All Forum Posts by: Kristin Solbach

We were boing to BRRRR in Ohio but decided to hold off on that as we didn't feel comfortable managing it from this far so held off on it. Setting up the LLC in Ohio was affordable so if we decided to go forward with a BRRRR we could always open another LLC for that too. Thanks so much @Jonathan Bock

 Aloha Jonathan, 

no, we live in Hawaii. Buying this as a second home... any further advice? 

Kristin

Dear all, I have the opportunity to invest in a property (a retreat hotel not far from me) as a limited partner. I am supposed to enter the agreement with an LLC and I am wondering if I would be able to re-purpose an LLC that we set up in Ohio earlier this year but never did anything with. The Ohio LLC has a Wyoming LLC above it and its just sitting around... does anyone know if the LLC needs to be in the state the retreat is in or that I live in (Hawaii)? Since I am not actually purchasing the property myself and am only partnering (amongst others), does it matter? Thanks a lot for any help and advice

@Greg Hoffmann, I would love to know if you ended up going with an All in One Loan and if so what your experience has been. 

Also, @Joshua Stanton, how do you protect yourself/assets if you can not deed the property into an LLC?

Thanks so much in advance,

Kristin

Hello everyone (@Kelli Wilson, @Jeff Chisum, @David M.), sorry to hitch this post like that... I did post a seperate one but we are also currently looking into getting an All in One loan for a second home/investment property in Texas. The one big hesitation we have is that it seems like you can not deed the title into an LLC (for asset protection). How do you protect yourself otherwise and is it worth it?

@Jessica Heller, I would love to know if you went with an All in One Loan (and if you did which company, what is your experience so far).

Thanks so much in advance and Aloha from Maui,

Kristin

Asset protection in case one of us getting sued (I think it was a BP podcast episode where a lawyer told the story about the son hitting someone with the car and the family of the kid that got hurt suing them and them having to surrender their house.) As far as I understand insurance protects you from different things.. and yes, we are definitely getting good insurance (umbrella policy for just one property?) and it isn't about protection from defaulting... 

Thanks everyone... it has been a few weeks of search and showings and we are actually under contract on a home in San Antonio, TX! We will get a couple bookings in till the end of the year and then plan on renting it MTR. Thanks for the tips @Mindy Nicol, I do think MTR would be easier to manage for me allthough I do have time for a part time job, I see where you are coming from with repair costs and all and STR sounds like it can be a pain (I followed a few groups on facebook and have read horror stories :D ).

What a process but it feels good to get the ball rolling! Aloha to you all for now, Kristin

Has anyone used an All in one loan for a property? We are in the process of buying a second home in San Antonio/TX and are really interested financing it with an in the All in One Loan but the loan officer tells us we can not deed it into an LLC and could only purchase it in an "Inter Vivos Revocable Trust”. A quick search suggests that the trust wont give us as much protection as the LLC and we are looking for any suggestions on how to protect ourselves better. 

Thanks so much for any tips in advance,

Kristin

 Aloha Ed, it is Tax Alchemy. Its a 12 month program and the cost seg ist just one part of the package. They have different tiers based on your income and tax amount. There is a lot of information in the program and a big focus is on real estate but other strategies are addressed too... If we would have a bigger down payment I think it would be super easy to just go through their network of realtors as well but it is what makes us hesitate the most. Hope this helps, Kristin

Thanks to everyone that joined the conversation... ahhh, as always lots of conflicting information but that was to be expected. 

@Michael Baum, I did like the area too and had a good time there. The sandbags also concerned me and I would be looking in other parts of town for sure. Sedona is pretty but also even more expensive, so I didn't even consider it. Do you have any insight on the Boise area or other ID areas? We did visit Boise earlier this year (its driving distance from my inlaws which makes it nice) and really liked it there too. Clean, friendly, activity rich and lots of employment driving growth as far as I found. 

And yes, @Andrew Steffens, @Ashish Acharya, @Account Closed, I truly would be interested in giving STR a shot but I do worry about being far away from it as well as new regulations being put into place (like here where we live they are in the process of pretty much eliminating any STRs completely). The main reason why I would want to ensure it can cover itself as an LTR in case.

So much to learn, so much to think about... I appreciate all the food for thought! Kristin