All Forum Posts by: Trevor Sambrano

I currently put an offer in on what is soon to be my primary residence, and will be moving out of my current rental home that I've been in for the past 5 years. 2 years ago the owner of the rental, who has owned the house since it was built 10 years ago, disclosed that he wanted to get rid of the home and said he would be happy if he could simply break even. 

What I would like to do is transfer title and take over the home in my name (or LLC if I can get set up in time). It's a great rental and could bring in positive cash flow of at least $500/mo. if I can take over the mortgage. Any suggestions on how to approach the deal? I haven't heard anything new for 2 years so I am not sure if he has changed his mind, wants to make money, or simply transfer the loan. I know he is not hurting for $$ but does not enjoy being a Land Lord.

If it were you in this situation, what would you do to acquire the property?

Okay, so it looks like I am obligated to give my personal guarantee; so then what is my best option for insurance getting started? I have heard of an umbrella policy, but I am not familiar with what it does and how it protects me. In reality, I believe my partner and I have a solid business plan and do not plan on utilizing such protections, however, being risk adverse we would like to feel as comfortable as possible that our families home and assets are protected. Please elaborate on what you feel is the best options for us in regards to insurance and how the policies work. Thanks!

My partner and I are new to real estate investing and would like to mitigate our risk in regards to our personal assists. We are in the process of forming an LLC, and will each be funding our business account under the LLC's name which will be used as our operational/ rehab costs for our flipping projects. For at least our first few flips, we intend to finance the purchase of the properties, and only use our LLC's account to fund the rehab costs.

My question is, is there a way to receive financing ONLY under the LLC and protect our personal properties and assets, and if so, which is the best way(s)? I remember James Vermillion mentioning in show 23 that he financed through a small local credit union under his LLC which I found to be fantastic! However, he also mentioned that he and his partner had to cosign personally, which would in my eyes put his personal assets liable if things went south. Also, it seems that cosigning for a loan under the LLC would be considered comingling, and thus take away the protection of the LLC if things didn't go as planned, am I wrong? Unfortunately, I am not entirely savvy on the financing of real estate under a business entity, and the protections offered??? Basically, I would like to know if anyone has any advice on how to become funded strictly under the LLC, and not allow my personal assets to be touched if things in the business go south. Thanks!

Thanks for the warm welcome everyone! I agree the podcasts are great, and I definitely look forward to looking into some local REI groups.

Hey BP members,
After extensive thought and research, I have decided to jump into the real estate investment world. I am a full time Engineer, and hope to use real estate investing as a side income. Why did I decide to jump into this industry? Well, my wife stays home with my three little ones, and although my W2 job covers the bills and puts food on the table, I would like to grow beyond a 3-4% annual raise and build up to financial freedom. I intend to initially begin building my business by flipping reasonably priced houses, with an end goal of building a solid rental property portfolio. I love the concepts behind BP, and the community that it holds. I look forward to receiving knowledge from the veterans on BP, and helping where I can once I gain my own experience. Best regards!