All Forum Posts by: Taylor Angel

@Anthony Dooley wrongful death cases often end with multimillion-dollar verdicts and settlements. What’s your umbrella policy limit?

@Christopher Lee Johnson

Generally, tax and state laws allow you to conduct all legal business under one LLC. Where this can become an issue is in regards to liability, since a judgment creditor can look to all of an LLC's assets to satisfy their judgment.

Hypothetically, suppose a contractor is severely injured at one of your flip houses. If their claim exceeds you insurance policy limits, they could go after any wholesale assets your LLC has, not just the flip house.

However, there is a balancing act between protecting assets and administrative efficiency - operating 100 LLCs offers more protection than 1 LLC, but also carries 100x more administrative requirements.

If your state allows them, I like Series LLCs because they allow you to segregate you’re businesses assets and liability without excessive administrative work.

This is just general information and not intended to be legal advice. You should discuss this with a local attorney.

@Matt Heerwald

I don’t see anything wrong with the waiver template you chose. Texas Property Code 53.284 has several templates you can use, and TPC 53.281 requires that it just “substantially comply” with one of those forms.

@Andrew Becker

Schedule bulk collection once a month or so and build the cost into your rent.

@Eric Smith

Living paycheck to paycheck is a lifestyle, not a temporary situation that can be fixed by making more money.

Take a close look at every dollar you spend and cut those things that are less important than your real estate goals.

Real estate is fraught with expensive surprises. If you don’t have a decent savings to deal with them quickly, you risk losing rents and open yourself up to expensive lawsuits.

@Jim K. You sound like a C/D-class slumlord.

@Mehvish Ahmed

Try hanging out at the JP courts on eviction day. After experiencing the trouble and expense of evicting a tenant that hasn’t paid rent in months, many first-time landlords are ready to get out of the game.