All Forum Posts by: Andrew Clifton

I thought this would be a little "just for fun" forum to see how creative every one would get. So this is it.

If you had to purchase brand new appliances. On a tight budget.

(Refrigerator, Rang,Washer and Dryer) 

What would you do? 

What brand would you use?

What style? What color? 

What else would you consider?

Get creative with it! Never know, you may be able to help someone else in the future! That's the idea, even if you may never know!

So what the insurance agent is doing is OK and if a claim dose happen it would be covered?

It's an LLC treated as an S-Corp

So my insurance agent is wanting to insure a investment property, Umbrella policy, a truck and 2 trailers(these are all for business use only) into my personal name there at the insurance company but have it to where my LLC pays for this while keeping my other personal payments separate.

This raises a red flag for me due to the fact that the LLC should be able to have its own insurance and not under my personal name. The LLC is considered to be it's own person right? 

If a claim dose come up I'm afraid it will be thrown out because it dose not line up right. Wouldn't that be considered say for example Joe let's his friend drive his car and his friend wrecks the car. The car is insured by Joe but his friend is not. Isn't that a faulty claim? 

Any advice would be appreciated! 
Thanks 
Andrew Clifton.

I agree with Chinmay J. 

So things to consider.

Do some research on your state or the state you want to create your business in. Some state provide better asset protection. Have an attorney set it all up.

Don't keep all your LLC'S tied to the same bank account and only keep functioning amount of cash in each. For each llc go through the same process but separate.


Go to your insurance agent and discuss a business policy or an umbrella policy. Plus the liability coverage you want on a property.

This is alot of work and organizing.

@Timothy Metra I believe that's called LLC Series Structuring.

It's suggested that you may only want to do this when you have multiple rental properties around 3 or 4. 

Purchase a rental property 

Put the property into a land trust and appoint your attorney as the trustee so the public don't see your company name but your attorney name instead. 
(not to sure if it's just called trust or land trust)

Then create your (for example) "abc,LLC"
repeat process 
"def,LLC" 

that way say one gets sued they can only go after what's in that one llc.
Appointing your attorney is for extra protection reasons, no one wants to sue an attorney. 
Also it depends on your state charging orders of how much that llc is protected. Plus they can't go after your personal stuff if you keep personal and business completely separate. I hope this helps.

 I advise you to seek advice from an attorney.

Understandable about the paint and cabinets, at the same time we are not wanting to go in and find the big problems. Do I want to be aware of them if there are, yes absolutely! I made a previous post about this same property only about the details of the deal. I feel like we hit a score here, and the seller is very motivated to get rid of it. If we find something we made sure to have it covered in the asking price that the seller already accepted to. I guess it really comes down to the due diligence you did before offering, plus the mindset and heart you have going into a deal. I believe you go in with the mindset of searching for every problem there is, then there are going to be big problems not only in the property but the negotiations of the contract as well. Same time you gotta be fair to yourself and the business.

@Mike Cumbie In the contract is says we allowed to do the inspection yourself and summit a repair list on a inspection & repair addendum. Dose that help any at all?  

Again I wanna Thank you all for comments!  

Amazing! thanks for all the feed back I really do appreciate all of you!

Since we are already below asking price and seller is motivated already to sell, I made sure to make it as easy as possible on the seller to get it closed (10 business days) . We put $500 EMD in contract and set it up to $500 in repairs so we would both break even if something small came up. We didn't go into contract saying that "oh hey this needs painted and ect". We didn't nick pick it is what I'm trying to say.

I also have a lot of legal forms including a Buyers Inspection Report and contracts from my Real Estate Attorney. That are great help! So Thank God I am not going in completely blind.

What would be the basic fundamentals of Inspecting a house during the closing process of purchasing a property. 

Before we even offered on the property my partner and I walked the house with our agent and looked it over well.

We didn't see much of anything wrong besides maby painting cabinets, new door, and some flooring.

Now that we are closing on the house we are taking it upon ourselves to inspect it deeper.

So I'm asking if we hired an inspector what would he do? 

Also asking for in depth advice about what we should do while we do this.

My partner has a strong construction background and probably has a better idea of what to do. For the sake of me I would like some guidance so I may go in confident about it!

Thanks so much!

Andrew Clifton

Mountain Home AR is retirement town advertised in Chicago and Florida don't know where at but it's around. We get retired people from all over the U.S. The city limits is small (12,000) but the surrounding area has been known for 300,000 or so, all do business and shop here. Surrounding Mountain Home is Bull Shoals Gassville and Henderson all with in  Mountain Home also recently hit a economic boom. It dose have a collage and alot of young people.

It's been hard to find Investor's here there all real estate agents. I'm not saying there not around. With a little more rep I guess it would be easier to find the Investor's. Just takes time.
Ohh they accepted the offer of 56,000 on the place.