All Forum Posts by: Brandon Davidson

I agree with attorney, Dan Barli's advice. Get good local legal real estate advice. Questions you might ask a real estate attorney: #1. Should I consider a separate LLC for each rental? (Why? Maybe you can have extra layers of liability?) #2. If I already own rental property(ies) via my personal name, do I have to transfer ownership of each rental property to an LLC (or LLCs?) (Why? Maybe to remove personal liability out of your name?) #3 If I have financing on my rental property(ies), will the banks or lenders, allow me to transfer "out-of-my personal name" and "into an LLC"? (or maybe the banks or lenders will make me refinance my loans to the LLC(s)? #4 Are the costs of setting-up separate LLCs worth it? (Why? By having separate LLCs, which may separate liability for each rental property, worth the price of having separate LLCs?). Also Brandon, see if there are any established "real estate investment clubs", active in Bay County. If so, you may pick-up a wealth of good information, contacts, education and even some good deals on more rental properties. Owning good rental properties in Panama City (and Fountain too!) sounds great! Good luck Brandon!

Robert,

Thank you so much for the response and wealth of questions to ask when I am making those calls to seek out the right real-estate attorney. The LLC and layers of liability is overwhelming at first especially when you start discussion having multiple LLC's to cover individual properties and so forth. I will definitely be using your questions when vetting my potential attorney. Also thank you for the advice to seek out real estate investment clubs as i honestly didn't even think they were a thing, i will keep you posted with what i come up with on these task.

V/R

Brandon

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Originally posted by @Dan Barli:

@Brandon Davidson I would recommend you consult with a local real estate attorney to ensure your filings are done properly. Especially since you have 4 properties and want to grow it would be the wisest course of action.

Dan,

Thank you very much for the response and for the advice. I will be doing my research to see what real estate attorney's i have available to me in the area and make some calls. I will come back and let you know how it goes and hopefully share what i learn in the process.

V/R

Brandon

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Alright bigger pockets i am new tot he forum and this is my first post so please be easy on me. Quick back ground on myself I currently have 3 SFR's and one vacant lot all located in Panama city FL. I have 2 of the SFR rented, I live in one, and the vacant land is in the process of being sold. I am currently in the process of closing on a cash out refinance on one of the rentals to invest in another property which brings me to my question of starting an LLC for the properties and future growth? I don't plan to stop at 4 houses/units rather continue to grow, I am seriously considering starting an LLC for the rentals. Is it a good idea to start an LLC? if so, file the LLC on my own or through a service such as legal zoom? Any help with this would be greatly appreciated.

V/R

Brandon

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Jessi,

I am in a very similar situation that you currently find yourself. I bought a house at the beginning of the year cash and renovated it with the sole purpose of being my second rental. I am now looking to refinance the house that way i can use that cash to Buy another homes, Renovate the house, Rent the house, Refinance it, and Repeat that process. That is the BRRR method that David Greene explains in his book which i am currently reading and am hooked. If you are looking to expand your rentals i would high encourage you to start reading that book as i know its seriously helping me move forward in my investing.

3 Votes

Fort Worth, Texas

All Forum Posts by: Brandon Davidson

Brandon Davidson has started 1 posts and replied 4 times.

Post: Forming LLC in Florida

Post: Forming LLC in Florida

Post: Forming LLC in Florida

Post: REFINANCING A RENTAL PROPERTY?