All Forum Posts by: Raj I.

@Michael Sato - Thanks! I'm in

I was waiting to login for the webinar today and after the countdown from 10 mins to 0 it went away. Can you post a link to webjam?

@Account Closed Thank you Greg. I plan to buy foreclosures using all cash and turnkey rentals using a mortgage loan. I thought that it would be a good idea to organize these in separate compartments with LLC's.

@Dan Mahoney

I am new to BP, but I don't think I have read 1 post as detailed as this one. The material you provided could have been sold, but I am so grateful that you decided to share it in this public forum. What an unselfish thing to do!! At the very least, I am buying you a few rounds of Macallan's and lunch/dinner if you'd allow me to :)  I am going to attend the next courthouse auction to be a spectator and hope to run into you.

I have a couple of questions - How do you buy the properties? Do you have an LLC set up and buy through the LLC? Since you are a Financial Services Pro., what is your take on Asset Protection and Anonymity? Are NV/WY Holding companies useful? Do you feel this topic is overrated or valid if one has personal assets at stake?

@Account Closed

Hi John - This is what makes me think, if I should set up a holding company in NV/WY, and then open up LLC's in GA which would say 123 Main St and point to the Holding Company. I don't know if this would avoid 'piercing the corporate veil' because I may still need to disclose my assets in GA if sued.

About point #2., during closing I intend to let my lender know that the LLC is for asset protection and nothing else. I have read somewhere that if they sign off with that knowledge it may not come back to haunt you, but please do advise if you have heard otherwise.

Thank you all! I found a local attorney who was very informative and said that a NV Holding company may not be necessary and would charge $750 to set up an LLC in GA.

10 Years ago, I used to have a chain of stores, and I incorporated every one of them by writing up a simple Articles of Incorporation and going to the Secretary of State and filing it right there. It took  about $100-$125 I think. However since this is RE and I wanted to take special precautions.

@Bill - The Attorney I spoke to on Friday said that if you are getting a mortgage, then you set up the LLC first and put that LLC name in the title during closing. (watch out for due on sale. Low risk, but still)

If you own it outright, then he said you can deed it to the LLC. I am thinking of setting up an LLC, then 'loaning' funds in that LLC and then doing an all cash transaction through the LLC.

Do you know of companies that have restored Historic Homes? I have my eyes on a 1900 Bungalow that needs complete restoration from head to toe.

Need someone licensed and with good references.

If you have used someone in the past, please do suggest. Would be very grateful!

Thanks for all the great suggestions!

Thanks Mike. The GC means well but doesn't know this entails. He had done my basement 3 yrs ago. The house btw is just golden!! Total stunner. That's why I'm thinking of plunking 125 down but the additional 65-125 worries me

Thanks. Guy quoted me $12/sq ft with the caveat that he won't be able to pull permits. I'm going to shop around for a legit GC. General price in the area seems to be 25-35.