All Forum Posts by: François DesCotes

Hey folks!

Do you know where I could get a simple promissory note with security agreement template? I'm thinking of selling my RV to someone who would need 18 months financing...

Thanks for the help!

@Lucia Rushton

Congratulations! I have been reading the material of my self-paced program and I have been at it for waaaaaayyyyy too long. I applaud your discipline. You will do well.

I wish you the best of success!

@Will Parker

I'm going to assume that it is the hike of the interest rates which slowed down housing sales, and the fact that the industry's bubble may burst at any moment. 

Doesn't mean there aren't opportunities out there for whatever people are into, but they may have to work harder and know the industry real well. It's important to do your homework and your due diligence, and the odds can be beaten.

Good luck!

Keep you money moving!

@Dale Nesmith

I would talk to my favorite banker first if I were you. Preferably a small, local bank. Well, it could be several banks if you don't already have a relationship with someone flexible and creative. I'd explain the situation and see what they can offer, keeping in mind that you will probably want to refinance once the rehab is done.

Best of success!

Keep your money moving!

@Jeff Ausdemore

Do you have each properties in a separate LLC within you Series LLC? Or are you saying that your CPA is recommending a separate checking account for each property within one LLC? (I think you mean the fist option) As @Ryan Blake is mentioning, a separate account per LLC protects your assets against a lawsuit.

I highly recommend listening to BP Podcast #109 which talks about asset protection through Series LLC's, Trusts, and other good strategies.

Keep your money moving!

@Scott Smith 

Scott, it sure does help! More homework for me but I do believe I’ll need some professional help soon. 

Thank you so much!

@Dave Passey @Matthew Paul

Thanks for the insight, guys!

@Dave, you mentioned door knocking a list. Where do you get the list?

@James Miller

Thank you for the info. My personal take was them folks are stuck in their ways, including my CPA (whom I love dearly.)

Also, isn't less expensive to do your taxes with a Series LLC as opposed to a bunch of separate LLC's? That might be an incentive for accountants not to do it...

Can you remind me what asset protection advantage the Series LLC offer over a bunch of separate LLC's?

Thanks again!

@Ryan Blake @James Miller

Gents,

Thanks for the feedback. In talking to my CPA he said that "the local Big Boys" who have access to an army of attorneys do not use a Series LLC. They just do LLC's. He said that the only people asking for Series LLC's are "younger people" who have read some stuff online...

Why would the real estate "Big Boys" not use Series? From my limited reading it simplifies things at tax time and offer a layer of asset protection. What am I missing?

Thanks!