All Forum Posts by: Chris Purcell

@Chris Purcell Is there something more important to your business than money? I'll hand all of this over to my accountant at some point in the future, but first I'm trying to understand the nuts and bolts of it. Just my personality type. Think of it like property management - it's hard to "manage the manager" if you don't have any idea what a well-run property looks like, right? Same deal here - I want an idea of how things are supposed to look before I start trusting someone else to handle it for me.

I don't have to be the smartest guy in the room, but I like to know something about what's going on.

I need to move mine into a LLC. My lender is okay with it, I use a smaller bank that markets to investors so they were okay with it. I just haven't moved mine over yet. I've been researching the best way to do it, seems a warranty deed seems to be the best way to deed it over to the LLC name.

@Ben Satterfield @Grant Rothenburger Full disclosure, I work with an asset protection organization, but I hear that "probably only worth it for big investors" rhetoric a lot, and I think LLC's are surprisingly affordable if you get the right services(comparable to insurance). I also think using LLC's are worth it even if you even if you're not a bigger investor for a couple other reasons. 

First, they do provide effective protection that insurance doesn't as long as you avoid mixing money, etc. They can prevent a court from stripping you of your investment properties if there's a large judgement from a car accident you were involved with for example. They also compartmentalize what's at risk in any given lawsuit meaning that if a lawsuit comes from an accident at a property, you can't lose more than that specific property.

Second, they're more about being proactive in protecting yourself. When used appropriately, they prevent you from ever being low hanging fruit for a lawsuit. If you only have insurance and own everything in your own name, when or if there's an accident on your property, you'll be a clear target for a lawyer looking to collect.

Feel free to connect with me if you would like more information. I can provide a lot of resources on the subject.

My short-term goal is to have a minimum of 48 properties in 3 years @ $200 per month = $9,600 per month passive income.  My ultimate goal is 100 properties @$200 = $20,000 per month of passive income.  

Looking for hard money lenders that would finance a flip in the Baltimore area, hence I am on my way.

 The owner of yellowletters is quite active on this board.

find him here:

https://www.biggerpockets.com/users/MichaelQuarles

Now, he and I do not see eye to eye on the yellow letters approach, but from what I have seen of him, he is a very stand up guy, direct transparent and honest.

I think he just gets a bit cranky every time I nag about yellow letters :P

Sorry Mr. Quarles.. couldn't resist.

Either way he is very proud of his company and I am sure he will give you his undivided attention. I'd say before talking bad in public about his company give him a chance to see what is going on :)

As I'm about to rent my 1st property, I've decided to not install a w/d. Even tho the hookups are there. I'm over budget, in a C-/D class area. All I can think about is a tenant not taking care of the convenience that I went above and beyond to include. The laundromat isn't far so I'm hopeful that not having them won't dim the light on all the updates I've done.

 I do. I bought an extremely nice Kenmore set. I charge my tenants an additional $40 per month to use them. Bought them  on my Sears card at 0% and will be paid off in three years