Public Adjuster?
My vacant rental was vandalized; someone called the police and 4 people were arrested inside the home. Allstate adjuster said its 20-25K in damage but they will not cover it.
I was told that I can have a public adjuster fight the insurance for me; they get a part of claim if it works out. How would I go about finding one?
Thanks for the reply; I found many sites/ companies on google.
Well, you never know what other riders to buy. I have a garden condo in a 12 unit building that got flooded last month. My unit insurance does not cover water damage and the building ins will only pay for putting the drywall (no tape, patch, primer, paint), no appliances, no kitchen cabinets, doors etc. There was 3 ft water in the unit.
Well since you are in the chicago suburbs I can recommend my good friend Dorian Bezanis at Alpha Adjusting.
SKrei,
what was the reason they gave for denying the claim?
The reason for denial:
Losses We Do Not Cover
Vandalism. However we do cover sudden and accidental direct physical loss caused by fire resulting from vandalism.
They will cover the above if prop vacant less than 90days.
The insurance guy asked me to sue the people arrested. But they probably have no income/ assets and I would be wasting money on the attorneys
Peter, As I see it:
1. Your CC is a 50-50 partner with your brother, thus profits are split 50% to each.
2. Unless you negotiate this point with your brother, the additional profits are also divided 50% to each.
3. Under U.S. tax laws:
There are no Capital Gains taxes on this transaction. Your CC pays ordinary income taxes on the profit received. And your brother also pays income tax on his share of the profits.
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good points. i like the answers. There is also a site called Board Hustling. com where you can have a professional help you with your legal questions. I find it helpful cause its an actual law firm and they need the money is the reason I am advertising on this board as I do not have the money to advertise anywhere else.[ Edited by JohnLocke on Date 10/20/2008 ]
That took me a minute to understand- but then I sure got a good laugh!
Thanks, John- I needed it...
Chris,
Deleted other posts from this person, which were all the same.
Just figured I would pull him up in public rather than keep deleting his posts. Must be an attorney hustling for his law firm.
People think the real estate industry is in bad shape, guess it looks like their are others in worse shape.
Besides we have John Merchant on board here who is professional attorney helping the posters here.
John $Cash$ Locke
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i have never seen the option to be taxed as a s-corp.
Partnership (individual in single member) or c-corp.
I have been looking at using the c-corp structure to avoid distributing the income (retained earnings) at years end. This is a wild hare and has not been confirmed w/ my cpa or atty.
Well, actually you can have an LLC taxed as an S-Corp or C-Corp. It might make sense for lease options with a high exercise rate. But even then, the S-Corp taxation in an LLC might not make sense because:
S-Corp taxation, eventually has you pay yourself a low salary, and a high distribution back to your company. It must be proven, in accordance with the IRS. Your distributions would have to be proved as necessary expenses in your company. This is one of many reasons many who choose either the S-Corp election, or to be an LLC taxed an a S-Corp are usually franchises like McDonalds, Subway, etc... They have a manager pay themselves a low salary, along with the heavy distribution needed to maintain the building, payroll for employees, and lots of other headaches. That is why an average Subway franchise owner makes about $35K/yr, but many have been known to make more.
proceedurally how is this done?
You say tax me as a c-corp and then do the s-election?
LOL
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