All Forum Posts by: David Decker

My friend came to me with a question? 

He asked - how can I (will) my portfolio of multi family and strip mall commercial real estate to my family, without them having to pay any tax or is the even possible? 

I wasn't exactly sure so I wanted to ask you all for some answers? 

should he put his portfolio in into a trust? Then form an LLC holding company and place each property into it's own LLC for asset protection, under the holding LLC?

This way his Trust can be the member of his holding Wyoming LLC ?

Or is there more? 

(Cost is no issue for formations) 

What's up PB fans! I have a newbie question! Ready?! 

when holding multiple LLC entities as members under my main holding Wyoming LLC,

Do I name each property's LLC different than my main holding Wyoming LLC?

I own some vacant land in Illinois and would rather place it under an LLC for protection & insurance - in also looking at 2 deals in Florida I may pick up. I'll also place each individual deal under it's own LLC. So should each additional LLC have it's own Name? Or is that because they all all members of 1 Wyoming LLC , they all share the same name?

Any tips? Thanks!

I'm using corporate direct. So as I'm thinking of a name for my LLCs I was wondering this before I talk to my attorney in the morning.  

Hey yall! I'm looking to wholesale some homes, I have a few in mind and I'm typing up a few mailers. 

I was listening to the BP podcast but I forgot what number it was when I heard - giving your seller a few options on their home is a good idea. (When  Wholesaling)

I was driving a didn't wright down the tips.

My question is - what are a few options on how to close, that I can offer to my distress sellers in my letter? I remember hearing 3 types but I dont recall

All I can think about is giving them a 1000$ up front to motivate them, this may be a bad idea but if can I get a few options from some other folks that would help alot. Thank you!

Whats going on Bigger Pockets and friends. I have a interesting question. 

I'm looking to buy a mobile in a 55+ community. Management says I can have my father 58, sign for the purchase. 

I would be technically buying it and paying my father. Management says as long as someone is 55+ living on the property than I can rent it out to another tenant after screening and app. 

Now I'm planning on starting an LLC and placing that property/mobile under my LLC - but my question is

How do I place that mobile under my LLC if it's in my dads name? So I'm protected after the new tenant moves in?

Would I use a land trust or estate trust, or can i have my name on that mobile as well so i can transfer the mobile under my LLC?

I'll also ask the manager before I buy, but i figured it's a good question before I go to corporate direct lol 

Thanks!

@Ned Carey that makes perfect sense! Thanks for the tip!

thanks Mr. Aaron Klatt. 

What's going on everyone! Before I ask my question, I'd like to fill you in on my REI back ground.

I'm a huge Robert Kiyosaki podcast&book fan. As well as Passive real estate investing with Marco santarelli and ofcourse BP Podcast as well. I'm currently buying and reading plenty books on REI and really learning (textbook) before I get my hands on.

Iv previously just sold my first single family home.

 Purchase price - 165,000 2-lots

Downpayment - 6,000 

Repairs - 30,000

Sold - 230,000 - 1lot - my check was 62850$

Holding vacant lot for future sale.

Vacant lot Assessment price at 51,000 2015 I'd like to sell for 20,000 when the time is correct. Lived in the house for 3 years

Now. After my payoff on my car and credit cards, and my private money I'll be left with roughly (35,000) liquid. 

Now for my question.

Before I find a deal, I thought it would be a good idea to open an LLC Structured by corporate direct and add my vacant lot that I hold under my LLC? Next I'd like to pick up a single family home or mobile and get a renter in it? Before I do that, would anyone recommend I find a property manager to work with my homes before I buy? Or shall I buy and then find a manager? Also - how would you recommend my tenants pay? Should I have a website up and going?

I would like to have my foundation up and going before I jump. And I'm willing to add value to anyone anyway I can. Sorry I'm super new and I understand its rude to ask without being able to add value, but a little guidance would take me a long way.