tax purposes (depending on a variety of details).

@Liathetrader Days like this on the north coast are special, but here is what it's like 98% of the time....

Having this 20 mins from the house. Unreal. 🙏

@otter401 @PatCarino This ain't @otter401 's first rodeo.... 😂

@PatCarino What I hear is that you get a qualified biologist to do an endangered species survey on the property. Assuming no critters are discovered you find a guy with a tractor and disc the soil every three months until project ground breaking. That's what I hear at least.

Spent most of a call w/ equity walking thru a condition of approvals for one of my deals to remove any 🐢 we may find on site. They were hyper-focused because on another deal of theirs, they found endangered 🦎 and had to buy a separate property in that town for $6m (!) to relocate them to 😳 This industry is truly insane.

@Jefffeldman When those Phase 1's come in clean....

My back gave out on me today. It’s either my run yesterday or It’s because I’m dealing with multiple Phase 1 environmental issues. I’m assuming it’s the latter.

@alphaarchitect @TaxAlphaInsider @ptuomov The US territory tax treatment never ceases to amaze... Am I reading correctly that PR residents have no estate tax on their PR assets but any US domiciled assets (ie, real estate) have a fairly onerous estate tax up to 40% with only a $60k exemption?

calling on @TaxAlphaInsider and @ptuomov for 'most interesting esoteric tax fact of the day' BLUF: Not all US citizens are treated equally for estate tax purposes. A select few are exempt! ...native-born Puerto Rican whose US citizenship comes solely from PR...exempt for US estate tax... But you can't move here to take advantage. Need to be born in PR! @grok factcheck please.

@DadInvest Colonoscopy with a side of Metamucil.... welcome to your 40's

I’m 40 now so i have to tell you about the hottest new health trend: Metamucil before dinner. Don’t knock it till you’ve tried it. Extra fiber fills me up and comes with other key dietary benefits. Highly recommend!

@SkiTownRE The most mundane of trusts.... the revocable trust. Was really hoping for some offshore structuring with an anonymous trustee... The real story should be the $57k/yr property tax bill on a $2.1m house.... TX property taxes never cease to amaze...

If we’re being literal, the trust owns the house and shares it with Scottie and his family.

@seandsweeney Definitely bring passports and go to the Canadian side. Go on a boat tour and bring rain jackets. That's pretty much it from what I remember... everything else in town is a tourist trap. Maybe do some distressed RE shopping in Buffalo if you have time to burn... 😂

Who has been to Niagara Falls? We'll be close this summer on the US side and have decided to take a day and visit. What are the must dos? Don'ts? Where should we stay? Do I need to book everything now? TY!

@EllliotttB I just hope that Alan will still be able to get to Hawaii and Telluride, otherwise my feed will be sorely lacking...

@LPInvestor How are we supposed to get anywhere

It’s so crazy how expensive everything has gotten. Luxury hotels, restaurants that explain that everything is meant to be shared, the list goes on. But in particular what gets me is how much people are charging to do things for me.

"You either want a clear path to managing 1B, or you want to stay below 100M. Don't get caught in the middle, you almost never make it out." - large family office I work with

Def an issue with predatory owners which leads to rent control. Bigger issue is municipalities not allowing more MHPs to get approved. Additional supply solves this issue but no one wants a "mobile home park" in their backyard even through newer/nicer ones look like suburban neighborhoods...

This happened in Jackson Hole’s largest MHP. Brutal outcome for one of the most legitimate forms of affordable housing in a market that cannot deliver new supply. I feel terrible for the folks that have loans on their homes— will lead to some ugly repos.

@DallasAptGP 1/1/27 is the first eligible date to fund/break ground?

Don't want to jinx anything but I'll just go ahead and just put this out into the universe If things line up right, we may have the first ground breaking in the country on a RURAL Opportunity Zone under OBBBA rules

@BayAreaREMatt Assume you know the seller is heading to prison for a huge Ponzi scheme? Can't say scammers don't have great taste! x.com/LPInvestor/sta…

To all the new AI money buyers in SF, just know that if you cross the bridge you can get a super sweet home in Piedmont for a fraction of some of the SF homes. Like this 1915 Julia Morgan home thats nearly 12k sq/ft on about an acre that closed for 8.4M last week. Has a gym, pool, movie theater, and bay views!

@PerrySolem "The council would suggest the applicant resubmit with XYZ revisions...."

@LPInvestor should've walked after the first use approval failed. then after the second. time is all you have in this world, move the fuck on

I've been in and out of contract on a decent-sized tract for a long time now, self-storage got shot down, another use got shot down. Then a homebuilder tied it up, then walked. I actually tried to terminate recently and the seller, who is very nice, begged me to keep working on it. Finally, i just told the land seller i have a new LOI from another homebuilder, but he would have to come down on his pricing expectations. he said sure, then asked if he could see it, so i sent it. i didn't even try to hide the price. told him he can either negotiate w me on what i would make or just cut me out, because i just don't care anymore. i really don't. fuck this thing.

K1 investments are like boats... The two best days you have with them are the day you sign the commitment, and the day you get that "Final K1"....

@PerrySolem Sounds like a fun one...

@LPInvestor current zoning is worthless. county wants housing. need to work w adjacent landowner for sewer, and he won't play ball until 'lot values' improve. which goes back to housing. you don't want to waste your brain cells on this dumpster fire

Dynasty trusts are literally setup to avoid a termination provision at the death of anyone. It's in the name... And yes, some estate plans are setup to divide into trusts by branch/heirs/etc but many are now being structured as a Pot structure to keep the assets held in a single entity long term. Personally, I think division makes more sense to avoid family conflict of shared assets but it's definitely a discussion point.

@LPInvestor @DadInvest Trusts have termination provisions due to life events (e.g. passing of grantor). Usually when SOW (source of wealth) passes, they're split into 10+ trusts for various family members, etc.

Everyone knows about Peter Thiel’s 10-figure Roth IRA, but I’m wondering what the largest dynasty trust in the US is? Delaware repealed the rule against perpetuities in 1995, allowing trusts to expand generations, so how big could some have become in a single generation??