All Forum Posts by: Eric Knutson

@Sydney McCloud Here are some podcast episodes we have produced at BiggerPockets that may help with the understanding the key details you should consider. Then you know who and what to ask locally. 

For LLCs, We had lawyer Brian Bradley on the Rookie Podcast episode 105 LLCs for Rental Properties & "Layering" Legal Protection and Rookie episode 106 Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert. And updated bit on the Real Estate show Ep. 838 How to Not (Accidentally) Lose Your Portfolio to Lawsuits. 

Also, for estate planning Money Podcast 532 Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake and Money Podcast 533 What Even We Didn’t Know About “Protecting” Our Wealth with Jenny Rozelle

Newer laws have said you should get your LLC's in whatever state you are investing in due to the legal protections. LLCs just protect your other assets (if any) from being sued. From my understanding - Nevada, WY, Delaware will not offer you the benefits that you may have heard. Legally, (I'm sharing what I have heard, not a lawyer) you will be liable in the state of the property so other state LLCs will not help.

Hopefully this is helpful! Good luck and if you find out anything cool, please share!

@Anna Catron I would love to have David and Rob answer this on a Seeing Greene episode. To me, it looks like the BRRRR calculator and Rehab calculator would help supplement the missing rental portion. You have fixed build cost it seems and fixed loan costs after the refi.

Are you building 2 bed 1 bath duplexes? Hard to tell from the picture but I was just assuming. What type of rents are you getting? FW, seems to run the gamut from 900-2000 depending on size. 

What info are you missing that you would want to know? Just overall returns? This is really cool that you are able to do this! 

@Srini Murthy hopefully it is a non-issue if you pursue this property! Good luck

The estoppel agreement will verify what they pay and the terms they agreed to but I don't think it will hold up in case of an eviction. It is more of a verification for the rent being paid. I don't think it will provide any safeguards for damage or liability etc. 

 You can always request that the tenant sign a month to month agreement before purchase and then you can decide what to do with them after you own but it would give you some protections. 

We would be looking for 3-5 people that will get 10-15 minutes 1 on 1 with our hosts to talk through your specific question or situation. All experience levels are welcome! 

Matthew, Hope you are well! I am new to BP forums but not video production. Were you ever able to find anything that worked for you? It seems like now there may be even more options than a few years ago when you asked this question. #AheadOfYourTime

Are you using local production companies or have you figured out a solution that works within your company?