All Forum Posts by: Tim Joyce

I'm curious about the notion that forming an LLC mgmt company instead of a RE-owner company would save any money at all. the umbrella insurance protects from losses at your properties, but wouldn't protect your properties from personal judgments unrelated to your REI activities (e.g., if you got into a bad car accident or something). the LLC, assuming you follow the relatively straightforward formalities when operating it, would offer some protection of the property (if not from any cash-flow distributions you'd otherwise get)

the legal perspective here - Getting rent checks in your name, even if you later put into the LLC accounts, would be commingling of funds and would lose the liability protection of LLC law (which is main reason to have an entity in the first place)

Hi BP, I’m a newly minted attorney working at a smaller firm in Northeast Minneapolis. Looking to deploy some of that work-life balance time to side hustle a REI hobby. Interested in thoughts about best practices to dip my tie in the water. What neighborhoods and/or burbs do you like and why? There any reason I’d want to start with wholesale before getting into buy and hold? Favorite local groups to connect with other REI hustlers? Ways to start funding the numbers that would help me practice crunching them to analyze a potential deal? (For instance, I only know about Zillow and the like for estimating rentals and ARV) Looking forward to tapping into and interacting with this community! Tim