Posted by Matthew Chan on May 06, 2000 at 02:16:01:
If you read the articles of incorporation for most companies, you will find a statement that says that a corporation may engage in any legal business activity. REI and computers are certainly legal. I use my corporation for both activities but I put on a different hat when I actually engage in it.
I got rid of my old CPA when he refused to understand that simple concept. My corporation is here to make money whether it is in REI, computers, basketweaving, babysitting, shoeshining, whatever. You simply make sure you have records to prove you are engaging in those businesses. They are simply different sources of revenue and it all spends the same.
It is much easier to avoid the hassle now. I told the Business License people that it is the same company but we are expanding to other activities. They simply added the extra SIC code (which tells what types of business you are in) and dba name. There was only a small change of information fee on the same business license.
I told my old CPA 3 times over the span over a year on what I was going to do and he kept giving me resistance on legitimate deductions. His limited mind could not get past the fact that I make money doing different business activities. I found another CPA based on referral and he had no problems with it. It made perfect sense to him.
So, do what you need to do… Last thing I checked, doing 2 or more businesses is not illegal.
Post St Louis Trama~Hawaii here I come! - Posted by steph in tex
Posted by steph in tex on May 05, 2000 at 07:54:34:
i’m trying to get my fingers to type it…
steph in hawaii…
still feels strange.
I’m looking for more feed back from the gang.
After talking to several people in St Louis about the market in Hawaii, we’re packing…
Seems there’s money to be made! I sure can’t buy anything in Austin for 30-50K… no way…
So i’m thinking…hum…vacation home? make money while you’re there? why not?
anybody have any why nots?
HIT ME! we’ve already got someone to move into the homestead while we’re there…we’re thinking extended vacation, and if it works…well, we’ll stay up to a year.
Looking for input from my favorite peanut gallery!
Something to be said for these old sayings…they usually have a piece of wisdom in them. It looks to me like you’re doing very well where you are. Hawaii may be a different market…I’ll guarantee you west coast markets are different than midwestern markets.
Maybe you should be going from Texas to Ohio?
Anyway, I love your energy, and I’m sure you can make things work anywhere you go. Just make sure you don’t assume the markets are the same…check it out.
I have been researching HI from afar for about 3 months. Hubby and I just incorporated for his computer consulting service, but we wonder if we can have a REI business under the corp as well. If so, the trips to HI could be expensed thru the corp! REI in the morning, snokeling in the afternoon. Ahhh, aint life grand?!
The best wishes to you and yours from my family to yours. My wife loved Hawaii and is still beating me over the head to take her back.
I greatly appreciate all of the info, time and patience that you gave me at the Atlanta convention!
I am sure we will see you in Atlanta again right???
All of the best on your adventure and real estate success.
Terry
The low prices you see generally reflect the fact that you will rarely own the land fee simple, unique title law due to historic land ownership by the Hawaiian Royal family. You’ll often encounter land-lease situations.
Hawaii has one of the longest foreclosure timelines of all 50 states. Particularly when a howlie tries to foreclose on a native …
That said, cyclically - it seems to be a great time to enter that market.
I’m glad you’re actually going to do it. When you told me about your plans, sitting at the bar in St. Louis, it sounded good. And knowing what you’ve accomplished in such a short time in Austin, I have no doubt you’ll find success in what ever you do.
My sister lives in Maui and is buying real estate “Until the Cows Come Home” Some really great deals. Of course our perspective is from San Diego and Marin County (San Francisco Bay Area) California where property values are astronomical. If there were property in the $30K to $50k price range my sister would have purchased them all. Prices are $110K and above one block from beach. Beach front condos $180K and above. Property owners are selling from 10% to 50% less than their purchase price five years ago. Prices are starting to go up since last summer. I have been there twice in the last few months looking for property. AMTRAC doesn’t go to Hawaii or my dad would be there buying property now.
If your looking for some alumni from our workshop? Then you can contact Ann French, who is in
Keaau, Hawaii at antan@gte.net, Chuck Nelson, who is in Ewa Beach at chuckn@hawaii.rr.com,
and I believe Al Galarpe is relocating there as we speak. Knowing how friendly our group is, I’m
sure they will be glad to share information with you and give you some good places to eat etc.
The only why not is family and friends. I thought about it after the first retirement in '91. Kauai and the Big Island seemed to be more residential. Of course Oahu if you want more people. The cost of living is higher but for the weather it may be worth it. You would still be looking for those motivated sellers. If things are going to appreciate then L/O are a good bet. I would be following howlie death notices.
Have a good time. So little time to use my condo there this year.
Re: Post St Louis Trama~Hawaii here I come! - Posted by B.L.Renfrow
Posted by B.L.Renfrow on May 05, 2000 at 11:24:27:
Hey Steph,
At the CRE thing in Atlanta, I sat with some folks from Hilo, HI at the Saturday evening dinner. They had been there for some time, and had plenty of knowledge about the whole area.
If that’s near where you’re looking, email me off the list and I’ll get you their name and numbers.
I just got back from Mauii a few days ago. I have to tell you that I almost became Dan(HI). I still have it on my list of Lifelong goals to live there for a year or two.
While I was there I checked out the market pretty heavily. (I live and breath RE most of the time. I think its a form of a sickness for me now.) There are quite a few forclosures there, but things are still selling for a premium. So, before you rent a cargo container and ship your belongings there, please check the place out. I don’t remember seeing anying in the $30k-$50k range. As a matter of fact, the cheapest 1bd/1bth condo was around $110k.
Keep in mind that I was only looking at Oahu & Mauii. You may be looking somewhere that I overlooked.
good point jpiper,
better read “Acres of Diamonds” before you go, grass is always greener on the other side of the fence … until you discover it’s artificial turf.
