All Forum Posts by: Kory Thaut

@Robert Barnett Initially, it's a business contribution (followed by distributions when you need the coin). You can also loan your LLC money at reasonable rate and with proper documentation. But if you want to fund it with commercial lending (get financing w/in your LLC vs. just funding it), you'll likely need to establish some business credit first. It all depends on how you want to handle it all from a tax vs. asset protection plan.

@Oliver Martin Selling would be a taxable event, not the pulling out of equity in the refi.  I think your strategy makes sense as long as you're cash flowing at your desired level. 

@Jeff L.

With all do respect, I think some of the comments here are exactly why you should get council to help you set it up and operate it cleanly. It's not about being perfectly bullet proof but deterring would be attackers in the first place. For example, you absolutely want to take minutes as an LLC to show that you are a fully functioning business. They show when and why you made decisions.

I setup my first LLC myself after reading a few books and doing some research, but then paid to have it cleaned-up after a few years when I learned where my gaps were. All future work was/is through the law office. Also, the law office I use is also my registered agent service which is nice.

@Eric Bilderback Your 2k a month in passive income is already over 50% of your 9-5 gross.  That's a pretty good start.  I agree with @Corey Westermann, I'd keep the day job while you get the other opportunities running.  

@Michele Fischer

Thanks for the note and tip.  I assumed when I quoted someone that it automatically notified them.

Thanks again.

 Hi Tamara, Congratulations!

I've never been a big fan of the idea of doing real estate within an IRA. A big piece of real estate for my strategy is the tax advantages and within the self directed IRA, you miss out on several of them. It also comes with a high degree of complexity in tracking the expenses, additional funding, etc...

Now, with that said, a good friend of mine has done it, loves it, and it works great for him. I've spoken to a few custodians and just can't get myself to do it but its always tempting, on my mind. (plus, there's that whole age 59 1/2 thing for withdrawl. :-) )

Good Luck!

A few questions. Are these properties free and clear? If not, is the LLC the current borrower or financed to you and your business partner individually and by "through an LLC" you mean you transferred deed to the LLC after individual financing?

 Mike, welcome to BP.  I love your area.  I did some consulting work up in Covington a few years back but found myself down around Woodford Reserve a few times.  

Dani, thanks for the note.  And you're right, really have to be creative in our area right now. On one hand, I really miss 2012ish.  I looked at a 3/2 bank owned yesterday in the mid/upper 200's that a few years ago, no way would have been over 200k. Lots of expensive work needed. 

 Maureen, that new MAX orange line has sure change things around you, huh?  excited to see the opportunities around that area.  Thanks for the note.