All Forum Posts by: Robert Gilstrap

@Marc S.  Your question is pretty broad; what are you trying to understand or get at so posters can effectively reply?

@Vincent M.  never understand why people don't actually answer the questions people ask and then go off on tangents....

1. the person who pays the mortgage gets the tax deduction. In this case that's you. 

2. If you own the property then you get the depreciation and in this case if you buy subject to then you own the property.

3. Trusts don't provide any legal protection since they are not technically legal entities they are simply agreements between parties. Trusts provide privacy and yes you should absolutely own the property in trust. So when you buy you will buy in the name of the trust and no, you should never be your own trustee despite what others may suggest since that defeats the very purpose of a trust (anonymity). Then your trust will have a beneficiary which could be you personally, another trust, an LLC or corporation, etc. that is how you get legal protection (assuming the beneficiary is a legal entity like an LLC or corp.) NEVER own anything in your personal name EVER!

Any subject to deal you can get that meets your investment criteria you should jump on because the downsides are almost none and the upside is huge. There is very little risk. Don't worry about the bank calling anything due because that aint gonna happen as long as you are current on payments. Could they call it due? Yes, but that's a thousand to one shot and there are ways to address that even if they do.

@Bradley Bechard   Depending on where your property is located we might can help you. Give me a call or email and if I can't help I can recommend several good PM's 

@Dan Veld no offense here but have you lost your mind?! Why in the world would you continue to do business with someone you mistrust to the point that you would post on a national forum asking for advice?  If a PM hasn't paid you $6K of funds you are owed then you should immediately cut ties so you can pursue legal action in getting your money back. You don't let them do additional work which could place you at even greater risk. Obviously there are lots of details we're not privy to here so if you want to discuss give me a call or email and I can give you better direction. 

@Emma Kellenberger  call or shoot me an email and I'll walk you through the process and how to pitch it and what to look out for. FYI; there are ZERO "cons" for you as the buyer and there are a TON of "pros"! 

@Tal Simpson I think your question about ending up using Renters Warehouse was really directed at @Marcelo Bellinaso since he was the one contemplating. Be interested to know myself what his experience has been and what innovations he might have seen if any.

@Kyle Johnson I agree with @Mike S. that the better option is to have it titled into a trust and then have the beneficial interest of the trust be owed by an LLC (Preferably a multi-member LLC). Where is disagree is that it gets you around the due on sale clause in your mortgage because it doesn't unless you personally continue to occupy the property (which you won't be if its a rental) Yes your PM will need to change the name on the management agreement since you will no longer be the owner. As to a bank calling anything due; true, it could happen but it isn't going to and worst case scenario you just deed it right back into your personal name but again it aint gonna happen.

@Ruben Kanya  Hi Ruben, I might can help depending on the property type and location. Either way I am heavily involved in NARPM here in Atlanta (I sit on the board of directors) like @Kim Meredith Hampton mentioned so I can find you someone who will do a stellar job. Give me a shout if you're interested.

@Chesare Johnson  Your point is well taken however, the original topic had nothing to do with the bigoted guy refusing to rent to people it had to do with whether or not this person should employ the bigoted guy to build a fence or not based on his bigoted views. My point was what relationship does a bigoted viewpoint have to skillset in building a fence? None in my opinion. I don't condone the bigots viewpoint I'm just saying I don't see the connection. I hire guys all the time who live in a way that I don't necessarily condone but guess what, none of that is my business. I'm hiring them for a skill, not for their morality. Plus if we're gonna talk morality for every person we hire then that becomes REALLY subjective REALLY quick. 

@Jim Canull So which is it? it brings in .5 - 1% more than a normal rental rate or "close to double"? You have both in your post.