All Forum Posts by: Jim Murphy

Ok wait dont get it twisted.. THIS is nothing new, A charging order is just a judgment. There are a few ways to protect yourself from this kind of thing. First don't do dumb **** obviously. 

Ok I digress. The best way when you have a clean llc and you are preparing it to hold assets is to have a "Friendly lein" on it, So what you do is you create 2 llc's One that funds the other and the one being funded buys the property. Then the Funding llc puts a lein on the Funded llc for the value of the loan, This protects the llc from outside lawsuits for them to get anything they have to take care of the lein, or stand in line and wait for it to be paid. Your bank account would be held in an llc, and that whole job of the llc is to fund your other llc (s) and place leins on them that is your protector, it holds no property and does no transactions except between the llc's. 

I am not a lawyer and this is not legal advice please do your own research, This is just a strategy I use. OH and tip, for this to work real well have a nominee create the protector llc for you. this way your name is not attached to the protector. Its something i learned in asset protection class. :) Good luck in your search

Hey @Account Closed Welcome to BP (short version of  Bigger Pockets). Personally, I would say Learn Creative Financing In and out, it teaches you how to work the system with very little money, Also I would say make you tube your friend, you might not understand everything as your watching it but you can replay it 100 times until you get it. There are TONS of learning resources about real estate videos. Lastly, Don't give up, If you just cant wrap your head around something Find someone who mastered it and ask them to break it down for you. Sometimes we just need it in small chunks. 

How much are they cash Flowing? 

Ok I am not a tax attorney or a tax advisor , However I have read a TON of books on business taxes, and I own my own company.  If your a partnership then you are taxed within your own tax bracket as an individual. If your an llc its very similar to this because most llc are treated as pass thru entities you can write off more than a partnership though. However, if you set up a C Corp (which is treated as a separate entity tax wise and has their own tax code), The first 50k is taxed at 15 percent, where as the individual is taxed at like 35 percent for that bracket. not to mention you can set up the company to pay salaries and Health benefits and put some of the profits in a company set up 401k and other huge ways to get around pay taxes on profits. I would find a Business attorney that sets up C corp and see if he is willing to discuss some pros and cons, It may cost you a consult fee (1-200) but at least you will be more educated in What may be a better way then paying 35 percent personal tax. Good luck.

Personally Some Insurace companies only deal with HOME owners insurance, not vacation home insurance, its a class by itself.. You might want to reach out to a company that deals with this type of insurance like Farmers Insurance They have specialty insurances like this that are geared toward what you need. Good luck.

@Rachelle Rodavia

Thanks, I still learning how BP works still with the forum and other areas of the site.. Didn't realize how big this site is.

Hi folks Im new to real estate investing, Looking to network with some people in my area (st. petersburg) and hoping to learn how to make some money