All Forum Posts by: Jason Forgey

@Jonathan Halverson We live in DFW but have taken a summer trip with the family to Galveston for 4 years running. It’s a great town! I’d love to add an office down there.

Next time I’m in Houston or Galveston I’ll try to drop by a meeting.

@Phil Begay I'm a Texas attorney that creates LLCs and Series LLCs on occasion, but I wouldn't worry about an LLC until you at least get a deal under contract. Like the others said, focus on getting the deal in hand first - that's the hardest part! I wouldn't spend money you haven't made yet on corporate structure and legal fees.

@Ivan Loza @Lydia T. What part of the Metroplex are y’all in?

I run a law firm and title office in Frisco & Little Elm. I have started helping a realtor working pre-foreclosures, and might make the plunge into investing soon when the right deal pops up. Looking at one in McKinney right now.

@Steven Osterhout you would put the Series (Child) as Grantee in the deed.

So the deed would be into "Smith LLC — Series 123 Main Street" or "123 Main Street, a Series of Smith LLC".

@Matt Ferch Have your dad consult a local attorney and have him either leave it to you in his will, or set up a trust with you as the beneficiary. You will inherit estate tax free so long as your dad isn’t worth over $11mm (check MO rules to see if any state death taxes).

There isn’t a one-size fits all solution. Other options too such as Life Estate Deeds and Transfer on Death Deeds, depending on the state, Medicaid issues, family dynamics, etc.

@Laurence Chiang Deeds are relatively cheap through me or another attorney. It’s worth it to talk through what you’re doing and why so you’re set up with the correct document, execution, and recording.

@Jason Forgey I’m in Texas and had this same issue on my purchase. We bought “below market”, but I just showed him the settlement statement and they adjusted their valuation.

@Mak K. They should assess at the sales price on the contract when you go to protest.

@Zack Korenstein I’m a fan of Series LLCs, which I believe they advocate as well. I’ve read their strategy on avoiding “due on sale” mortgage clauses, but don’t know much else about what they do. 

@Mary Jay Property records are filed in the county that the property is located, otherwise you have not put the rest of the world on notice that a transaction has occurred. Title companies only search the county records for recorded instruments associated with your legal description. Recording it in another county would have no effect.