All Forum Posts by: Account Closed

Out of curiosity, are you referring to possible asset protection when you state "max protection"?

I notice you said, "for maximum protection....."  Would I be correct to assume you're meaning asset protection?

I'm in the same boat.  I've been on BP for just over a month and learned a lot.  This is what I've done.  Check out Robert Kiyosaki "Rich Dad Poor Dad".  I've read it and I highly recommend it.  Actually take the time to read his whole series.  I've read Kiyosaki's "Cashflow Quadrant" and "Guide to Investing", which is basically like "Rich Dad Poor Dad", but on steroids.  I've joined 2 different REIAs (Real Estate Investment Clubs) to start networking.  So you know, Kiyosaki is a best-selling author and multi-millionaire investor...amongst other things.  There's a reason why he's where he's at.  With that said, I'll share with you a couple things that I'm doing and you decide what's good for you.

I'm about to have my LLC formed here in Missouri for the purpose of wholesaling. Some will tell you that this is considered putting the cart before the horse and some will flat out tell you it's a waste of money. But remember that Kiyosaki guy that I was just telling you about? I'm going to quote him here for a second, but put some context on it. When you do make that decision to start investing, there's one thing you'll want to consider and that is whether or not to take control of property in your own personal name or as the owner/manager of an entity (i.e. LLC, Corporation) or what have you. Robert Kiyosaki HIMSELF says, "If you are serious about doing business, then you do NOT want to do business as a private citizen. That is too risky, especially in the day and age of lawsuits." Now this information is quoted from Kiyosaki in his book "Rich Dad's Guide to Investing" on page 245. That is not the only place that I've read the advise about not taking control in your own name, but it's one. While this may seem overload right now, it's still something that you need to think about. I haven't invested in any property yet and that's because I'm about to start either an LLC or C Corporation here in Missouri to start wholesaling and then expand my company proportionate to it's growth. There are a couple really great cost effective ways to accomplish this, if you feel it's something that you want to invest in. Anyway.....

Robert Kiyosaki has a tax specialist take care of his taxes for him.  That guy is Garrett Sutton and he's written many books, one of which is "Start Your Own Corporation".  If these best-selling authors are saying it (creating asset protection), then you at least want to think about it.  If you're interested in some information that I have, email me and I'll be glad to share with you what I've found out so you'll have more information to make your own choice.

Besides asset protection (possibly creating your own LLCs or Corporation) and reading books, check out the BP podcasts.  There's over 200 of them and they have some really great content.  If you aren't yet, seriously consider becoming a biggerpockets PRO member because there are some benefits that you don't get as a regular member.  Just something to think about.  

Books, asset protection, videos, podcasts and that's just to get you started.

I don't see any reason why not.

Yeah.

Steve Vaughan.  Jerry W is old news.  Thanks for the current information, it's appreciated.  

Yes, I do.  I think that's a good idea and it really looks like you're doing your homework.

You're in no place to offer or suggest advice when it comes to treatment of a veteran.  It's just as nauseating to see that you would attempt to as it is nauseating to see that you're arrogant enough to try to decide what's right for the BP community.  You're only a day late and dollar short.  As if treatment has never been thought of or pursued.

I'm not sure why I didn't think about this before.  But with the cost of asset protection being expensive or inexpensive,.....either way, it's a TAX WRITE OFF.  In other words, the asset protection is basically for FREE IF you have the right asset protection.  Without asset protection (i.e. Corporations or LLCs), then you actually have to pay for asset protection out of pocket.  Being a seasoned investor, it's really disturbing to think that you don't know that.  A TAX WRITE OFF, thus providing what essentially turns into FREE asset protection. 

Don't know if it matters or not to you, but keep in mind that 29 and parts of JT are Jarhead City.  I was stationed out there twice.  I bring it up because it's military territory and some people don't take that into consideration OR they don't realize it and some regret it for that very reason.  I'm honestly not sure why anyone would regret it, but that's just me.  If you get the right information from the military out there, it's a win-win for both sides.  Rent to military, but keep in mind that fast operational tempo, deployment rates that are a huge dynamic.  While the guaranteed income is great, many wives tend to move back to their home of record when their husbands deploy.  

Again, just something to keep in mind.  In all seriousness, as much as I hate the desert now, it really wasn't that bad a place and a big part of me misses the desert as crazy as that sounds.  But I was raised in Pennsylvania and did 4 tours of duty in North Carolina so the desert of the west coast was just as much an adjustment as the heat of Iraq was.  Just saying.