All Forum Posts by: Kevin Parekh

I own 10 SFH and 20 parcels of land. I am a dentist and make a good chunk from that business yearly. I want to protect my assets and have spoken to a local lawyer, Prime Corporate Services, Anderson and NCH. A local asset protection attorney just wanted me to place all my assets in a FL LLC for $5000. Cost range from $5,000 to $10,000. When I spoke to these companies, I felt very confused and wondered if I was getting oversold... or just so naive at this that I am being cheap. What are your thoughts?

PCS offered the following idea: Revocable Living Trust for ($2995) which owns a WY LLC ($400) which owns about 3 FL LLCs ($1500). Total cost is around $5,000.

NCH offered the following idea: Revocable Living Trust which owns a WY LLC for Property Management (S Election), another WY LLC for stock trading, and another WY LLC Disregarded (that holds the assets). The latter LLC will own all 10 of the income producing SFH. Then they advised I put the income producing SFH in their own Revocable Land Trust. All this would cost about $10,000. The other 20 vacant parcels would be owned by the Revocable Living Trust. I personally feel like this is way too complicated, but on the upside, I can use one bank account for all the rentals, which would make my life so much easier.

I would really like to hear your thoughts and opinions.

I own 10 cash flowing properties and another 20 parcels of vacant land. I want to speak to someone who can help me with asset protection. Can anyone please give me a lead?

I spoke to a local attorney and he wanted $7,000 to set up LLCs and to write warranty deeds. That is something very simple and easy for me to do! I was not impressed with his response. and he said to get ins/an umbrella policy (no duh!).

Some of the cash flowing properties are not insurable bc they are 30 y/o mobile homes, FYI. 

I have a rental in which I have an attached mother-in-law suite and then the main house. The MIL pays an all inclusive $1100/mo and is on a verbal lease. The main part of the house, I put on  regular 12 mo lease with them paying me back for power/water (3/4 of the bill).  It is my fear that if they don't reimburse me for the power, that I will be left holding the bag. Is there a section I can add to the lease that will protect be and allow me to evict the tenant if they do not reimburse me for the power?

Thanks Kevin,  I was in the USN from 2013-17 on a few carriers out of San Diego!

I really do not need the cash, BUTTTT I want to be ready for the impending downturn in the market. So my thinking was: pull the principal out and catch the next few deals. 

Any leads on a lender that can help?

 Mike, how many times have you ended up foreclosing on property?

The value is $140k ($168k at the height of COVID). I have owned it for like 15 min:) hence delayed financing. 

I am at at cross roads. I have a small townhouse (2/2) that I already closed on for $70k. I have to rehab the place for $20k to make it rentable for $1200/mo. I want to know 2 things from yal experts:

(1) Is this a stupid deal to finance? The Cash flow is low to me... The mortgage broker I spoke to mentioned that I could only mortgage the $70k and NOT the fill $90k. This would be a delayed financing product that I would be using. 

(2) If I finance this place under my name, does it negatively effect how I can leverage money in the future? Currently I have one VA mortgage that I have house-hacked.

See attachment ! Thank you!

Kevin

Welcome bud! DM me and we can go grab coffee. I have been in RE for about 10 years, but recently started doing a lot more (flipping, renting, and possibly building). Ex Navy dude as well:)

I have the opportunity to buy a 15,000 sq ft warehouse from a failing business. Right now it looks like the owner will QCD (I can get a Warranty Deed, if needed) and get it at a great price... I think.

I have a lot of residential properties and excellent at comping them. 

As for this property, the business hasn't made any money in years and I wont be able to get the NOI. I do not know where to get the cap rate. And of course, I really don't know the value. SOOOOO I dont know what the value is.

Can someone point me in the right direction?

Hey to all, I am selling a piece of land today at a Title Company. I need someone to tell me what is "going" to happen in an effort not to look stupid or get swindled. Any assistance would be greatly appreciated!