All Forum Posts by: Brian Orr

@Sarah Brown thanks, that was my plan. But what i'm trying to discover is without a purchase/sale and the loan still in my personal name, does the LLC actually provide tax and legal protection?

@Jeffrey Klawitter thank you for that. This will be a permanent rental so the gains tax will apply upon sale. This was an accidental "house hack" which I'm now realizing I should reframe to be like a traditional rental

Thanks @Chris Mills - the concern on the fund mingling was essentially the legal concern about keeping the asset apart from personal funds. I hadn't thought about the bank payments specifically... So with what you've done, has your lawyer proposed that simply the deed transfer is enough to provide the legal protection in case of a lawsuit?

Thanks @Chris Mills - I have a call into my attorney now. Was there any financial impact in the transfer? I'm wondering if the LLC doesn't actually buy the property, is the veil essentially punctured already with common funds?

@Sarah Brown - ok to clarify, it's not my primary. I bought it as a primary 4 years ago but it's now exclusively a rental like the any other. The idea is would it make sense to get it out of my personal name into an entity, and then how to best do that?

In biggerpockets terms this is like a BRRRR or more so a house hack. I imagine investors don't stack their portfolios in their personal names and transfer ownership at some point.

This may be a direct question for @Mindy Jensen

I "house hacked" my primary home without really knowing what that was. We currently have a renter in there but the house is still in my personal name. I have separate LLC's for my rental properties and for some reason never thought of personal asset protection for this one.

My question is, how do I go about converting this into a protected asset? Do I need to create and fund and LLC and sell it to myself? Can I simply transfer the title? Any advice?

I'm in North Carolina if that matters regarding state rules.

Thanks!

Hey @Travis Watts I've been looking into Jax too. Let's talk for sure.

@Katherine Blazer thank you. Sign me up for November!

Is anybody else really sad to not be in New Orleans this week? 

Last year was such a good time in Nashville! Can't wait to get back together for 2021

-B

Hey BP family,

After a solid run in North Carolina, we're moving to St Petersburg, Florida next month! I'm looking to connect with my BP extended family in the area so please let me know the scoop on REIAs and other meetups. And also please feel free to send a colleague request.

-B

Clearwater, Tampa Bay, St Pete, Palm Harbor, Bradenton, Sarasota

@Ryan Ladson give a call to Jayson Philbeck at alliance bank in Gastonia. You’ll be happy you did.

I'm in Charlotte right next to Matthews, I may be able to help with a more specific question if you have one. Matthews is a pretty nice area with good schools.