All Forum Posts by: Andrew Wicklow

@Stephen Foltin

Lots of title costs to do it 2 times. Best just to be up front and use the hard money. If you can’t get the property because someone is actually cash, so be it. There will always be another deal.

@Brian Walters

I'm a very seasoned investor and I can tell you the LLC is totally worth it.

The LLC is not only about the protection it provides but almost more importantly the tax advantages. I'm not an attorney nor an accountant but I can tell you that both will say that the LLC is the way to go. The start up costs are not even a consideration (or the maintenance costs of keeping one).

Single owner LLCs are disregarded for tax purposes so everything flows to the owner of the LLC. But pass through entities get taxed less than ordinary income which is what you're taxed as an individual who has income.

As far as multiple LLCs are concerns. Many accountants say that you should use series LLCs because the taxes are easier. But I'm reality I think it depends on your state. The LLC laws need to be tested to make sure the series LLC hold up as true impervious entities. Because this is semi unclear In my state (Illinois) I always do separate LLCs for separate things that I will hold for a while (I want a Chinese wall between all different assets I will keep for a while). For simple fix and flips I use a single LLC and reuse it over and over.

This is a lot of info to take in. But if you or anyone has any questions...feel free to reach out directly.

Andrew

@Randy D.

Lots of things going on here:

For the rental you’ll need a landlord policy (called a dwelling fire 3 in insurance terms). Unless you live there (if it’s more than one unit), In which case you would need a regular homeowners policy. The difference between the 2 is the landlord policy does cover any of you personal property but the homeowners does. That’s essentially the difference. There are more but more nuanced.

Secondly I think you were asking about insurance for the LLC as a contractor? If that's the case you would need general liability. This is essential if you want to pull permits as the municipalities usually require proof of insurance (and generally a bond too).

I handle both (all 3) of these insurance situations so I when you’re ready feel free to reach out.

Andrew

312.eight90.five195

@Chevel Smith-Brown

I’m an developer who is also an insurance agent (meaning that I handle the insurance for many investors who use a variety of hard money lenders) and I can tell you that most hard money guys are simply that, hard money guys. If you get in a bind they MAY offer some solutions but I would basically just have you own guys lined up.

Andrew

@Matt T.

Let me know what you’re looking for. I handle both (very heavy focus on investment properties) nationwide with lots of different companies for different situations and niches.

Andrew Wicklow

312.eight90.five195

@Jaime Camargo

Make sure you know the area you want to target first. Then watch it for a while. List prices. Sales prices. How long does it take to go under contract. Etc. Soon enough you’ll be pretty confident when a good to fair deal comes along. And you’ll recognize the expensive ones too.

Good luck out there,

@Ami Moore ultimately it depends on how big the property is and what type of wind deductible you’re willing to absorb.

Not all companies want all types of buildings and the same goes with the wind deductible. Each company has a slightly different appetite.

Andrew