All Forum Posts by: Madeline Burke

@Chris Maxey great work! I look forward to hearing what you decide

@Scott Autenreith so this is the part where I have to do research myself. I am under the impression that a lawyer can help you set up your first one and that its just a matter of filing it properly, which varies by state. I've heard that you can do subsequent ones yourself after you have the paperwork and understand the process.

It's super common practice so I'm sure nearly everyone here can answer...

Hey @Scott Autenreith I am not an expert on this but I am about to put my two current rentals into their own LLCs (and should have a long time ago) because each LLC is a separate legal entity. As I understand it the primary reason to put your real estate business in to LLCs is asset protection to limit your personal liability.

If something happened (knock on wood) and a property of yours got sued (rightfully or not) and you owned the property traditionally, you could be sued for any amount of your personal assets (house, car, wage garnishment...). If the property was owned by an LLC and was sued, the legal action would only pertain to assests owned by that LLC (hence the one for each property idea).

Welcome @Carl Sandridge! You're in the right place. :)

@Justin Stanfield welcome! Jealous of your roofing background- I'm trying to learn enough to waive inspections and it's going to take me a long time to get there. You're in the right place to learn!

Welcome to BP @Jerral Williams! You are definitely in the right place! A lot of the articles and podcasts on this site are about sourcing financing. I'm not expert enough yet to advise but working on getting there - best of luck!

Welcome to BP @Assaf P.! Landlords are pretty flexible if your story makes sense, I recommend just being upfront about your situation so they don't just to fear-based conclusions :)

Best of luck!

Welcome to BP @Forrest Berkey! Good luck in Austin, we're having a boom up here in CO too and the competition is stiff!

Hi! Welcome... still! Glad to have you

@Paul Cullimore Welcome! You're in the right place! I found BP after "inventing the wheel" on my first properties too and listening to the podcasts on this site during my commute has revolutionized my process. Apparently I was working (and thinking) way too hard :P

Glad you're here, good luck!