All Forum Posts by: Mikki Kline

Great question, @Jeff A.! I have read that a quitclaim deed invalidates title insurance, whereas a warranty deed maintains it. I do not know if that is true or not, but is a concern of mine. 

Thank you, Neil! I will send you a pm for the form. 

I am concerned about any ramifications of things I could mess up on the form(s), and was wondering if the lawyer would be better at avoiding pitfalls..  

Would a quitclaim deed affect selling the property in the future? 

Thank you again for replying! I sincerely appreciate it.

Hello! Sorry for this total newbie question, but I appreciate the experience of others in here! This is completely new to me.

I just bought my first rental property a few days ago, using my QRP. I was in the process of forming an LLC that is owned by the QRP, but it was not ready to go at the time of closing. I now need to deed the property from the QRP to the QRP-owned LLC, but I am not sure how to go about doing so. There is no financing for the property involved.

The property is located in Marion County, Indiana. 

Would this require a warranty deed? Is the seller disclosure form required as well? Is this something I can do myself without too much risk, or should I just pay my lawyer the $300 fee that was quoted for doing this? 

Thank you!! :) 

I don't have a whole lot to add, but as a private pilot, I struggle with wanting to spend money on flying but know I need to save it and let the seed grow so I'll have an "orchard" later on :) @Julie Marquez and @Jay Hinrichs

@Scott Trench - great point! It's not just the small purchases, it's the whole picture. I have found that it comes down to being intentional with expenditures, and not just going by day after day in autopilot like so many people do. 

I waited until I was consumer debt free before jumping in to REI... I used a loan from my solo 401k to knock out the last of my consumer debt, and to leverage towards buying a property and am also investing with my solo 401(k).

The principles are similar to Ramsey from what I have heard, but I found the information in Dani Johnson's First Steps to Wealth book very valuable. It's a free eBook and I highly recommend it. 

You are on the right track! :) 

First Steps to Wealth eBook

@Jarrett Babcock yes, it is strange! Even from morning to afternoon... 

Thank you, @Justin Windham! After what I have learned, I feel bad for people I know who set up an LLC using a site like LegalZoom, and thought that was enough to protect them.

Great question, @Arnoldas Serksnys!

Thank you for those explanations, @John Hixon! I have considered wholesaling, but still trying to wrap my head around the process. Finding the properties and then an investor are the next hurdles. 

I am getting started with buy and hold rentals right now, probably because that I what I am comfortable with since I have bought a personal home before and lived in it, and am looking for more passive/turnkey type investments. But wholesaling is intriguing and I would not mind giving it a chance someday! 

Welcome! I am a new real estate investor as well, and recently relocated to Cochran, GA - about 2.5 hours south of Atlanta. Loving it here!