All Forum Posts by: Jeff Ausdemore

Thanks to the quality of this site, the Bigger Pockets "meet up" that we've formed locally (Mid Cities), and meeting/networking with some great people, my wife and I are closing on our 3rd single family home here in Tarrant County in a few short weeks. Everything is going well, and we're excited to continue learning/growing in our REI venture.

Here's where I would love some advice, from those of you that have taken the step of Incorporating (LLC's, Series LLC, etc.)

My brother and his family have recently moved here from California, and we're ready to invest together moving forward. Our investing strategy will focus on single family homes in excellent school districts (thus far, we have 2 SFH in Keller ISD, and 1 in Northwest ISD- Byron Nelson HS), as well as multi family properties that make sense from a cash flow perspective (We've looked at 2 four plexes, and we're currently evaluating an 8 unit apartment complex).

Here are some questions we have for the well informed masses at Bigger Pockets:

#1 Do [you] recommend that we set up an LLC for all properties, or a series LLC, delineating each property into separate LLC's "underneath" the main LLC? Any other strategies we should be aware of other than an LLC?

#2 Do [you] recommend that we use an attorney to set up this LLC, or have [you] found success through RocketLawyer, LegalZoom, etc.? We understand that the online legal "do it yourself" route is much cheaper, but we'd like to be 100% certain we've covered our bases, and we're fully protected.

#3 What tax strategies should we be aware of going into this LLC? Do [you] recommend that we seek out a dedicated real estate CPA as well? Are there real estate attorneys our there that specifically work with real estate CPA's that can "see the whole picture" with regard to our legal protection and tax liability?

#4 Can anyone recommend an excellent real estate attorney and/or CPA to help guide us through the process of setting up the LLC, and planning for tax season in the years to come?

As always, thanks in advance for any help you can offer!

AusProperties

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Dallas, Texas

Originally posted by @Tom Ott:

Originally posted by @Jeff Ausdemore:

Hello BP'ers!

My wife and I are wrapping up the details on our 2nd SFH here in the Dallas-Fort Worth area. Thanks to a few meet ups and the fantastic podcasts/webinars on BP, we're "all in" these days for real estate to be a major wealth generating opportunity for us long term.

Thus far, we've been VERY fortunate with our renters, because we spend quite a bit of time vetting them to the very best of our ability. It's been nearly flawless so far. We've used Trulia, Zillow, Hotpads, Postlets, and Craigslist to post the ad, and we follow up with My Smart Move .com for the screening process.

Is there a better site/method to your success?

Thanks in advance for your replies/opinions!

Hello Jeff,

It seems you are already doing a great job! Those sites you named are great places to post ads for renters. I use them all of the time in my own work. Many times you come back with great tenants, and sometimes, not so great tenants. As long as you trust the site you are using for vetting, I am sure you are making the right moves.

Some helpful things I like to think of are:

Have them sign an authorization form, which allows you to look up their credit report and do a background check. Never simply look at a credit SCORE, but make sure you look at the whole REPORT. Someone could have a good score, but owe a lot of money on collections. (I know, but it happens)

Analyze their credit report and if you feel comfortable, do a background check and make sure their criminal history checks out.

Another key factor is employment history. Make sure they have a job of course! You also want to make sure they have had the job for more than a few days. Remember their ability to keep their job (or have a steady income) will directly effect their ability to pay the rent.

We always have them submit pay-stubs. 2 - 3 most recently ones give us the information we need. You want to use that information to check to make sure they have enough money to pay their bills, including the rent. We don't normally ask for a license until they are signing documents, but that might be different depending on your state.

Please let me know if you have any questions!

Great stuff, Tom- thank you very much!

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Thanks James- I appreciate the feedback!

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Hello BP'ers!

Is there a better site/method to your success?

Thanks in advance for your replies/opinions!

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Looking forward to meeting #2 here in the mid cities!

We'll be coming a bit after 6:30, but we will certainly be there!

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Thanks Sherry- looking forward to meeting everyone!

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Hello all,

I am Looking for 1800-2400 sq ft homes in the 76137 ish area. I am primarily looking for an excellent deal in a very good school discrict (Keller, Birdville, Northwest).

We are looking for a discount, so we expect work to be done, but nothing that some hard work and a reasonable budget can't fix (perhaps light foundation issues as well).

If you have something that you think may fit the bill, please contact me at:

[email protected] or via phone: 817.657.4464 m

Thank you for your time!

Jeff

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Originally posted by @Chris Soignier:

Grapevine gets my vote.

Yes sir- I agree Chris!

For everyone: I would certainly be willing to help find a place for us all to meet as well.

Please let me know what I can do to help!

Bedford, Grapevine, Colleyville area might be excellent for people to find easily.

Jeff

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Hi all,

We are looking to pick up a 2nd rental property somewhere in the 80 - 160 k range in a good school district with long term hold potential.

The last 5 months have been difficult, as we've tried to buy properties one step behind the rest of the market (MLS).

I'm now open to other properties coming online rather than the MLS.

What opportunities are out there?

Thanks in advance,

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Thank you Jeff- your advice is much appreciated!

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All Forum Posts by: Jeff Ausdemore

Jeff Ausdemore has started 16 posts and replied 47 times.

Post: Any advice would be appreciated- thank you!

Post: What's your favorite site (or method) to find your next tenant?

Post: What's your favorite site (or method) to find your next tenant?

Post: What's your favorite site (or method) to find your next tenant?

Post: DFW Meetup Dec. 30 at 6:30pm in Grapevine

Post: DFW MEETUP NOV. 22 @ 3:00PM

Post: Ft. Worth/Keller/Watauga/NR Hills Texas area

Post: BP Meetup for North Dallas/Plano/Frisco/Allen/McKinney/etc

Post: Looking in the Keller/Watauga/North Richland Hills/F.W. area...

Post: Advice needed please!