All Forum Posts by: Brian Orr

Hey everyone, 

I have a question, partially legal (won't hold you to forum "advice"), about the setup of a partnership on a deal. It's mostly pertaining to the active/passive framework of a General Partner who's contributed capital, and following that, the distributions of the cash-out refinance.

I bought a 10 unit (my first commercial purchase) and as I'm set to close on refinance, I'm realizing my current attorney and CPA were unfortunately not well equipped to manage the nuances of the partnership for the deal. I would prefer to leave super specifics off of the forum (don't worry, nothing illegal at all, just want to make sure I'm doing right actually). So if anyone is looking to lend some support please link with me in a message.

That said, I am also looking to hire a new CPA for my filings this year... Please reach out!

(The property, Partnership and LLC are in North Carolina if that matters per licensing.)

In all seriousness, BiggerPockets. I discovered BP just as I bought my first property. I was hooked on the podcast, ALL the books, attended the conference in New Orleans and stalk the social media. I've learned more than I could've imagined. My first investment was $30,000. I'm only 6 deals in, but I hold 14 units (4/10), and am currently refinancing my latest at more than DOUBLE the purchase price in 2 years. 

I think that's more than 50 words but I'd love to talk more about it anytime!

@Kaylee Walterbach

Hey James,

As a new gulf coast local I can suggest St Pete Beach above all by personal preference, but there is a string along the beach from there to Clearwater: Indian Rocks, Reddington, Madeira (which is closest to John's Pass) any many more that you may consider.

My wife is a RE agent in New York and North Carolina and completing her Florida license on August 2nd. If you're not in a big hurry, I'm sure she would put her best effort forward to give you a hand.

Feel free to message me 

@Basit Siddiqi The problems stated I understand well. Can you point to any solutions? Most specifically, having multiple properties under multiple LLCs... I'm awful at most forms of accounting and I've yet to nail down the best strategy for keeping this in order... Any suggestions?

I used Michael, Elting & Anders in Mt Holly, NC for many years... great small firm. Highly recommend. Feel free to use my name as a referral (or not, either way) ask for Cindy or Brooke.

Great work! Now keep it rolling... and keep us posted

As I read this I had the exact idea of Ryan: 1) Mid-term sounds better. However, it can be misconstrued with politics, and nobody wants that. 2) 30-Day Stay sounds awesome... Any chance of using Midway? This is long but like "Mastering the Midway between short and long term rentals"
or maybe simply: Midway Stay: Mastering the 30-plus-day rental 

And please, don't mind all the naysayers. Not sure why some negativity but you're literally out there doing the work, putting out a book and sharing your knowledge. CONGRATULATIONS on the effort whether you sell 1 or 1 million, you're doing it!

Hey BP,

I feel like I'm doing something wrong, or not quite optimal, and I have a question that sort of requires a CPA, attorney, insurance and investor insight. I've consulted all but I seem to be running in circles with different perspectives. Maybe you all can help provide some experience:

I'm working on estate planning and just set up a family trust. I'm trying to find the best way to (re)organize my holdings and set up the correct structure for moving forward.

I have two properties in 2 LLC's right now with partners (they're aware and ok with title switch. so is the bank), and another LLC as my investment company. My thought is the trust becomes the single member in the investment company and then that LLC becomes the member in property LLC's. I would transact all business through the investment company and bill the property LLC's if needed but I'm unsure if that makes sense (like which name does the property insurance go in? How many tax returns do I need to prepare?)

So the question is, would streamlining this in any way affect the asset protection being that the tree all points back to the investment company which is single member LLC of the trust? It seems simple enough and I can't wrap my head around it being any different than I as an individual at the top of the tree, but it feels like it is leaning into series LLC territory which is currently not allowed in NC.

And if you skip to just this part - Experienced investors: What is the best way to create a Family Trust and LLC structure for investing capital in real estate, brokerage, crypto, etc?

@Jon Shoop - works for me. I'm wide open to opportunities @Victor S.

Ok now I'm interested in Tulsa and Columbus. If any of you agents have small MF please feel free to message me... 

I live in NC and as for Greensboro and Winston Salem on this list, I'll offer some insight. There's massive growth happening between RDU and Charlotte and it's all straight up and down the I-85 corridor. All of my current rentals are located in this stretch. Value add on market inventory is very low right now like most places, but there are a lot of old mom and pop owners around. Anybody who's interested in the area and willing to put in the work to secure off market can probably do well.