All Forum Posts by: Ethan Painter

Up until this point, I have only flipped houses, but I want to begin searching for rental units to purchase. I have heard it is best to start an LLC for each rental property you purchase, so that if you get sued, they can only go after the value of one property, instead of all of them. Is this true? If so, how do you make this happen logistically, because you would have to put the offer in on the house, and once it was accepted, file for an LLC, but that can take a lot of time. So what is the best way to make this happen?

Welcome @Erick Michael Ford! Glad to see you in BP. Best of luck to you!

@Katherine Earle This entire thread is very inspiring. I find your faith in your business very encouraging and I think what you are doing is great!

I married into a family who has a very basic/traditional mindset. They taught their children to go to college, get a degree, get tons of debt from that degree, get a good job, then die. I had the opposite mindset, but you know.... You can't choose who you fall in love with! After we had been married two years, we flipped our first house. We heard a lot of negativity from people, but we pushed through. When we flipped the house for more than the average American annual salary in net profit ($60K), suddenly all of those negative comments turned into inquisitive curiosity. I am half way through my second flip now and the same people who used to look down on me actually just walked through my property asking questions about how we do what we do. It's funny how the tables turn :) 

My advice is to just do you and not worry about what people say. As Dale Partridge always says, this is not dress rehearsal; this is your life. You only get one, so make it a good one! Cheers!

@Clay Snider Welcome from a fellow Michigander! Glad to have you here.

@Trevor Mitchell Welcome from Lansing! I am 23 years old and am half way done with my second flip! Let me know if you need any help with anything! Good luck!

@Matt Marble Welcome from Lansing!

@Terry Evans That would be great!

Welcome @Anthony Hardie from a fellow Michigander. You've come to the right place!

@Account Closed, could you message it to me? I would be interested in listening to that.

Let me know if you find anything different out, because I may need to change my LLC's structure.