All Forum Posts by: Brian Pate

Greetings,

I wondered what the forums have as answers or suggestions to the following; I'm struggling to understand how we would go about buying a property under our own names and then quitclaiming into an Umbrella Delaware Series LLC with a child LLC in a state like Indiana.

Below are some of the baseline questions I had for someone with this level of experience before:

Do we need to set up a Series LLC prior to purchasing a property?

• What’s the process and what’s the cost?

We would like to understand if we purchase a property under our own names. What’s the process in doing a quitclaim

• Does the Series LLC have to be in the same state as the LLC? Or can we just register in that particular state we are doing business in?

How do you set up "children" LLCs under the Umbrella Series LLC

• What’s the process and what’s the cost?

When you have assets in the series LLC (under children of that LLC), can we lend against the Series LLC?

• What’s the process and what’s the cost?

What's the process in connecting a Series LLC to it's child in another state? Is there a process or is it as simple as registering the Series and opening a child LLC under it?

• What’s the process and what’s the cost?

Could we lend against a Series LLC even if there are no assets directly tied to it?

• What’s the process and what’s the cost?

What's the benefits of the Delaware Series Trust (DST) vs the Delaware Series LLC?

• What’s the process and what’s the cost?

If you have experience with this level of LLC creation please reach out to me and my partner.

Thank you,

Brian

Hello Fellow Bigger Pockets friends and family!

My name is Brian and I am looking to create a meetup group of like minded individuals.

Here is what I can bring to the table to date:

1.) Purchased a (2) Bedroom (2) Bath condo in a centrally located neighborhood of Denver (Capitol Hill). It was never rehabbed, so I put some hard work into demo and paid a contractor to rebuild it. It is now a barely positive cash flow rental property.

2.) Purchased a (4) Bedroom (2) Bath House on a 6500 sq ft lot in the Park Hill Neighborhood of Denver. Complete 1950s with few upgrades when I bought it. Recently, I have successfully turned the lower level into a short term rental unit, while I live in the top half. Lots of hands on work with this one!

3.) Keeping as open of a mind as humanly possible on my next venture (although personal funds are low from the above remodel) and would like to hear what others have gone through similar to I, just diving in.

Again, looking for a few like minded individuals that would like to get together for coffee in the coming week or two to share visions and war stories.

Please reach out with your available time and date!

Thank you,

Brian