All Forum Posts by: Adrian Tilley

@Andrew Herrig how is the condition of the properties determined for tax purposes? Just by age? That might not be a good list if so.

How are you having the letters prepared? Contractor or a website?

I think it's ok to have the calls answered by VM provided that 1) you have a really good outgoing message so that people leave a message and 2) you follow up ASAP after getting the message.

In addition to the issues mentioned by @James Bell , I have dealt with several insurance claims (as an attorney) that resulted from growers attempting to do DIY electrical panels and other shenanigans that resulted in fires that burned the houses to the ground. Of course these are always rentals, the growers are never doing this in their own home.

I believe it was here: http://www.biggerpockets.com/forums/87/topics/73964-probate-leads?page=2

But it sounds like Dev may have a different take.

@Amir Saeed Many title companies will let you use their systems for this purpose, especially if you have a relationship with them.

@Bill Larsen This was just addressed in another thread. I believe the concensus answer was no, it's not worth it.

I'll second the suggestion that if you end up going long distance, stick with nicer properties - the turnover, upkeep, and repairs that you'll deal with on lower end properties will be tough to manage long distance.

@Bill Coleman 2 other options:

1) See if the bank will lend to the LLC with a personal guarantee from you. The bank has the same recourse, so I don't see why they wouldn't, but no one has ever accused banks of acting reasonably, so YMMV.

2) Get the property owned and financed in your name, then rent it to your LLC. That way, all business can be done through the LLC as you would if the LLC owned it.

Disclaimer: I am not a business formation/planning attorney, and I would consult one before making a decision on this!

This is right on. I'm (still) going to write a blog post about this soon. LLC's (or corporations, or whatever) provide little protection from individual negligence claims, and if you're the only one operating the business, then guess what - if there is a claim it was probably a result of your negligence!

@Wade Sikkink You're correct that insurance won't protect you from being sued, but generally insurance policies require the carrier to provide you with a defense in case you are sued - so they cover your legal fees. This is a hugely under-appreciated perk.

As @Marcia Maynard points out, there are other advantages of LLCs. I wouldn't get too worked up about getting an LLC just for asset protection, especially as I understand they cost something like $800/year in CA. Here in CO, it's a $50 setup fee and $10/year or something, so that's a different story...

Hi Jeremy, welcome to Colorado REI. You can spend a lot more than a week on BP looking around...

Feel free to contact me if I can help in any way. There are a lot of great Colorado folks on the site. Also don't miss the monthly Denver BP meetups.

@Tucker Merrihew is one of the big shots in Portland. You might contact him, or he might show up in this thread since I've tagged him.