All Forum Posts by: Nicholaos Koufoudakis

@Dan Bass Dan I have not looked into a series LLC yet but will be speaking with a lawyer on this matter soon and will make sure to update the board.

@Jerry W. Thanks so much for that breakdown.... I have been taking notes on all comments and generating questions to run by with a lawyer. As it all does sound great and I know everyone wants to help its comes down to a simple method of trust but verify. The feedback from this has been incredible and I thank everyone involved. It seems we are all learning some new things on a subject that has a few options with different pros and cons. 

@Drew Sygit Thanks Drew

@Adam Carpenter Thank you for this, definitely something I am going to pursue as I do really like this option...@Patrick Menefee Thanks Patrick, I am in North Carolina as well so this is great info. I am definitely finding out there are other ways to do things and this is a huge help...

@Account Closed You are spot on with the irrational fear... Unfortunately my paranoid side takes over and mindset of plan for the worst hope for the best takes over...I appreciate the info and ways to reduce risk with insurance, it makes sense. Now I just need to go through this thread and come up with a strategy that works for my specific situation.

Thank you to all this has been beyond helpful. Staying protected is my top priority but I am glad to see there are ways to cut down on the "admin nightmare"... At the end of the day if my biggest headache is a bit of extra admin work I think I can live with that.

@David Korchak @Joe Splitrock @Gary L Wallman Thanks all around gentlemen, great info. 

Gary I like that setup you have going... I am not near those numbers just yet but it is good info to think on and prepare for when the time comes. 

@David Korchak I think you may be correct but I am not 100%. When I spoke with my CPA I did ask him about using 1 credit card for all LLC's and he said that is absolutely fine as long as you are making sure to separate which expense goes where. I failed to ask if that can be my own personal credit card but I do believe that was Implied based off our conversation. I dont want to say 100% yes but based off the info I got I will say 99.99% personal CC is fine. Link it to a software like quickbooks(or whatever you choose) and that will help keep track of expenses and organize them as to which property they belong

@Terrell Garren ah I like that. I will have to look into that option a bit more, thank you for explaining...

@Rob Hakes I think I am able to but also not 100%. Some of the properties are not in the state I currently live in so I am not sure how much that plays a role. Right now I am deciding on which online bank to use and that is a question I will absolutely ask when making my decision.

Thank you both

@Will Gaston @Joe Splitrock Appreciate you both and your insight on this. Great information that I truly needed to offer myself some clarity. 

@Will Gaston but does this not run a risk? You are risking every single property that is under that 1 LLC if something is to happen only at 1 location? The entire LLC could be forfeited depending on the extent of a potential law suit to my knowledge? I could be wrong, but I would verify before blasting that out to the public...

@Joe Splitrock Joe you are the man!!! This is the spot on info I was looking for. I have separated the insurance from myself but need to make some tweaks based off your advice. I plan on going full time with management companies starting in 2022. Yes, it cuts into cash flow, but I am all about being protected for worst case scenarios. Looking forward to your posts in the future, thanks again. 

@Joe Splitrock Wow!!! Cant thank you enough for that detailed info... I probably should have been a bit more specific on my rental properties. Right now I have a few "short term" vacation rental properties(beach condos, ski resort condos etc...) I currently manage them myself with the help of VRBO platform. 

I am not sure if that makes a huge difference on which route to take. I will eventually transition these over to local property management companies. I do have 1 property that I rent on a Yearly lease(which is under a property management company) and I will eventually be doing that with my current home I live in now. The others though are all short term vacation rentals.