All Forum Posts by: Adrian Chapman

Thank you very much for the great advice and insight. I certainly understand the totality of creating an LLC, but as a 25 year old guy with only one property, I don't feel it makes much sense to create the entirety of an LLC at this point. Upon my 2nd or 3rd property I believe that would become more valid, or am I mistaken?

Until then I can keep my current property insured under my current insurance provider, use a checking account and use a real estate attorney to approve my leases correct?

This may be very obvious to some but if I purchased a property with an FHA loan an then decided to rent that property out, and then decided I'd like to start an LLC to protect myself in case of a tenant suing. Is it possible to roll that property under the LLC while the original financing is still being paid? How does that work?

Does this seem like a feasible scenario?

I am just getting started in Kansas City and am looking for an REIA or another Investor group to join, perhaps a mentor or someone I could learn from. If there is anyone in the KC area who knows of a group out there that could point me in the right direction, I would very much appreciate it. Thank you!

Michael that is great advice. I appreciate it and I can definitely see where you are coming from. My plan is to start small and if I do not partner with an investor who has the power to help us purchase multiple properties then I will absolutely start with one. I can see how many people get sidetracked or bogged down or overwhelmed.

Joe I would be interested to see the reasoning behind the s corp or LLC for each type of investment. Why do you prefer one over the other?

Jonathan I will look in to land trusts.

I Shall Then...Aaron the reason I ask is because there is so much "fluff" out there that I appreciate when professionals and experienced investors can give me as clear and concise answer as possible without all the toppings I don't need. I have read so many real estate books and websites that talk so much about getting in the game and how you should do it and how to motivate you but never give you any solid concise direction. And when they do, it is information we have all heard before. But I certainly will continue searching, I want to learn as much as possible.

Amy, I understand the financial risk you take on if financing, generally falls back on the individual unless it was a small business loan. Or am I wrong there? Can you separate Small business loans from personal financing?

As far as the LLC is concerned I believe the law is different here in Kansas but from what I can tell the tax benefits and protective benefits make it a must if you are handling multiple properties.

Hi everyone. Really glad I found this site. I am NEW to the game and haven't quite taken the dive yet, but want to make the plunge soon. I have ready several books, been through the buying process along with friends a couple of times, and once myself before backing out for good reason.

My goal is to buy some single family homes as rental properties and start a property rental llc. I plan to start small and work my way in to flipping a house or two when I can. I would like to avoid using other peoples money as much as possible as that can be dicey, but I am open to hearing ideas.

What is the process for starting an LLC? Is it absolutely necessary to protect your assets should a tenant try to sue? Tax Benefits?

I have read much about having a good real estate attorney to ensure your transactions are legal, etc? Thoughts here? Cost?

I am sure this is an obvious question that everyone would like to know, but what is the best way to find REO properties before they hit the MLS?

Where would a partner come in to play? I have a friend who wants to do similar things as I but is less agressive. Advantages, Disadvantages?

I know I am going to have to dive in and just make some mistakes at some point, but I'd like to learn as much as possible before I go in. Thanks so much for all the help.

Hi everyone. Really glad I found this site. I am NEW to the game and haven't quite taken the dive yet, but want to make the plunge soon. I have ready several books, been through the buying process along with friends a couple of times, and once myself before backing out for good reason.

My goal is to buy some single family homes as rental properties and start a property rental llc. I plan to start small. I would like to avoid using other peoples money as much as possible as that can be dicey, but I am open to hearing ideas.

What is the process for starting an LLC? Is it absolutely necessary to protect your assets should a tenant try to sue? Tax Benefits?

I have read much about having a good real estate attorney to ensure your transactions are legal, etc? Thoughts here? Cost?

I am sure this is an obvious question that everyone would like to know, but what is the best way to find REO properties before they hit the MLS?

I know I am going to have to dive in and just make some mistakes at some point, but I'd like to learn as much as possible before I go in. Thanks so much for all the help.