How do you pay yourself?

Real Estate Investing Mobile Homes & Mobile Home Parks
1

This question will be posed to my lawyer, but I wanted to see what advice you guys were receiving.

I’m getting ready to buy a mobile home park. I’m going to be creating two entities: 1. The MHP itself 2. The paper on the mobile homes that are sold.

How should I pay myself? My other entities run through my property management company and I get paid through a salary. For separate reasons, I’m unable to run this park through my current property management company.

Do I need to create a 3rd company that handles the asset management and I get paid through that company? Should I write myself two paychecks from each of the above mentioned entities?

My accountant has advised me to try to take as much payment as possible in the form of a paycheck through my management company. Is this something that everyone does?

How are you guys handling paying yourself?

Thanks,

Rob

2

I think there is more to the question that is written.

  1. The notes are created by the seller. Who is the owner of the trailers? Will it be the MHP company, an individual, etc.

  2. If you create a MHP company and you want to take a salary, there is nothing stopping you.

  3. Your accountant can advise you on the tax aspects. You might want to shift where you receive the income, make contributions to a pension or other things.

3

The mobile homes will be owned by an entity. I’m ok with taking a salary for my work for both of the created entities.

It’s just a nightmare to have payroll with multiple companies.

I appreciate your response and your time.

Rob