All Forum Posts by: Sam Zdrum

@Lance Lvovsky

Thank you Lance! One more question. Would I need to reregister ownership of the LLC bank account in the Trust name?

I currently have a few LLC which hold rental properties. They each are manager managed and have a few members. The 2 elements of corporation for my LLCs are LLC protection and centralized management. I am currently setting up a Living Revocable trust to pass on my share of the llc to my beneficiary to avoid probate. To do so: my understanding is that I can sign over my membership interest of my LLC into the name of the living revocable trust. The language in my LLC Operating Statement in regards to assignments are as follow "Member sale, assignment or exchange. A member or a member's legal representative has the power to sell, assign or exchange such member's membership interest only with the majority approval of the other members". I do have the majority approval to assign my LLC membership. With this done, do I still need to deed the properties that are in the LLC into the Living Revocable Trust? Thank you for your time.

@Kevin Polite Thanks Man! Wishing you a prosperous New Year in your investment! I will mention you when I get it started.

Sam

@Kevin Polite Thanks for the rental30 info!

How many months of reserve Lima require for each rental property already owned?

Thanks!

Sam

1. Find a portfolio lender in Atlanta (surrounding area) Ga to refinance and cash out 2 fully paid property. I got a lead from the awesome Ken Corsini to check out Dwell Finance but that failed because the 2 property did not meet Dwells minimum $300,000.

2. Just got approved for my LLC name from the state. Now working on Operating Agreement.

3. More self educating on asset protection

4. Purchase 1 more property by year end to put in my rental portfolio

5. Take good care of my current tenants and properties.

6. Most importantly, I am expecting my first child this December. 

I spent this year self educating rather than purchasing. Not a lot of REI activity but I feel very Blessed with the arrival of my first child.

May all of you have a Thankful Thanksgiving!

Sam

@joe owens  @lee g.

Great great tips! Loving it! please keep them coming.

CL

Thank you Bill!

From my counter offer. The seller listed these conditions on the contract.

1. Tenants will have possession for 60 days after closing.

2. Purchaser will retain $700.00 security deposit to be returned to tenants after completion of lease.

This is my first purchase with a tenant in place. Need advice from Bigger pocket family to help me be prepared for potential issues or a counter condition.

Thank you all!

Sam

Thank you Dave! sorry for miss wording my question.

"I want to add a clause to the lease agreement to protect me from tenant, pet or their company if an accident occurs due to lake water. for example: if they or company have a accident and drown on the lake due to their own neglect.

should I say "Lake use on your own risk"?

Thank you J Scott! you just filled in the missing link in my logic. "Hud does not allow flips"
Thank you for all your wisdom on BP and the interview podcast. Hope you will do another interview in the future. really enjoying your 123flip site too.
Lets deal in the future!