All Forum Posts by: Account Closed

Just following up. Did my original post make sense? Any more details needed?  Thanks, James

Hi All! Once again I turn to the gurus @ bigger pockets for aid!

I've recently created an LLC for my side business. While the business does sell physical items from time to time the majority of the revenue is from Amazon Affiliate marketing and YouTube ad revenue.

When I created the LLC I opened a checking account and set up the Amazon Affiliate and YouTube ad revenue to be directed to the business checking account. I also wrote a resolution to "transfer ownership" of all the social media accounts, email addresses, and affiliate accounts to the LLC from my personal ownership. 

On the Amazon Affiliate account I have an odd question. The affiliate account is "linked" to my personal amazon account (aka linked via my personal log in, email and passwords). To my understanding changing this affiliate account over to another email address would be complicated and I would risk having to start over with the affiliate links (amazon customer service isn't terribly flexible). So my question with regards to this affiliate account is: "will direct depositing the revenue into my LLC checking account from amazon, and creating a signed resolution to transfer ownership of the affiliate account and it's generated revenue to the LLC be enough to protect me from piercing the vale?"

I may be too far in the weeds.... but I want to do this right. 

Thanks!

JK

@Scott Jensen Thank you very much sir. Good tips there for sure. 

Hi all! I have an LLC set up for my business and am planning on tracking all of my revenue and expenses in excel (categorized/dated/noted). I plan on setting up another tab to keep track of when "out of the ordinary" events happen (transfers from me into the LLC, if I accidently pay for an item with a personal credit card, etc).

I'm looking for some advice on what other things I should be keeping track of and what actions I should avoid. Also if anyone has any details on how the track things I'd love to hear it.

I just want to make sure I'm not missing anything and would love to hear how yall handle it! 

Cheers,
JK 

This thread was super helpful. I didn't think about adding the LLC to my current landlord policy.

I wouldn't think that having your name on the insurance beside the LLC would increase liability risk since at that point the LLC owns the property...?


From everything I've researched and via the individuals I've talked to; it sounds like @Peter M. is right on point. 

I'm happy to see this question, because it was the question I was going to ask myself. Currently preparing to move a property into an LLC and I'm worried about how my current landlord policy will change.

Hey @Crystal Brooks thanks for the info! 

@Monica P. I did not own a rental during those time periods. But it does look like the home values held fkat this time around. I'll say that I do work in the oil industry. The Permian is a different beast than it used to be. When oil prices go down, companies shift more of their budget here... Due to the low finding cost ($invested/BBL of oil). It would take another major North American discovery to change this at this point.

Introduction:

Hey Texans, I've been dabbling in real estate investing as a side gig in Texas since 2014. At the most I had 4 houses rented out (two in FTW and two in Midland). Purchased traditionally with 20% down. I've since taken advantage of their high appreciation and consolidated down to one Midland rental which is doing excellent.

I'm looking to try my hand at some BRRR deals in 2020, so I'm gearing up (getting my ducks in a row).

Review:

I've worked with Mike Bartman (SWBC) as a Lender on my real estate deals (total of around 5 purchases) and he has done an excellent job closing on time and communicating during the process. He also has a competent team working with him. So shout out to him if yall need a lender!

I've also had great success with Scott L. Williams property management in Midland, TX. They're local, professional, and have an excellent maintenance team. Kristin Henley is my contact there.

Request:

Do yall have any good recommendations for RE Lawyers and/or CPAs in Texas that are accustom to working with investors?

Cheers,

JK

Hey guys I really appreciate the responses.

@Greg H. some may say over thinking... others say planning. If I'm going down this road, I'd like to "do it right." To this point I've utilized umbrella policies as protection, but I'd like to acquire more properties and I'll feel more comfortable separating my real estate from my other assets, which at this point of my career are more substantial than when I started. Failing to plan is planning to fail right?!

 @Account Closed thanks for your insights. I must say I've had excellent results with forums in multiple disciplines. I look at the forums like getting a second opinion. Or at least getting ideas on the right questions to ask.

@David Disraeli thanks for the info on the cost and charging orders. I feel like this gentleman was just more acustom with that structure due to the large trucking companies in our region. Seems like it's their preferred method. Also thanks for the suggestion of having the LLC purchase the property with a personal grantee. I agree this seems cleaner.

@Ronald Rohde Thanks for this info. It seems that the series LLC will at least provide some protection for the small fish like myself (I'm not starting off with a large amount of assets). Worst case scenario it seems is that the series LLC will be treated like a traditional LLC. At least in that case my personal finances will still be separate.

Follow up thought/question: Would the series LLC purchase the property, rehab, rent, refinance, THEN create the series for said property? Or would you create a series first to buy the property?

From a team member standpoint; is there are major disadvantage to working with a CPA and Lawyer remotely (yet still being in the same state)? Midland/Odessa is known for lacking in personnel options and also is known for having an "old school" mentality. I also see myself living in multiple Texas cities over the next decade. 

I am extremely grateful for yalls help! A true wealth of information on here that would be difficult to acquire locally.