Need Help from Anybody Doing Lonnies in Texas - Posted by Jim Simons SATX


#1

Posted by Keith on December 22, 1998 at 08:05:24:

Jim:

I am from Dallas. I am unsure what a Lonnie deal is
because I have not studied that course. I can tell
you about Inc. or L.L.C’s, however. I have my
own Corporation.

Let this be a good rule of thumb:

  • Go for a Corporation if you have active investments
    (i.e. if you are doing flips and Lease/Options).

  • Go for L.L.C.'s if you have inactive investments
    (i.e. Rental Properties).

  • Third choice is by Bronchick’s course on either or…
    Just buy the $99 book … that’s all you will need.
    These books are great for jump starting your
    own business!

P.S. And in Texas we are faced with a francise tax that
is additional to the Federal tax. You are
not taxed during the first year, however. You
will need to call the Austin Filing Division to
get the paperwork and find out the francise tax
rates. Their number is 512-463-5555.

Hope that helps!

Keith


#2

Need Help from Anybody Doing Lonnies in Texas - Posted by Jim Simons SATX

Posted by Jim Simons SATX on December 21, 1998 at 22:36:42:

Hi,

If you are doing Lonnie Deals in Texas, could you please help, not only me, but many others on this forum who are asking the same questions.

(Personally) I’ve done the market research. I’ve ordered and studies Lonnies Books and Home Course. I’ve read all the related articles I can find on this site and others.

But there are some answers I and others can’t seem to get:

1 - What do we need to do legally, to get started in Tx?
2 - Who can we contact to find out more?
3 - What form of business entitity is best LLC, Corp ?
4 - Would you know, or suggest a good RE Attorney in SA
5 - Any other info (do’s, don’t, tips, traps, etc.)

I don’t expect anybody to write a book here online, but I feel any information you could give here would go a long way and benefit several people.

Thanks and God Bless - Jim


#3

Lonnies in Texas - Posted by Susan

Posted by Susan on December 23, 1998 at 09:18:45:

Legally, you are required to take a class and get a license & bonding, which is expensive. I went through all that, but am kind of feeling like it was a waste of money. You can call Texas Dept. of Housing & Community Affairs at 800-500-7074 or 512-475-2200 for info.


#4

Re: Need Help from Anybody Doing Lonnies in Texas - Posted by JCRA

Posted by JCRA on December 23, 1998 at 05:45:21:

JIM,
I AM ALSO LOOKING FOR INFO CONCERNING THE TEXAS MARKET, BUT NOT IN YOUR AREA. PLEASE CONTACT ME. JCRA@webtv.net
THANKS.