All Forum Posts by: Manuel Prado

Thanks for all the replies and great feedback. Besides the asset protection you get, are there any advantages when it comes to filing taxes? Meaning that sice all the baby LLCs will be under the father one or holding company you'd only file one tax return instead of one for each LLC you have? Are there any other advantages for forming a holding company?

Ok got it. So I'm guessing had you being in Wyoming you would have form the holding company there? I'm just wondering if by forming it in a different state you get another kind of protection? But it seems that is mainly he laws in those states (NV, Delaware, Wyoming) that protect LLCs more than in other states

@Roberto Lobrace thanks for your response. May I ask why did you decide to do the holding company in a different state from the one you are doing business at?

there's a group that meets in midland on the 2nd Tuesday of every month called MAREIA. You can find it on Facebook. Besides that I haven't heard of a BP club that meets frequently in MBS. There are definitely several of us investing in the area that could meet together and go from there. Maybe we could plan something for the Summer or spring or even earlier. 

I haven't talked to anybody yet, so I can't say whether their customer service is something they could work on. They are definitely selling a product and some salespeople are more aggressive than others or better trained and capable of doing their job than others. I think what we have to worry about are the terms in which they get these 0% line of credits, the time span for those lines of credits (LOC), whether their 60 day money back is legit or not. They have lots of good reviews, but you never know. I'm also skeptical of paying for a service that I haven't received or that would take place in the future, so finding out about their money back warranty would be something to get to.

I can understand their 9-16% interest rate after the 12 months 0% promotion. People get this LOC all the time with their personal credit cards and after the 0% promotional period it goes to the regular variable rate their credit card may have. Apparently they have the ability to get much larger LOC than someone could do by doing it on your own and that's where the premium has to be paid.

I see them as a good opportunity for fix/flip and buying houses where you can implement the BRRRR strategy. It has to be something where you are in and out in less than a year so you can pay back that LOC and take advantage of the 0% interest. I believe the money has to be used very diligently and with a purpose. Otherwise is a teaser to get yourself into a lot of debt and lots of problems.

Maurice do you mind sharing how a line of credit works with them? How do they find it, amount, terms, cost for getting the LOC, time it takes? And if you don't mind, what is your best way of using it and your plan on paying that LOC back?

Thanks for sharing

Hello everyone I have some LLCs in the state of Michigan where I keep my rentals. I am looking to form a holding company where my current LLCs will be under. Does anyone have experience with this? Could you share where have you form this holding company? Did you form another LLC as the holding company or a corporation or any other kind of entity? Did you form it in the same state where you run your rentals (in my case MI) or did you form the holding company in another state?

Thanks in advance for your help BP members. 

I heard about them on the clayton morris podcast and like you guys was a little skeptical. Coming from that guys podcast something had to be serious and real so I began doing some research as well and like you guys have found is an A+ rated company in the BBB. So far I have not found any negative reviews about them and after reading what they are doing with James, they are really working hard for you and that is awesome. 

Would you mind sharing how you plan to invest the money you get from them? Also and more important, what is your strategy or how to avoid falling into the trap of acquiring too much debt? 

I really appreciate the quick response and your willingness to help others. Thanks for quik tips Thanks a lot and Happy Thanksgiving to you all!!

I have being reading and listening to podcasts about using the IRA money to invest in real estate. I am clear on all the restrictions and I am willing to take those funds on my current account to produce more money and a higher rate of return doing what I understand and know how to do.

On the other hand, there are a lot of companies out there that take advantage of people and/or don't do things right. Do any of you have any experience dealing with Advanta IRA out of Tampa, FL and Atlanta? I heard about them on a podcast Clayton Morris has. If not, who could you recommend or have had some experience with dealing with IRA and real estate transactions?

Thanks,

Manny