All Forum Posts by: Brant Vaught

I can tell you from my personal experience (in other businesses, not real estate) I like the protection of an LLC. That said, I am not a lawyer, and my businesses were not even remotely close to real estate. I had two business and and a high volume of customers and chemical use. My reasoning for forming an LLC for BOTH businesses was that if one got sued and for some reason I lost, the other business would not be affected, and business could continue. I was told that LLC's have been around long enough that case law has been established and that they were treated roughly the same as Corps. I was also told to NEVER mix personal funds and the LLC's funds, as that could pierce the corporate veil.

They are also exceedingly expensive. It cost me roughly $2,000.00 per LLC filing, plus the servicing fee, ( I am in Missouri) plus the $50.00 filing charge with the state.

I can tell you that I will personally not do business without the protection, but I might just be overly cautious. 

I am not sure if this helps at all but it might so I thought I would post. Good luck!

@Jon Holdman , thank you for the input! I'll check it out

I live in Springfield, Missouri and am looking for hard money lenders. How would I go about finding them? Does an HML usually have a website? Any information would be greatly appreciated!

So, I was thinking that I might try to set up some wholesale deals in my area, but has anyone ever set up a wholesale, but had a Hard Money Lender in the corner as backup to fix and flip the deal themselves if a buyer didnt present? I am asking because I do not have a lot of investor contacts in my area and thought that if I go to contract a property and am unable to find and end buyer in the thirty days till closing, it would be a good idea to have the funds to close. Could turn into a good flip deal and have multiple exit strategies. What does everyone think? Is this a far fetched idea, or could it be done?  

@Robert Byrne @Bill Gulley ,

Are the REI club meetings still there? Would love to attend if they are still ongoing.

Thank you @Jaren Barnes , glad to be here. Does anyone know where I could find a mentor on this site?

Hey all thanks for the feed back! As of now I live with my girlfriend of two years and we just bought a house together. We went through FHA so our thoughts so far are to live in it for the required time (1 year) and then turn it into a rental. That said, owner occupied MFH is something we might look into when our time is up.

Hey everyone!

Little bit about me; my name is Brant Vaught, I am 23 years old, and made the mistake that I am sure many of you made at some point, I read Rich Dad, Poor Dad several years ago and decided that I wanted to end up in real estate. LOL. My experience is nill. I have been dancing around real estate for roughly three years now and have made the decision that come hell or high water I am going to get started this year. That said, I am new to the scene, and if there are any tips that some of you experienced guys and gals can spare, I would love to hear from you.

I started my own business two years ago, after spending two years in sales. Grew the business up, sold it, and am working to get my real estate sales license.

I would love to get advice and thoughts of investing so feel free.