All Forum Posts by: Cory Berrang
Cory Berrang has started 3 posts and replied 6 times.
Post: Partner Structure Inquiry
- Posts 6
- Votes 3
Quote from @Chris Seveney:
Quote from @Cory Berrang:
I know an LLC is the first layer of defense, and trusts can add another layer. Here's my question: if I partner with others, I don't want to add them to my LLC in case there's a falling out. Instead, they'd have their LLC (or possibly no LLC at all).
- If we both bring our LLCs into a deal, how do trusts work on top of that? Do we each create our own trust tied to our LLCs?
- If I have an LLC but my partner doesn't, can we both still be added to the trust?
- Can I list my LLC in the trust instead of myself personally?
I am curious about how others have structured this in real-world deals.
please keep things very simple, these crazy structures people pitch only add cost and frustration. Unless you have $50M and are a famous star, there is no need for crazy structures. I have posted 17,165 times about this topic on BP.
Chris,
Thank you for taking your time to respond. I totally understand how convoluted it can get regarding new investors and the topic of LLC's. I took a dive down your forum posts, and found some conversations about LLC's but still didn't provide an overall answer. The end of the day I only plan to have LLC's out of the states where the properties are located (i.e. California). I may not have $50mil (one can dream hah), but there are other non-mentioned aspects of my life where i require the legal protection. I of course hope for the best but plan for the worst (military side of me), so really my question should be changed to "When partnering with someone who has an LLC, is it common for both parties to put the trust under both of their LLC's?"
Post: Partner Structure Inquiry
- Posts 6
- Votes 3
I know an LLC is the first layer of defense, and trusts can add another layer. Here's my question: if I partner with others, I don't want to add them to my LLC in case there's a falling out. Instead, they'd have their LLC (or possibly no LLC at all).
- If we both bring our LLCs into a deal, how do trusts work on top of that? Do we each create our own trust tied to our LLCs?
- If I have an LLC but my partner doesn't, can we both still be added to the trust?
- Can I list my LLC in the trust instead of myself personally?
I am curious about how others have structured this in real-world deals.
Post: Structuring LLC + Trust with Partners Who Have Separate (or No) LLCs
- Posts 6
- Votes 3
I know an LLC is the first layer of defense and a trust can add another layer. Here's my question: if I partner with others, I don't want to add them to my LLC in case there's a falling out. Instead, they'd have their own LLC (or possibly no LLC at all).
-
If we both bring our own LLCs into a deal, how does a trust work on top of that? Do we each create our own trust tied to our LLCs?
-
If I have an LLC but my partner doesn't, can we both still be added to a trust?
-
Can I list my LLC in the trust instead of myself personally?
Curious how others on here have structured this in real-world deals.
Post: Entry-level Investor in SoCal
- Posts 6
- Votes 3
Quote from @Dan H.:
Quote from @Cory Berrang:
Quote from @Jason Taken:
Quote from @Cory Berrang:
Good morning BP Crew,
my name is Cory and I was told about BP a couple weeks ago from a close friend. I am new in the real estate investing path and decided to join up! I look forward to learning and hopefully growing from everyone.
You're in the right spot. What city are you eyeing for investments?
Currently San Diego at this time. My wife and I would like to start local, even though this market is an expensive one.
My son is 22 years old and starting his RE investing path. The market in San Diego (and virtually every where else) is tough right now. Prior to q2 2022 the cash flow was not good in San Diego, but it was significantly better than today.
my son had led 2 large rehabs for me in less than 5 months.
he placed an offer last week on a property just south of sdsu but the seller is in denial and apparently not serious about selling (seller is in serious danger of a foreclosure).
he is concentrating on 2 categories both that must have value add opportunity.
- flips: the offer last week was a down to stud flip.
- house hack of small MF ideally with below market financing (assumable or owner financed far preferred to sub to)
Be patient in both the search and the hold. Do conservative underwriting, recognize that at high LTV virtually every purchase will be cash flow negative when using realistic sustained underwriting. I know no one in San Diego a decade after the purchase that has felt they made a mistake in the purchase unless they sold it.
good luck
Dan,
I appreciate the feedback! We have a primary residence and will probably never sell even after our deaths hah.
Post: Entry-level Investor in SoCal
- Posts 6
- Votes 3
Quote from @Jason Taken:
Quote from @Cory Berrang:
Good morning BP Crew,
my name is Cory and I was told about BP a couple weeks ago from a close friend. I am new in the real estate investing path and decided to join up! I look forward to learning and hopefully growing from everyone.
You're in the right spot. What city are you eyeing for investments?
Currently San Diego at this time. My wife and I would like to start local, even though this market is an expensive one.
Post: Entry-level Investor in SoCal
- Posts 6
- Votes 3
Good morning BP Crew,
my name is Cory and I was told about BP a couple weeks ago from a close friend. I am new in the real estate investing path and decided to join up! I look forward to learning and hopefully growing from everyone.