All Forum Posts by: Luke Lawrence

@John Thedford thanks for your insight. That helps

@Matthew Crivelli

Thanks. I agree. I'm going the FL LLC right right now but still looking into it.

@John Thedford

Thanks for the info. Would an operating agreement with my wife listed as an owner get around this or would I have to do something different?

I set it up last night but did not see a away to select a single member or multi member.

I’m not sure if it’s a separate way entity from single member to multi member or if that would all depend on the operating agreement.

I am a resident of AL. I am planning on buying a STR property in FL. Should I form my LLC in my home state of AL or should I do it in FL where the property will be?

I’ve asked my lawyer and accountant and there wasn’t a best way to do it.

The lawyer advised if I will be collecting rents in FL I will also need to set it up with the state as a foreign company. I feel like if I set it up in AL I’ll have to pay the FL fee regardless every year and do the extra paperwork. Any help will be greatly appreciated.

@Brandon Montgomery I’m in ttown daily and live in bham. I would be willing to meet up with everyone in the next week or so if anybody would like to grab lunch.

@Randy Rodenhouse thanks for giving me another option subject to his first loan. That would really help me out. I greatly appreciate it.

@Andrew Postell thanks. I discussed that with him and we may have traction. I really appreciate it.

I am looking at purchasing 8 condo units to have as rentals. The owner wants $750k for all of them. They are all worth about $900k if individual appraised.

I discussed with him about owner financing. I stated if pay him $50k. He’d carry the loan on $700k for 6 months to a year whenever the seasoning period is up then I refinance. If it appraised for $900k and the bank gave me 80% of that I’d only have to pay him $30k and may walk away with cash at closing. He is interested in allowing this to happen.

He currently has a loan on the units. Is it possible for him to owner finance the units to me if he already has a loan on them? Any advice would be greatly appreciated.

@Stephen Mobley as far as insurance goes it should really change if you have less than 10 units. It can be a gray area but it shouldn’t change much.

It's an insurance agent I would reach out to independent agents just like you did.l to receive optional quotes. Is it owned in your personal name? If so, would you be willing to move it to an LLC? Or vice verses. If you do this the loss runs should not follow you since it is a different legal entity. Either way a new broker should be able to find you something reasonable.