All Forum Posts by: Adrian Tilley

@Michael Quarles I'll take that offer too...how many will qualify?  ;)

Welcome to the site!  Lots of great Denver/Colorado folks to help out.

There is a thread asking this question at least once a week, and there have been a lot of great, thoughtful responses.  I would use the search function and find some of those threads.  They're very informative.

Today's quote: 

"The enemy of a good plan is the dream of a perfect plan."

-Carl von Clausewitz

Moral: Don't spend so much time trying to create the perfect direct mail piece, perfect pitch, form, or contract.  Just get out and start and perfect it as you go along!

 Jon is correct.  Also, with respect to the "protection" part of entities, it's complicated, and will frequently fail in small businesses where you are the only employee.  I wrote an article about it here

Hi @Ryan Dickinson , welcome to BP.  There are a lot of resources on the site and a lot of great Denver investors here also. If there is anything I can help with, please ask.

Adrian

Hey @Tim O'Brien welcome to BP.  There are a lot of great Denver folks on the forum.  Deals are pretty tough to find right now, so I'd learn as much as possible while building your cash reserves.  Good luck.

I'm no business formation attorney, but I'll take a shot at #2.  You don't "need" an attorney, especially just for formation.  However, depending on why you want an entity, you might need one.  One purpose is asset/lawsuit protection.  For that to work, you need to make sure it's seen as a "real" business and not just a shell.  That means an operating agreement, etc, as well as insurance, bank accounts, etc.  If it's just an empty filing, the Court may find that it's a sham.  Hope that helps.

@Anson Young and @Bill S. have hit it dead on.  It's great or terrible depending on whether you are selling a house or looking for a deal.

@Tyler Mills Buying subject to the current mortgage will be cheaper, and no additional down is required.

@Chris Pasternak I hate to say this, but I would strongly recommend consulting an attorney for an hour or 2.  If you're willing to take the risk, you could buy subject to.  The property would no longer be part of the estate*, but the mortgage would still be in his name, and who knows what the bank would do if they find out the borrower has died.  Maybe nothing, maybe something bad for you.

*I'm NOT a probate attorney, and don't know a single law in Pennsylvania, so check with a local attorney before relying on anything here on BP.