All Forum Posts by: Eric Barnett

@Jennifer Hicks I’m looking at multis 6-30 in the Tulsa area and would like to fly up for a couple of days to become more familiar with the area. I live in Austin but did attend ORU for my freshman year. Let me know if you are still focused in the area and can help.

I am looking to create an multi member LLC for one property but as we grow I would like to convert to a series LLC. The reason I am not planning to do initially is that I am in a time pinch and am unable to meet with my attorney who recently setup my personal series. Has anyone converted an LLC to a series before?

I have multis in Killeen and they cash flow great. Once you take over a building getting the right tenants in place and updating accordingly is key. I've found that a lot of properties are mismanaged resulting in deals to be found. Good Luck!

PM if you'd like to try and meet up sometime, I live in Austin but am in Killeen once a month or so.

Thanks for the information everyone, worked thru everything with my attorney to have it setup the way I wanted. Should be good to go moving forward. A follow up question would be if I wanted to use another LLC as the property manager would I just enter into a simple agreement between the parent LLC, its affiliates, etc. and the prop mgmt llc? An idea to further remove myself from the tenant interactions on a paperwork scale and to keep funds all in one business acct then dispersed.

I agree @Steven Perre 

I think buildium may be the way to go for accounting or just keeping up your own schedule E’s. 

@Daniel Francis are there still open spots for players?

@Ronald Rohde no I have not filed yet. I was working with an estate attorney on other general matters and started this conversation with them on setting up but not overly sure they are suited to set this up. 

Really looking for a simple “how to” on setting up and process after acquiring new properties. 

I am in Texas for any of you wondering. 

My goal in addition to liability protection is to create less of a burdensome tax return, use trusts (if not overly cumbersome) to provide anonymity.

I've read thru several posts but wanted to get a clear process or steps for creating a Series LLC and then how to move forward with each new acquisition. My understanding is as follows:

Parent LLC - owns all cells and is the master LLC with managing rights etc.

Individual or Series LLC(s) - created with simple documentation referencing the operating/company agreement, internal document and not recorded. Following closing on the property you would drat this document with the new series llc name then record a deed transferring the property from personal name to series llc name. Another route, and possibly better, would be to create a trust for each series (title same as series llc but replace llc with trust) then record a deed conveying the property from personal name to trust with prior documentation showing trust conveying to series llc. This would provide the anonymity aspect desired but with property that retains high leverage and adequate insurance is this necessary? I know if an attorney really wants to locate a private owner they can get around this.

All accounting must be done separately (schedule E) but rental income can be paid into single business account (parent LLC name) then taken out as an owner draw into the individual's name/account.

Thanks for any help, working thru some things setting up now and wanted to be sure it is done correctly before forming parent LLC or recording any deeds that would create a bigger mess to clean up.

Has anyone used this platform? Likes, Dislikes?

Looking to switch over, looked into buildium and not enough units for appfolio.