All Forum Posts by: Adrian Tilley

This may be old news, not sure if it's a black friday thing, but I was browsing Google Play Books (yes, at 7am), and found summaries of The Millionaire Next Door, E-Myth Revisited, and similar books for free. I haven't looked at them thoroughly, but it looks like a good overview of the basic concepts. Check it out!

I'd post a link, but I'm not sure it would work. Just go to Google Play and search for those titles.

@Evan Hamilton Looks like you have a good start - there are a lot of people in Denver to network with.

@Justin Hennig

Lots of good responses above, I strongly suspect that unless your LLC is VERY well capitalized, you will have to be a personal guarantor on the note - why would a bank lend to an LLC with no or little assets otherwise?

Also, there are other ways to get entity protection, such as getting the property in your name and renting to the LLC, then having the LLC rent to the end renter. Talk to a qualified attorney and CPA to fully understand all the options.

Maybe it was assumed, but this plan would have to be on houses without loans, as banks generally require insurance on properties they loan on.

As many have pointed out, you must have a sufficient number of properties for the loss of one to not be a disaster. The premiums must also be high enough. If you're in that situation (100 properties free and clear and paying $50k/year in premiums) you probably have plenty of money and know more than most of the people on here. Sounds like @John Rooster may be in that situation. If you're not, I'd suggest it's a risky move. John said he saved a lot of money by not paying premiums, but if he had had 3 or 4 major losses on the last 10 years, that probably would not be the case.

Also remember that if all your homes are close together, one event could affect many of them (Katrina, flooding in Colorado, tornadoes, etc).

@Brian H. I don't think you have enough information at this time. You need to get an updated quote from several companies to see if the $7k figure it legit or erroneous.

Congrats @Mark Ferguson , I've been following your progress with interest, and hope to repeat your system down in Broomfield.

@Scott Kelley You have gotten a bunch of advice above, some of it correct, much of it not. Be very, very careful of legal advice from the internet. The correct answer will depend on the language of your lease, who all is on the lease, and what their status is (are they living on the premises, etc), and possibly other factors that are impossible to tell without more information. If you are thinking of taking any action, talk to a qualified Colorado attorney first. Good luck.

@Michael Baradell

I agree completely with @Ed Wood (Ed Wood, really? What a great name). I would just add that if there is the potential for many future deals, you might want to give up some of your commission in this deal to make it work. Going forward, just be clear about what you expect. Good luck!

@Aj J. You asked a question and got 4 different answers immediately. The correct answer is that you need to talk to a qualified attorney to get a good answer.

Hopefully that's not something we have to be "careful" of. If you're at risk of doing that, you're already in bad shape!