All Forum Posts by: Spencer Wilson

@Aaron K.

If your goal is liability and asset protection then perhaps you should look into setting up a holding and operating LLC. The basic idea here being that you conduct your business through the operating LLC but your properties are all owned by the holding company and are leased to your operating company. This way, any legal troubles that your operating LLC gets into has no bearing on you or your assets because the operating LLC technically owns nothing. The holding LLC doesn't have any business dealings so by default it can't get itself into any trouble.

This could also keep you from paying a management fee (earned income) and keep it all passive (FICA exempt). Plus, it keeps you from having to establish an LLC for every single property you acquire which can eventually turn into a hassle.

Hopefully this gives you something to chew on and think about. Hope it helps in some way.

Hello All,

I'm reaching out here on BP for investor friendly agents in my area. I live in Stamford, CT and called a few agents here in town. When I told them I was looking for an agent who had experience in dealing with investors and could help me find properties for fix and flips, wholesale assignments, and SFR and MFR, they seemed dumbfounded. Their responses, or lack thereof, let me know that they weren't cut out for me. So I've come to BP to seek one out. If there are any investors in my area reading this and you know of any agents please let me know. Any and all advice on finding an agent is welcome as well!!

Thanks so much in advance,

Spencer Wilson

Hello All,

I was recently getting ready to set up my REI LLC online through a registered agent based out of Delaware. It's a very simple process and costs about $150 to do. I just happened to be a bit busy around the time I was going to do it and had to put it on hold for a bit. Then before I went back to it I came across an article here on BP about using a holding and operating LLC. Can anyone help me with the pros/cons with this type of setup and how I should go about setting it up if I were to move forward with it?

Thanks so much in advance,

Spencer Wilson

p.s. I hope this is in the correct forum section. If not please move it for me. ;)

Sorry for the typo. I meant to say I used to mow her lawn.

Christina,

Thanks for the reply. Great suggestions. I think that's a good place to start. And to answer your question I actually lived a couple streets over but I knew the woman pretty well because I used to ow her

Hey guys,

In my neighborhood an elderly woman recently passed away. About three weeks or so now. She lived on her own and now her house is just sitting there. I feel so bad even thinking there is a deal to be had om this poor woman's passing, but I can really see this as a prime piece of property. House in decent condition, great neighborhood and surrounding area. I'm a newbie so I was thinking about a wholesale but I have no idea what her family plans to do with it. I'm actually not even sure she has much family because she never talked about them. How would you go about this in the most tactful and respectful of manner?

Thanks,

Spencer Wilson

Thank you all for the replies and welcomes. Also, thanks a lot for the tips and suggestions.

Hello!

My name is Spencer Wilson and I am new to Bigger Pockets. I am from Stamford, CT. For those not familiar with the area, that's about a half an hour North of NYC. I am new to real estate investing, but I have read a lot of books and taken an introductory course to investing. I am currently trying to start my own business and am looking to start off with wholesale assignments and simple fix and flips. If anyone is looking for someone to mentor or has any deals they are working on or know about, LET ME KNOW! Look forward to learning a lot here on BiggerPockets and from all of you.

Thanks,

Spencer Wilson