All Forum Posts by: Account Closed

@Mark Ferguson

I am like William Hung, in that I have had no professional training:)

@Jerry W.

I follow what your saying.  It is thought provoking.  I never considered having a management company, to impart, limit my liability.  Maybe limit my LLCs liability but not mine.  

I guess the way I look at is why not setup an LLC in Nevada, have a great insurance policy, have a hefty mortgage on a rental and do all I can to protect myself. Does not cost me much and hopefully every little bit helps in deterring a suit in the first place.

Thanks for  that answer.  Most appreciated.

@David Dachtera

I thought tax returns and certain land record instruments could allow a judgement creditor to determine who the beneficiary is.  Plus of course, if asked in court what assets you own, short of perjury you would need to disclose you are the beneficiary of that trust which holds the property.  Then again I could be wrong.  

BTW.  Yes you can do business within your state.  You will just need to file the appropriate paperwork with your local state.

@Kyle Evans

I did that exact same thing less than a week ago. My second LLC in Nevada. I used the company corp to handle it. They have setup 4 companies for me. If you use them, they can provide you with the register agent service. Was around $300 to create and 200 for register agent service.

Some of BP's experts feel an online service is not sufficient to setup an LLC, so you may want to ask around before using an online service. I have been happy with them. Of course I have never been sued either;)

@Tony Kogan

That is a great point.  Around my parts you can get a current owner search for $40.  That's all most investors, not all, use.  However It can add up.  Lets say you do 20 searches to get your first house.  IMO $800 is money well spent compared to what you can save.  

That being said it still goes back to how much competition is in your area with regards to the courthouse sales.  Maybe attend a few sales and see how many homes get sold and how many folks show up.  

I do my own searches but it took me a while to come up with a system.

@Jerry W.

Scenario/question

I have a duplex and it has a walk way which a has crumbling concrete.  A tenant's friend stops over for a visits and gets hurt at night after tripping on the walkway. 

Case 1

I have an LLC and a property management company. The outcome is an outside attack does not get my personal assets.

Case 2

I have an LLC and no property management company. The outcome is an outside attack gets my personal assets.

Seems as thought a judgment creditor could still sue my personally for hiring an incompetent property manager.

@Jared Rogers

What protection would a land trust offer the OP?

@Zack Karp

Good to know.  Thanks.

@Tony Kogan

Well the liens can be understood prior to the sale. The inspection is a bit more complected. That being said, I can not think of any other maximize your money in real estate. Primarily because your working it. The MLS usually has lame deals, marketing campaigns take a while to bare fruit, chasing leads is well chasing leads.

How much competition is in your area, and for what strategies.  That is probably the 1st question to answer.