All Forum Posts by: John Castillo

I bought a property almost a year ago in the name of an LLC. Now that a year has gone by, the state is asking me to renew the LLC. Do I need to renew it? What happens if I don't? I assume if it expires, someone can't create an LLC in the same name and just claim ownership of my property, right?

@Kyle Barger

Always always always trust your gut

@Jeremy Pelle no way would I invest in California, especially LA.

I would move or invest out of state

I invest solely in turnkey properties and have okay returns.

I bought my first two rentals when I was living at home with my parents, when I was 23 years old, about 10 years ago. I didn’t have the time or money to invest in a house which would need a renovation. The house was also 45 mins away in traffic, so constant back and forth travel wouldn’t work for me. I worked in IT making $60k/ year.

Shortly after, I moved across country for a new experience, and got a higher paying job of $100k+

A few years ago I moved back to the area I’m from and have since gotten married, had a kid, with one more on the way. The two rentals I bought have appreciated about $100k each; and I cashed out refi one of them to buy two rentals recently. And the past few years since I’ve moved back I have bought a few more rentals, all through cash in my savings. I still work IT now, $120k salary.

I have no doubt the BRRR strategy would be more profitable for me, but honestly I don't have the time to do it. When I was younger I had less cash and was going out, started my career, etc. I didn't want to spend a year working on a renovation on a property 45 mins away.

Now in my early 30s, I have a growing family and also don't have the time to spend on a process like BRRR.

My TKs overall have been fine, as I still get all the benefits of investing in real estate. And since I have a W2 job, I'm able to max out my 401k, my IRA, and still save money on the side. Currently my net worth is split 50/50 between real estate and stocks which gives me peace of mind as I'm diversified a bit.

When I get older, I hope to have the risk appetite and time to try BRRR. I may have to quit my W2 job to do it, which sounds great to me, but I will only do it after I have quite a bit in my retirement account. I also don't know if BRRR would be able to replace my decent W2 income, I'm sure it would long term but it may take several years to get to that point.

My question to the group; do any of you who do BRRR have a W2 job, and/or a young family? How do you have the time to do it?

And how/when did you decide to quit your W2 job to focus solely on BRRRing?

Thanks!

I currently have umbrella insurance with Geico. However I just bought my sixth property, comprised of five rental properties and the home I currently reside in, and Geico is canceling my umbrella insurance. Their reasoning is they can only cover a maximum of five properties.

I have been told that I should get commercial general liability (CGL) insurance. That this will replace the umbrella insurance I currently have.

Has anyone else dealt with this? Do you all know any brokers in Virginia I could use that you recommend for CGL insurance?