All Forum Posts by: Jessie Randolph

The number of states that are allowing series LLC's is growing each year, but it's still not many. In states that don't allow it yet, we do it the old way. Essentially a parent LLC that holds assets with no liabilities. The parent LLC is 100% member in the other LLC's you set up. Those LLC's own the properties, pay the bills, etc. The profits from the LLC's flow up to your parent LLC. Use the cash flow in the parent LLC to get access to LOC's and keep adding new LLC's to shield the parent. The series LLC format essentially mimics the plan. The only difference is the old method does tend to allow more flexibility to enter into new partnerships and profits splits when you set them up and purchase properties (if you decide to bring in partners).

Until you have lots ($100,000) of equity, you don't need an LLC to buy properties. They are hard to maintain properly frankly. If you don't maintain them properly you lose in a lawsuit anyway.

Use umbrella insurance starting out. It is better coverage and doesn't require work to maintain.

Michael, Thank you! I'd love to connect with you here (Please add me back :) ) and show you around if you come to Atlanta next time! My company Lulu Homes own all of these properties. I've love to share more on how we grow in the forum in the future. So our units in Columbus is near the university. I don't personally manage the listings, we have local partner who's managing the listings locally. There're still a lot of long term tenants when we purchase it but we have turned 8 units into short term and they are doing really well.