John Underwood
Why an LLC may not protect you from a Lawsuit
19 December 2024 | 50 replies
Theoretically, at least.Since the U.S. courts routinely find these foreign asset protection trusts to be a sham, and transfers to these trusts fraudulent transfers, the assets in the trust themselves need to be beyond the reach of the U.S. courts system.
Chas Lumley
Umbrella Insurance policy.
9 December 2024 | 5 replies
Quote from @Chas Lumley: Hey all,I'm looking to make an offer on my first rental this week and was wanting to get different inputs on LLC vs Umbrella policies.I will be using a conventional loan and I was told by my loan officer that I can not buy the property under an LLC, but I could transfer to an LLC after acquiring.
Lolo Druff
Buying a house with tenants in place
11 December 2024 | 5 replies
If you go through with the purchase make sure that the security deposits are transferred over to you at closing!
Joseph Pelensky
$100K+ in Equity, no down payment, how do i buy this deal?
13 December 2024 | 10 replies
I planned to recommend getting the deal under an assignable contract and if you can't make the financing work try to find an investor to transfer it to for a one-time profit.
Dave Hart
Refi question - lien releases
6 December 2024 | 2 replies
But might help others avoid this pitfall…when a mortgage is transferred between banks, I’m learning they don’t record a lien release with the county.
Lisa Eisenhauer
Need a bank that will set up a checking account for an LLC owned by a Roth IRA
13 December 2024 | 16 replies
@Lisa Eisenhauer thank you for your detailed response Lisa.my hesitancy with titan is that they are a nigerian bank. and my hesitancy with solera is that the are pretty new small bank. given how small banks that have failed in the past, i feel more comfortable with going with someone like chase. here is list from fdic of recent failures: https://www.fdic.gov/resources/resolutions/bank-failures/fai...however, since i ran into problems with chase based on what i described in this post:https://www.biggerpockets.com/forums/51/topics/1150830-bank-...i wanted to know who i can go with. so i called solera, firstly the person who picked up transferred me to an IRA LLC bank specialist. when my call go transferred, the specialist was i guess working from home and had a crying baby i could hear. that was my first uncomfortable momemt. i don't accept that from a bank. maybe a small retail company or something.secondly, i asked her if you know how an ira llc bank account is set up and i want to make sure it's set up correctly so i have some questions i'd like to understand your process. she right away asked me who is my document provider. and i was like, what is a document provider. she asked who set up your llc and i told her i did that. she said well we usually work with document provider because it's not a typical llc and is set up differently.i assured that the my llc is not an issue, i do have that set up properly. it is manager managed. i am the manager. my ira is the 100% owner/member of it. then she assumed that my ira is with solera. and i told no, i have it at another custodian, all i want to do at solera is to set up a bank account. and what i want to know is when you open an account at your end, in the bank account who do you put as the owner of llc. she told me well it's a business account that llc owns. and you will be the manager on the account.and i told her, yes, i already know that and that's how it is currently set up at chase. the issue i am asking about is who will be listed as the owner of the llc at your end on the bank acct.. it should be "xyz custodian fbo shaz...IRA" and it should NOT be me. she goes. llc will be the bank owner.i think i had to repeat 3 times that i am not asking whether or not bank accout will be under llc. i am asking in filling out your paperwork for opening the bank account, does it anywhere ask who is the owner of the llc and if so, who will you put. she goes, oh we dont' mention that anywhere but if you did have your ira with us then we will have "solera bank ..custodian fbo shaz...IRA".
Satyajeet Dodia
Is my Entity Structure overkill ?
20 December 2024 | 28 replies
Transfer your NC LTR into a separate LLC or the Series LLC if permissible.
Zach Howard
Class C: Personal loan for 200k, should I use it for multiple down payments, or...?
9 January 2025 | 44 replies
something that seems to surprise new investors is that transacting real estate is expensive.in Pittsburgh transfer taxes are 5%, usually split between buyer and seller.
Scott Tennell
Creative Financing Strategies: What’s Working for You Right Now?
8 December 2024 | 14 replies
I agree that many transactions shouldn't be done simply because you can.However, out of curiosity, if you had the opportunity to buy a $hit property with golden financing & then immediately sell the $hit property but keep the golden financing & transfer the financing to a great property would you consider it?
Sharad Bagri
How to transfer loan from individual to LLC
28 November 2024 | 10 replies
The due-on-sale clause technically allows the lender to call the loan due if you transfer to an LLC, but enforcement varies.