Big Fish Weekly Update – August 7

1. Dark Tales: Edgar Allan Poe’s Lenore Collector’s Edition

Join your trusty partner C. Auguste Dupin on another harrowing adventure! Travel to the city of Goldstown, a small city that’s been plagued by multiple kidnappings and a secret gang of murderers calling themselves the Crows League.

Device: PC & Mac

2. Maze – Nightmare Realm Collector’s Edition

Your nephew has a secret, one that’s keeping him trapped in a nightmarish world. Follow him into the dark reaches of his mind to save him from a monstrous fate!

Device: PC & Mac

3. Witches’ Legacy: The City That Isn’t There Collector’s Edition

Your mother has mysteriously disappeared while researching a city that has vanished from all maps. Things quickly turn dark as you trace her footsteps into a city filled with mysterious creatures. Can you save your mother before it’s too late?

Device: iOS

4. Midnight Calling: Valeria Collector’s Edition

Your world is rapidly cooling down, and you’ve been called in for help! You quickly find magic at work in the icy landscape. Can you uncover the cause in time?

Device: iOS

3 Business Structure Mistakes Real Estate Investors Make

Let’s start with: Why have an LLC?

There are mainly two reasons why you want any kind of business structure:

Pay less tax, and protect your assets.

Before you jump into creating your LLCs for your real estate holdings, there are a few things to consider. Do NOT make these three mistakes.

Mistake #1: Forming the wrong entity and/or in the wrong state.

Sometimes people get confused about their real estate investments and what the IRS considers them to actually be doing.

You could be a real estate dealer, which means you flip or wholesale properties. You could have a real estate business, which means you rent out property for short stays and provide substantial services, like a motel or some types of vacation rentals. You could be a developer which means you buy property and make changes to it before it is sold or put in service. Or, you could be a regular real estate investor and hold property that has long term renters (commercial or residential).

You first need to know what kind of real estate investor you are. You will use different tax strategies and different types of structures depending on the type of investment. For example, if you’re a real estate dealer, you have a business and that means you want an entity that is taxed like an S Corporation or possibly a C Corporation. Flipping houses or flipping burgers…you have a business.

If you have long term rentals, you will most likely want a single or multi-member LLC. If you are investing from Canada, you’ll want an LP (limited partnership).

Bottom-line, know exactly what you’re going to do first and then decide what the right structure is. If you need to close quickly on a property and want an entity right away, your best bet is to use an LLC. An LLC can decide later what type of taxing structure it should have.

The second part of this is setting up the entity in the wrong state. Make no mistake, one way or another you need to have legal authority in the state in which your property is located. If you buy a property in Ohio, you need an OH LLC or you need to authorize your out-of-state LLC to do business in Ohio. (In effect, you’ll pay twice that way – once to the state that has your LLC and once to Ohio.)

If you don’t get your entity set up or authorized in the state of your property, you won’t have any legal standing for possible tenant issues. One way or another, you have to have an entity in that state.

Mistake #2: REP with wrong structure.

The short answer is that if you want to claim real estate professional status (and all the great tax benefits), you have to be a named manager in a manager-managed LLC.

If you tried to do-it-yourself with an online LLC set-up or used someone to set up your LLC who doesn’t understand real estate tax law, you could have a problem.

Mistake #3: Not set-up or maintained properly.

The #1 mistake when setting up an LLC is failure to prepare the Operating Agreement. Most of the online do-it-yourself websites mention it, but don’t give you the tools to do it. Remember the manager-managed LLC is the type of LLC you need for your real estate investments if you ever want to take the “real estate professional” status.

Once the entity is set up, that’s not the end of it. You need to continue to maintain the LLC with proper state and federal filings. Plus you need to give proper notice in your business dealings. Don’t sign contracts with just your name, use your name plus your title (i.e. Manager of ABC LLC).

Are there only 3 possible mistakes? Of course not, but these are the most common.

Learn The Perks Of Sleeping Like A Log

Chronic sleep deprivation can do more than make you grumpy. It may also increase your risk of diabetes, depression, heart disease, weight gain and – according to this interview – a fatal car accident. Leading alternative health expert Bryce Wylde and HealthCentral reporter and registered dietitian Lisa Nelson had lots of advice for optimal sleep hygiene, including using Mute if snoring is creating distracting noise.

Nelson observed that sleep deprivation is a common problem. “As a society, we generally stay up too late and get up too early,” Nelson wrote. “We have overexposure to artificial light, which impedes the hormones that regulate sleep. We interrupt our sleep with drugs and chemicals. We work too many hours sustained on too much caffeine.” She asked Wylde for tips on achieving optimal sleep hygiene.

In addition to avoiding naps and using an eye mask to cut down on light, Wylde had specific advice for reducing bedtime noise. “If you or your partner snores or has congestion, my favorite product on the market right now is appropriately and ingeniously called ‘Mute’ by Rhinomed,” he told Nelson.

Wylde, who snores due to a nasal septal defect, added that “both snorers and their partners report a better night’s sleep when Mute is used, waking more refreshed.” Mute is designed with the nose’s anatomy in mind. It sits comfortably inside the nose and alleviates nasal congestion and obstruction by dilating the airway. This enables easier breathing through the nose and cuts down on the need to breathe through the mouth, a common cause of snoring.

“The reason I love Mute so much,” Wylde continued, “is that it is individually adjustable on each nostril, so it fits all nose types. This enables the device to adjust comfortably to asymmetrical noses or noses with deviated septums. … When you first put in Mute, you get an instant rush of air. You can really feel the difference.”

Other tips Wylde suggested included refraining from pushing the snooze button in the morning, setting your alarm to go off twice a day (once to remind you to go to sleep), using comfortable bedding to help regulate a comfortable temperature and refraining from intense exercise right before bedtime.

Wylde noted that Mute can easily be found at Walgreens, Bartell Drug, CVS and Duane Reade. To find your nearest retail location, use Mute’s handy store locator page. Or order online Mute or on Amazon.

Nelson concluded, “You want to sleep like a log: quiet and waking up in nearly the same position you fell asleep in. Use Bryce Wylde’s tips … and you’ll get there!”