All Forum Posts by: Justin Strait

Thanks all. Good info to have as I start down this process.

One of the things I've seen when it comes to starting in the REI arena is getting pre-approved for mortgage. In my consult with Rent-to-Retirement, my consultant Adam made the same point.

So as far as investment properties go what strategies do folks use? RTR has a preferred lender but I'm also looking at PenFed as I know they are one of the most competitive out there, but both were asking about loan size, property cost, and expected rent. 

For a pre-approval do most of you just put estimates or find a property and use those numbers? I'm looking at several property options and not sure what strategy to use here.

I realized I didn't answer this question. I was fine with the initial plan. There were many things in the plan that make sense but that I don't need today but will be mapped out and reviewed annually. There was no pressure to set anything up I didn't want. Some of the things I didn't think about was moving my personal assets into a living trust for protection either. What I chose will set me up for the initial business investment and then leave me with a plan for growth, tax advantages, and protection in the future.

I don't have a real estate portfolio yet other than my personal residence. Right now, I'm setting up my core LLC. I am currently working with Rent-to-Retirement to pick-up 2-4 properties this year and grow from there with RTR and other opportunities.

My only other investment income comes from my crypto mining business.

So, I had my consult with Anderson Business Advisors yesterday. They ask a lot about your assets and goals. They definitely didn't force me into any predesigned solutions but took what I was looking for and made recommendations. They give you a customized plan and based on my desired they should their recommended end state and anything I didn't want to do now was marked "future" while things I wanted to execute now was listed "now".

I'm looking for anonymity, asset protection, tax benefits, and someone to handle much of the LLC stuff as I am still working full time.

What they came back with was:

1. WY Holding LLC Formation: $2750 discounted to $1500
2. Company Assistance Program: $2500+$795yr discounted to $1800+$795/yr
3. Platinum Enrollment: $2500+$35mo discounted to $1500+$35/mo
4. Registered Agent: $150 discounted to $135
5. State Filing Fees $102

*Note at you can see in others posts discounts seem to depend on what services individuals get. Each plan is tailored to your desires/needs. I my case I'm just setting up my holding LLC so I can build business credit while looking at deals with Rent-to-Retirement and then will set up my REI LLC/Land Trust where I do my deals.

Anderson does state that "Non-Platinum Member’s professional hourly rate is billed at $350/hour."

Regarding the cost from what I can tell it's in line with similar competition like KKOS. They just seem to bundle more but also provide more secondary services like training, legal forms, etc.

As for the cheaper things like legalzoom, etc. Well, I looked at that too. Personally, when it comes to legal stuff, I don't trust cheap. Plus, I'm willing to have someone do some of the extra work for now.

Descriptions:

PLATINUM MEMBERSHIP
Access To The Anderson System
2 Year Tax Review
Unlimited Attorney Strategy Sessions
Unlimited questions with our tax team via the online platinum portal
Access To Monthly Tax Webinar
Tax Q & A Database
Access To Video Training Library
Extensive Legal Forms Library
E-newsletter
Attorney Document Reviews (Limited)
Exclusive Product & Workshop Discounts
$35/Month to maintain membership
Receive Two Complimentary Tickets Each Quarter To Attend Our Educational Workshops In Las Vegas*

COMPANY ASSISTANCE PROGRAM
$1,800 initial payment, $795/yr
Verifiable Corporate Headquarters*
Entity Maintenance Support* (anything related to the ongoing compliance and operation of the entity, ie conversions, domestications, binder restatements, redrafts, and dissolutions** for Nevada & Wyoming)
Mail Forwarding
Reconstruction of Missed Entity Records
Annual Corporate Compliance
Annual LLC Compliance
Phone answering service (702.871.8535)
10% discount on executive retreat, upon qualification
*Entity must be formed or binder docs drafted by Anderson and Anderson is required to be listed as the Registered Agent.
**Excludes dissolutions outside of Nevada & Wyoming, as well as any state filing fees or shipping costs.

LLC FULL SERVICE FORMATION
Operating Agreements
Membership Certificates
Membership Ledgers
State and IRS filings
Corporate Record Book Kit

REGISTERED AGENT
Accept and Forward Tax Documents
Accept and File Compliance Documents
Respond to Service of Process Notifications
Help Make Sure Businesses Are i n Good Standing
Renews annually at $135 per year per Entity

That was definitely my feeling. 

I will definitely take a look. Thanks!

Good evening BiggerPockets community!

I have made the jump into my journey into real estate investing and a stream of passive income. I've been watching many of the BiggerPockets member videos and now I'm looking to create my and fund my LLC while I look for that first property to invest. I've already started setting up my HELOC so I can pull that trigger when ready.

I took the advice I've seen here and joined a local REI group but the first meetup I went to seemed like it was just a pitch for Renatus REI Education system. I was a little disappointed but I'm not going to let it hold me back and keep focus on my learning here. If there is a recommended REI community group in the DC area I'm definitely interested. Or if someone has feedback on the Renatus system I'd still listen.

My goals are to build my REI portfolio in markets that are in the smaller cost areas (definitely not DC). I'm exploring RoofStock while I still work full time.

I'm working on a checklist of things I should do LLC wise. #1 is writing a draft business plan to put my goals and plans down on paper. Even if I don't use it for loans.

My next education step is looking at the best way to set to operate my LLC once set up and how to analyze cash deals vs mortgage deals.

Looking forward to reading more about REI!