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All Forum Posts by: Ryan Burlison

Ryan Burlison has started 7 posts and replied 19 times.

Post: Single Family Investment, LTR Woodstock

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11

Investment Info:

Single-family residence buy & hold investment in Summersville.

Purchase price: $185,000
Cash invested: $15,000

Single family home
Was our first home in Woodstock. Moved and kept it as a LTR.

What made you interested in investing in this type of deal?

it was our first home

How did you find this deal and how did you negotiate it?

zillow

How did you finance this deal?

Conventional

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

buyers agent

Post: Woodstock GA REI Meetup

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11
Quote from @Berenger Greer:

Welcome Ryan, 

Shoot me a facebook friend request, Teague Greer, and ill invite you to Brad Wooddall's Cherokee Real Estate Freedom. 

It typically meets up the second Tuesday of each month at the same complex the canton reformation brewery is in, I think it's called the mill. 

 Sounds good @Berenger Greer will do! 

Post: Woodstock GA REI Meetup

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11
Quote from @Matthew Nicklin:

Hey @Ryan Burlison I 2nd Cherokee Real Estate Freedom, it is in Canton not Woodstock, but it is a good group. A few other Atlanta groups, but unsure of any others specifically in Woodstock. I have 10 rentals in Atlanta Metro. Also a Brokerage that specializes in Sales and Property Management. Happy to connect. 


 Thank you, Matt- I sent you a connection via linkedin. Looking forward to linking up in the near future. 

Thank you, 

Post: Woodstock GA REI Meetup

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11

Hello, 

I am located in Woodstock Georgia, and am looking to get connected with local REI/BP team members. Would anyone be interested in meeting for a cup of coffee or a breakfast in the near future? I currently have two rentals (one STR and one LTR). I am looking at scaling and am interested in other members best practices on how to go about it here locally in the metro Atlanta/NW Georgia area.

Post: Amazing Cartersville Monthly Meetup

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11
Quote from @Luis Alejandro Lopez:

Hello everyone, Newbie here in BP.  Single family investor just moved from South Florida to Woodstock.  New to the area and looking to build a new network. See you guys there!


 Hey Luis, 

We are in Woodstock as well. Let me know if you would like to link up at a local spot near us. I see that there is a good gathering in Cartersville, but most times that can be a bit of a challenge for me to get to...

Post: Bigger pockets Pro account

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11

@Joseph D Chapman I am a fan of jumping all the way in. Sign up for Pro, you will not regret it! Worst case is that you try it out for a year, see if the value is worth it for you. If it is not yielding what you thought it would, then do not resign for it next year. 

Post: BNB cleaners - Athens, GA

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11
Quote from @Luke Carl:
Not going to find that here I'm sorry. Try local facebook groups and turnoverbnb

 Good to know, thanks Luke!

Post: BNB cleaners - Athens, GA

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11

Hello, 

We are about to go live with our Airbnb in Athens, GA. Would anyone have any cleaners that they would highly recommend? We want to be sure we are paired up with a great cleaning partner. 

Thank you, 

Post: LLC Advice- How to roll my two rentals into it?

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11
Quote from @Bill Schrimpf:
Quote from @Ryan Burlison:
Quote from @Bill Schrimpf:
Quote from @Ryan Burlison:

Hello, 

I currently have two rental properties that are both under my personal name. I did open an LLC, and my plan is to roll both of the properties under the LLC. Where do I even begin, and what is the benefit of doing so?


Thank you very much for your help. 

Why did you open an LLC if you do not understand what it's for and how to use it?  What is your intention?  Maybe a trust is better for you, or just a good insurance policy.  

Your mortgage (note) probably has a due on sale clause. Technically, it may be exercised if the property transfers to another person or entity. Call your lender and talk to them. They most likely will not exercise that provision (as long as your current on payments) and you are honest on the front end, and they understand you control the LLC. They may want to see the operating agreement.

Most people use LLC's for asset protection, and secondarily for confidentiality. The strength of asset protection and confidentiality of LLC's varies wildly from state to state and how well your operating agreement is drafted. What is legal in Nevada (strong asset protection) may or may not be legal in Georgia. The pro's and con's of incorporating will be based on the laws where your property is located and where the LLC is registered.

An LLC can be a great tool, if you understand it and use it correctly. Otherwise, it's an added expense, more paperwork and won't work correctly when or if the time comes. Please consider hiring an attorney who is well versed in asset protection laws on your state.


 Morning Bill, 

My research showed that opening an LLC will separate me/my family from the rentals. One of our properties is an Airbnb. God forbid if something happened while a guest was staying at our condo, I wanted to create some separation. Let me know if this is accurate and is something I should do? I am not too concerned with our LTR, mainly STR getting rolled under it.


I am open to your feedback, and I appreciate your attention. 

You see half of the story for asset protection; look into charging orders.  What happens to your investment if you cause a car accident going to the movies this weekend and end up with a judgement?  

An LLC is likely a good tool, but how effective it is and how to use it depends on you. Like any tool, you need to know how to use it. You can drive a nail into a board with a wrench, but knowing that a hammer is a better tool and then understanding the techniques on how to use a hammer is important too.  Currently, you have a hammer but need to learn how to use it.  How many times do you hit your fingers with the hammer or bend the nail before you ask a carpenter for advice?

I'm sure you have heard it's popular to create LLC's in Nevada, and Delaware. That is because how the LLC works and the level of protection it offers is dictated by State law.

If you were in Nevada, I could generally tell you about my experience, but it appears you are in Georgia. LLC's and how they work and how much protection they offer varies from state to state. There are some commonalities from state to state, such as not co-mingling funds, but if you end up in court, the devil is in the details of the Georgia statutes.  You have read and understand those statutes, right?  Me neither…

Please find a good asset protection attorney in your state. Ask your CPA, title officer, closing attorney, doctor, dentist, or another trusted professional for a recommendation. Setting up the LLC and learning how to use it is probably a set fee.

At then end of the day, it's a risk assessment judgement for your situation. It will cost time and treasure to get things setup correctly. Hopefully, even likely, you will NEVER need the LLC because you will not get sued and loose. But, if you do lose a lawsuit, what happens?


 thanks bill

Post: Investor Agent- Not wasting time with writing up offers

Ryan Burlison
Pro Member
Posted
  • Posts 19
  • Votes 11
Quote from @Nate Sanow:

It’s not necessarily a waste of time, but you’ve got to be prepared to be the end buyer and perform once something is accepted.  If you ask him / her to write 1000 offers and 1 is accepted and you back out over being spooked by inspections, then, yeah it’s a waste of time.  If you’ve discovered 2 deals you would pull a trigger on, but only 1 gets accepted, then, ok, it’s just business.  Things to consider if valuing this agent:  Writing offers sight unseen and not asking for showings everywhere will save that person a lot of time.  

In this market, buyers do have more power than a year or two ago…sellers are motivated….so in my opinion if you have an open mindset and do value this agent there is a way to find the win win here.  


 Good deal thank you.