All Forum Posts by: Jeffrey S. Breglio

I totally agree with Scott. SLREIA Utah REIA UVREIA--these are all massive, extremely inexpensive resources that will put in touch with the information and the people who can help you invest right. Congrats on a great decision and best of luck! We'll probably meet in person if you attend one of the REIAs and their associated luncheons!

Low end rentals are all over the place in SLC, you just have to know where to look. There are many wholesalers in town with such deals, PM me and I can send you a list of guys who regularly email out such deals. They rarely show up on the MLS.

There are much better ways to capitalize on the equity you have in your home than by purchasing the Olympus Cove home, which is just an extremely expensive, poor performing asset--it becoming a family home aside. With 320k you could make far more money with a little bit of education by doing hard money loans, credit-partnering on rentals, purchasing multi-family properties, or low end rentals, providing seconds for rehab properties, etc. Multi-families are great performing assets and are plenty liquid, you just have to be creative with the financing. 

There are many Real Estate Investment Associations in town with great investors, really good education and they cost almost nothing to attend! Google SLREIA, UVREIA, and Utah REIA and by showing up and networking, you'll learn many different ways to invest your money than by pouring it into a monster house that may or may NOT appreciate in the coming years. Best of luck!

Shane, in Salt Lake there are a number of Real Estate Investment Associations that you can go to for free at first, and cost almost nothing thereafter where you can learn everything that a mentor would teach. The big ones are Utah REIA, SLREIA and UVREIA, google each and see when they meet and one is bound to work with your schedule. I attend each of these and can vouch for the quality of the people and the education they provide. Be sure to network with everyone you can!

All of the above work well here in Utah @Arnauld Nakaha! It just seems to be where you focus your time/money. Wholesaling is great, but it's all about sourcing the deals, which can be a lot of work, so make sure you get paid a good fee--he who has the deal makes the rules! Flipping is great, especially in this crazy hot market--Blair is totally right, deals go fast and there's a very large, very well informed investment community which brings both competition and opportunities!

Sorry to jump in late here, but are a few misunderstandings in this post, and OP's answer is actually pretty straightforward!

By way of credibility, 'm attorney dealing in corporate-planning and asset protection in Utah and work primarily with real estate investors. 

Rob is right in that it is always a good idea to have a strong umbrella policy in place to protect you and your assets. Keep in mind however that is an insurance company's job to deny claims, and that they are very good at doing so. Their paying out is not guaranteed and it is not guaranteed that an award granted to a plaintiff would be less than the policy amount.

With that in mind, an LLC is the next layer of protection after your insurance policy. Rob is incorrect in saying that an LLC can be disregarded by a plaintiff's attorney. Yes, you as the owner may be named in a suit, but in Utah at least, there has never been a court case where the owners of a properly maintained Limited Liability Company have been found personally liable for the acts or responsibilities of the Company. If, in the examples above, an LLC is the owner of a piece of property, then should the plaintiff prevail in their suit, they may properly attached to everything the LLC owns to satisfy the judgement they've been awarded, but they may NOT attach to assets the LLC doesn't own, such as the owner's personal accounts, property, etc. That is like saying each time Apple loses a products liability law suit, the shareholders must personally pay out their bank accounts to the plaintiff. Incorrect. There is a lot of corporate maintenance, accounting, etc. and rules that must be observed to maintain the integrity of an LLC, but they are simple once you've learned them.

As in Texas, Utah also benefits from Series, LLCs which allowed risk stemming from properties to be isolated to each respective property, so that a tenant in one property may not sue for the assets of the entire portfolio, but only for that single property in which they were injured. 

The multi-member vs. single member LLC debate is very common here in Utah. It boils down to this: multi-member LLCs benefit from charging order protection, meaning the company can't be held responsible for the liabilities of the owners. Single member entities don't receive this protection, but all other protections afforded by an LLC are preserved, again, at least in Utah. This means that SMLLCs still retain the protection whereby the acts of the company cannot be imputed to the owner.

An LLC registered in one state can owner property in any other state, it must simply register with that state's division of corporations and obtain authorization to do business there. A new LLC doesn't have to be created in that state, only registered.

I sincerely hope this all helps and if anyone has any questions please feel free to call or email:

Breglio Law Office

[email protected]

(801) 560-2180

Welcome Arnauld, glad to have you here! Where do you want to focus your efforts? Are you looking to build a large, long-term portfolio of rentals or do you want to do more fix and flip deals?

Thanks for all the good will everyone! We work with investors and invest ourselves as well--we spend a lot of time educating investors about the legal aspects of their entities and real estate, our website has dozens of hours of educational webinars and live classes which you can view here:

http://www.bregliolaw.com/video-courses/

LLCs are not expensive to set up, and Series LLCs are especially cost effective for investors looking to build a large portfolio of real assets. The real trick is governing them properly to maintain their protection, as well doing the legwork of accounting and titling assets correctly!

Call with any questions you might have:

801-560-2180 or email: [email protected]

Thanks again and good luck investing!