All Forum Posts by: Todd Krzeminski

@Edward B. To be honest, I'm leaning that way. I'm just trying to convince myself it's the way to go.

Having an attorney as part of my team is probably a better path forward than just saving a couple hundred bucks.

I didn't intend for this post to turn into an LLC vs. Umbrella discussion. I know all the pros/cons of each approach. This is the direction I'm taking and I'll be sure to follow Corporate Formalities so the veil cannot be pierced.

At this point I'm most concerned about the process of setting up an LLC on my own. It sounds like most people think it's easy enough. I'm curious if anyone's actually done it on their own and run into problems -- something that would have been easily caught by an attorney.

@Sreeraj P. Thanks. I already know the website. I'm asking about the process.

 Did you have any luck finding a registered agent? I too am looking for recommendations in Indiana.

I have two properties in Indiana that I want protected by a business entity. I live in Virginia so this is out of state. I've spoken with two attorneys to put these properties into an LLC, but they are charging around $1000 to do this (including the state fees). I was wondering if it makes sense when I could go on the Secretary of State's website and create the LLC myself, for much less.

Here are the steps involved as I understand them.

1. Create LLC with state.

2. Get a registered agent in Indiana.

3. Get an EIN for the entity from the IRS.

4. Open a bank account for the LLC.

5. Transfer the properties via a Warranty Deed to the LLC (I'm still fuzzy on how to accomplish this step).

I figure I can save several hundred dollars doing it on my own. Am I missing something? What are the risks?

I'm also interested in the Winchester market. I live in Round Hill, so Winchester is pretty convenient.

It sounds like most of you are or are planning on using the MLS for deals? Anyone doing creative marketing for deals? Do wholesalers that work in the area?

This week I closed on my second property with Norada. You hear a lot of negative feedback on BP about Turnkey operators, and I'm sure they're not all professional and trustworthy, but I've had a great experience with Norada. When I had an issue arise during the closing process, I was able to turn to my investment counselor (Steve Olson) for input. In this case, he actually went the extra mile to negotiate a contract change with the seller due to my concerns. For a new investor, it's nice to know you're not on an island all by yourself trying to figure it all out.

I did travel to Indianapolis to visit the team on the ground. I was very happy with the operation and I was able to see properties throughout the different stages of renovations. I wouldn't say it was necessary, but it did give me a sense of what I was buying. It was also nice to meet the team I'd be interacting with throughout the process.

@Bob E. Excellent information. Thanks.

I actually have a 2nd that's looking like it's paying off this month. I was planning on using the proceeds to acquire another 2nd or two, for the same reasons you mention -- lower entry point.

I had not considered entitlements, but perhaps I should.

Thanks again.

I understand why Performing notes are preferred in this scenario. Can you elaborate why you'd focus on 1st lien notes? What are the risks in the IRA, over and above the inherent risks of 2nds outside an IRA?

We're opening our group to more people. Looking for people that are highly motivated and plan to be active!

If you're interested, reply or send me a PM.