All Forum Posts by: Nick Benedick

Thanks Zach, I actually like your concept a lot, I have two young boys, a new daughter born November, my wife and I are realtors and I really wanna focus my time scaling our RE business for the next few years so a hands off approach for building my portfolio is very intriguing. Where can we go from here to learn more details about R2R?

1 Vote

Colorado Springs, Colorado

Michael, I know numbers are always estimates but was their decent cash flow like they advertise? Atleast rents higher than the mortgage?

1 Vote

Colorado Springs, Colorado

Thanks for your response, they sound great, being on BP as an ad I would have to assume they are credible but I keep hearing $900 in cash flow and it just sounds too good to be true. I guess next step would be to d heduke a call with them

0 Votes

Colorado Springs, Colorado

I feel like this goes against the entrepreneurial spirit of building your own portfolio but does anyone have experience with “rent to retirement” as featured on the ads for all the podcasts?

1 Vote

Colorado Springs, Colorado

Thank you David, glad to see it’s normal to buy in my name. Great info

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Quote from @Sean O'Keefe:

@Nick Benedick this is a common question and a good one :) The answer is it depends and it may not be your choice.

Generally, buying through your personal name can reduce the interest rate - commercial rates on LLC mortgages are usually higher but you can research this
Most LLCs on incorporation don’t have any credit so it may be difficult to find. a lender
If you own the property in your personal name you are exposing yourself to more risk and will want to transfer the property into LLC as soon as you can
If you own property in your personal name and transfer to LLC the lender may not allow or can call the entire loan
LLC or personal you need insurance

One solution to the above is to buy the property in your personal name and immediately transfer it to the LLC after closing, but you will need to get pre-approval from the lender before you buy a property and plan to do this since not all of them allow this. The lender can call the loan on transfer - this is a risk and you need to be careful.

Finally, if you wait too long to transfer the property from personal to LLC there may be taxes on transfer.

The transfer is called a "Quit Claim". If you search the forums for this topic using the magnifying glass feature in top right corner of your screen on BiggerPockets you will find a lot of discussion on "Quit Claim" "Buying through LLC" etc.

That was very insightful, thank you for your response!

1 Vote

Age is not a factor, I see 25 year olds doing it, I see 60 year olds doing it.. find your monthly comfort number and go after it.

1 Vote

Portland, Oregon

Quote from @Jeff S.:

@Nick Benedick like the concept live below your means and cover your living expenses with RE. Are you planning to live off rentals?

Absolutly, but it will take time and a lot of work, I think the biggest misconception is people need x to live on monthly, but when you reach x, you want more…eat out more, nicer car, more vacations etc so that x becomes more and we keep chasing a bigger and more expensive life. Stick to a goal and make it happen

1 Vote

Portland, Oregon

Good morning Community,

I just rented my first property out that I own by myself. I want to partner with someone that lives out of state so I can grow a bit faster. My question is, when do I set up an LLC? Assuming now? my partner mentioned we each set up an LLC individually and form one as an umbrella when purchasing homes together. If I also buy properties on my own outside of our partnership, do you suggest just buying them in my name or an additional LLC?
thanks in advance, all and any advice is much appreciated!

0 Votes

All Forum Posts by: Nick Benedick

Nick Benedick has started 5 posts and replied 14 times.

Post: Rent to retirement

Post: Rent to retirement

Post: Rent to retirement

Post: Rent to retirement

Post: Rent to retirement

Post: Partnerships and LLC’s

Post: Partnerships and LLC’s

Post: Living off rentals

Post: Living off rentals

Post: Partnerships and LLC’s