All Forum Posts by: Brian Phor

Hi Everyone!

I'm looking to setup a parent/foreign Wyoming LLC. My plan is to setup a parent Wyoming LLC that will hold another LLC that will be holding my properties. I'm not exactly sure where to start or whom to contact regarding setting up this LLC. Does anyone have any recommendations or trusted attorneys they've used to set up theirs?

Any help is greatly appreciated! Thank you!

Hi everyone!

I currently own two properties. Both of them are insured with a landlord’s policy from either Allstate or Safeco. I’m interested in getting a personal umbrella policy (PUP) as well, but I’m not sure if I’ll be covered for liabilities from the property that I don’t have a PUP for. 

Ex: I purchase a PUP from Allstate and an incident occurs on the property covered by Safeco. Would I be covered for the charges in excess of my claim limit for that property?

From what I understand, a PUP protects the policyholder rather than the property itself so it should work. I’ve consulted a local agent as well, but they were unsure and are currently looking for answers. 

Thank you guys for any answers you can give! 

Hey, everyone! 

I just started my journey in the world of real estate investing and would love to learn how/why others got started and possibly connect with likeminded individuals! Regardless of whether we share similar interests, I enjoy learning about people and hearing about their passions in life. 

About me:

I got into real estate investing in order to gain freedom. Freedom from a job, from financial worry, to travel, to spend time with my family, etc. At a young age, I grew up poor and my parents worked night and day to support us. As a result, I never got to see them much or spend much time with them. Fortunately, we're financially stable now thanks to my parents' hard work and dedication, but I'm working to create more time to share with them. Along with this, I aim to create an apartment complex dedicated to providing affordable housing and financial rehabilitation to assist families struggling in the same way my family did. My parents had been in America for 20-something years before purchasing their first home. I'd like to help others get there quicker. To me, family and freedom are two things I highly value. I want people to be able to spend time with their loved ones and not have to work their lives away to make ends meet. I want to ease people's financial worries by providing a safe and affordable living space as well as providing financial education to set them up for the future. I have a long way ahead of me, but I've started my journey off by purchasing my first property this year! 

Now I'd like to hear from you all! 

Hello BiggerPockets Real Estate Community!

I'm a wannabe real estate investor looking to purchase his first deal. Starting in August of this year, I started seriously learning about the world of real estate investing. I made it an everyday habit to listen to a podcast and read a few chapters of a real estate-related book. A few months later in November, I decided to put my knowledge to the test. I made my first offer on a duplex and got it accepted. Yay! The purchase process was fine, but things started getting problematic after the home inspection. After reviewing the home inspector's report, it was revealed that the duplex had major issues, namely electrical and plumbing, that would've resulted in it becoming a money pit over the next few years of owning the property. So I backed out of the purchase and lost my earnest money (a small price to pay for experience). A few weeks later I found an even better property. It was ~35 years newer than the duplex and was recently renovated (new paint, carpet, flooring, etc.). After attending the open house, I quickly made an offer, got it accepted, and proceeded with the purchase process. This time the process was much smoother than the last, that is until I received the home inspector's report. There were some structural issues, termite damage, water damage, and concerns with the furnace, which the inspector claimed to be highly inefficient and would lead to absurdly high electricity bills for the tenants. So, once again, I'm backing out of the purchase and may potentially lose my earnest money. Now, turning to the collective genius of the BiggerPockets community, I was wondering what you guys have done to ensure the property you're purchasing doesn't come back full of surprises. To me, the most deterring part of purchasing a property is thinking about the potential problems that may result in the near future after the purchase. 

In short,

• Before making an offer, what do you check for in a property to ensure it won't be in need of costly repairs? 
• What are some items in a home inspector's report that warrants attention and what are some items that aren't causes of concern? (As a newbie it's difficult to separate these two).

Any pieces of advice, answers, and/or references to resources would be greatly appreciated!

Thank you all and Happy New Year!

Brian