All Forum Posts by: Clint Galliano

My list is as follows:

• 4 Hour Work Week - How to take a different mindset towards work, life, and goals, in addition to tips on how to achieve them all.
• E-Myth Revisited - Advice on how to structure your business and rely on processes/systems to have it run efficiently.
• Loopholes of Real Estate - Rich Dad series
• Rich Dad, Poor Dad - Some great concepts for thinking about wealth, "...What they don't teach you in school..."
• Millionaire Real Estate Investor - A good primer on investing in real estate, though some of the details may seem a little outdated.
• Brandon Turner's "The Book..." books. Lots of excellent advice on buy and hold rental investing.

I run through the top 3 every few months...great for keeping it fresh in your mind.

I'd be more than happy to meet for coffee, @Ashley Hirtle

Welcome, @Ashley Hirtle. I am in the Houma area, also.

I understand, now. Thanks for the clarifications @Account Closed!

Excuse my ignorance, as I am trying to understand note investing. Are you required to go through the "sale" process if you foreclose on a note? Say it is a property that you would want to add to a rental portfolio...when foreclosing, can you just take it over or do you have to offer it up for sale first?

@Brent Coombs The title is deemed insurable and the title insurance is to protect against claims that the title is not clear. Things like property line location, someone claiming ownership that is not documented in the title, etc. So, if you buy title insurance and someone makes a claim against your title, then you insurance is potentially null & void after a quit-claim deed transfer.

I am not an expert, but this is my understanding of the matter. 

Ultimately, if you are using the LLC structure for asset protection, you would want to have your property owned by the LLC entity. Commercial loans have shorter terms and higher interest rates, but if you take that into account in your analysis, and still cash flow at an acceptable amount, then you are doing OK.

Your attorney and CPA will give you the best advice as to how to proceed.

From what I can understand, if you utilize the "Quit-Claim Deed", that renders any title insurance null & void should a problem come up with the title at a later date.

It all depends on what you want. If you are creating a single-member LLC (no partners), you don't really need an attorney to put that together. BUT, if you are creating an LLC with partners, you need an operating agreement that sets guidelines for how the business will be operated and if done properly, also sets exit strategy for partners should anyone want to get out, then I would suggest using an attorney.

If you are OK with doing the work yourself to set up the LLC via the state website, then tackle that yourself.

If you would rather have someone else handle it for you, along with annual reports, then the LegalZoom option sounds like the route to go.

Regards,

Clint C. Galliano

It seems like it should be OK. You would most likely have to keep it as part of your personal residence and rent it to the LLC or something like that. Your CPA would know the correct answer to this.