By Tom Branch, on January 17th, 2011 I received a call from a local broker who I’ve known for years. I’ve been pushing her to change her business entity from a Sole Proprietorship to a Limited Liability Company. She finally got around to thinking about it. She spoke to her attorney who quoted her $750 plus filing fees of about $310 and an annual fee of $150 to serve as the Registered Agent.
 Licensed from iStockPhoto I told her she could file the documents herself and not only save the $750 but the $150 annual Registered Agent fee as well.
Note the following does not constitute legal advice. Always seek legal advice prior to setting up any entity as there are pros and cons to each of them.
Since she had decided to file as a single member Limited Liability Company, she needed to gather some basic information. We would need the following:
- Company Name and Address
- Name and Address of the Registered Agent (her in this case)
- Names and Addresses for all Members (her in this case!)
- Credit Card for the $300 Filing Fee
The hardest part in Texas is making sure you can use a company name. You can pay to search but I search them at no cost on the Texas Comptroller’s Website.
Let me explain what makes this interesting. I own Realty Revolution LLC. If someone wants to form a company called Realty Revolution REO Services LLC, their application will be rejected because the name is similar to one already in use. What I usually do is search on the first two words to see what comes up. If other companies are using the name, you can check to make sure they are in Good Standing. If not, you can usually get the name.
The lesson in this is to stay in Good Standing by filing the annual Franchise Tax Return and the Company Information Report!
Once you’re certain the name is available. Visit the Texas Secretary of State’s Website. On your first visit, you’ll need to file a request to set yourself up as a user. Once you have a User ID and Password you can log onto SOS-Direct and file your application online.
She needs to file for an EIN with the IRS. This can be done online at the IRS Website. Since this is a real estate brokerage, she also needs to apply for an LLC Broker License. Visit the Texas Real Estate Commission Website for details.
Going through a web filing step-by-step is beyond the scope of this blog. If you have real problems, contact me and I will assist you.
By Tom Branch, on January 16th, 2011 According to the Distressed Property Institute, more than 80 percent of distressed homeowners who go into foreclosure have never contacted their lender or a real estate professional for help. That’s a staggering number when help and relief are available.
 Licensed from iStockPhoto Without fail, our phone rings off the hook near the end of every month from desperate homeowners looking for help. After checking the local foreclosure lists, we often find that the house is already scheduled for foreclosure the following week. At that point, it’s nearly impossible to get a Short Sale in place to stop it.
An important thing to understand about Short Sales is that the process is anything but “short.” The only thing “short” about a Short Sale is the payoff to the lender. The sooner the homeowner contacts someone for help, the more time is available to work the Short Sales process.
We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.
Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.
Based on “Avoiding Foreclosure – The Field Guide to Short Sales” © 2010 – Tom Branch and Gina Branch
By Tom Branch, on January 14th, 2011  Copyright 2011 - Imaged2Sell 3 Bedrooms | 2.1 Baths | 2-Car Garage | 2319 SF/Builder
Plano TX Townhomes For Sale – Gorgeous new construction with stone exterior. Gourmet island kitchen with oversized breakfast bar, granite counters, tile back splash, stainless appliances, and gas cook top. Designer touches include art niche, bull nose corners, and iron balusters. Second living area perfect for game room. Enclosed patio with gas. Full service HOA for low maintenance living.
Current status, pricing, photos, and a virtual tour for this Plano TX Townhome for Sale.
Source: NTREIS
By Tom Branch, on January 14th, 2011  Copyright 2011 - Imaged2Sell 3 Bedrooms | 2.1 Baths | 2-Car Garage | 2319 SF/Builder
Plano TX Townhomes For Sale – Stunning new construction with stone exterior. Gourmet island kitchen with oversized breakfast bar, granite counters, tumbled marble back splash, stainless appliances, and gas cook top. Designer touches include art niche, bull nose corners, brushed nickel fixtures, and iron balusters. Second living area perfect for game room. Enclosed patio with gas. Full service HOA for low maintenance living.
Current status, pricing, photos, and a virtual tour for this Plano TX Townhome for Sale.
Source: NTREIS
By Gina Branch, on January 13th, 2011  Photo Copyright 2011 – Imaged2Sell The Preserve in Allen is poised to be the premiere new address in West Allen. Ashton Woods recently purchased 32.8 wooded acres for a new residential community in a prime location fronting McDermott Road east of Custer and west of Twin Creeks.
 Base Map © OpenStreetMap contributors, CC-BY-SA This west Allen area bordering Plano is seeing tremendous growth northward towards Highway 121, The Sam Rayburn Tollway. In addition to new retail and restaurants, The Arts of Collin County will break ground shortly on their state-of-the-art facility in a 100+ acre park just north of The Preserve in Allen.
This residential project is still in the development stages. As more details become available, we will pass on.
For more than 35 years, Ashton Woods has offered quality, energy efficient, affordable homes in five southern states including Texas.
Read more about The Preserve in Allen.
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By Tom Branch, on January 11th, 2011 While many people think that Texas is hot and dry, we do get a couple of hard freezes a year. For most people it simply means that the heat runs a bit more. However, if your house is vacant and the utilities have been turned off it could result in thousands of dollars in freeze damage.
 Copyright 2011 - Imaged2Sell I received an email from a client with a vacant house last week worrying about this issue because of a blast of cold arctic air that is supposed to drop temperatures into the teens and stay near freezing for a few days.
Rather than having him turn on the utilities, we suggested he have the property winterized. Locally, we often use Mark Kissee of Kissee Inspections to handle this process for our clients. Winterization usually costs less than $150 (a bit more if there is a pool or a really large house) in our market. This is far less than the time and expense of having the utilities turned back on.
Worried about your vacant house? Winterize it!
By Tom Branch, on January 9th, 2011 I’ve been meaning to write this blog for a while but I had forgotten about it. I was showing a home today and there was water everywhere in the laundry room at one of the properties. As I looked around I noted a small trickle at one of the laundry room washing machine faucets. The water was running down the wall soaking the sheet rock and puddling up on the floor. I made a quick call to the listing agent to let her know.
 Copyright 2010 - Imaged2Sell It reminded me of a listing I had had in Frisco. The owner had painted the house and put down fresh carpet so it would look nice and sell quickly. She had moved out of state and the house was vacant. It was a slow time of year and there were not many showings. I dropped by the house one day only to find the new carpet soaked in water! I traced the source back to a dripping laundry room faucet that day as well. Luckily we were able to have the carpet dried and suffered no real damage other than the several hundred dollar clean-up bill for the seller and several hours of my time making sure it was taken care of.
I used to recommend that sellers vacating a property cap off the laundry room and ice maker faucets. After that day, I started providing my sellers with the caps. I purchase them at my local hardware store and a set of three costs about $10. Not only is it an added service but it might just save the seller a bunch of money and myself a lot of time.
Cap those faucets before you move!
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