
11 December 2024 | 14 replies
You could explore renting out the garage as storage for someone, but then you need to look into insurance, liability, etc.

19 December 2024 | 82 replies
•Target a property in the $800K–$1M range to maximize leverage while keeping costs manageable.2.Open a Second LLC:•Create a new LLC for this property acquisition to separate liabilities and maintain a clean structure.3.Assign Funds & Organize Finances:•Allocate funds to property improvements, marketing for new deals, and reserves for emergencies.
7 December 2024 | 4 replies
I'm not a fan of buying a short term liability (no cash flowing property) in hopes of long term gain through appreciation.

5 December 2024 | 6 replies
Putting a property into an LLC before placing it in a trust is generally recommended because an LLC provides a stronger layer of asset protection against creditors and lawsuits compared to a trust alone, effectively isolating the property from personal liabilities while still allowing for estate planning benefits through the trust structure; essentially, the LLC acts as a shield to protect the asset within the trust from external claims.Consider getting professional advice on how to structure your assets to shield and protect the asset(s).

28 November 2024 | 5 replies
Because you state your goal is to prevent liability I don’t think the LLC will do you any good.

15 December 2024 | 59 replies
Rent out to roommates so I employ the "rent by the room" essentially.Pros:insane cash flowif your room offer is much better value than other places to live, tenants will stay awhilea small community can be built when your tenants become friends with eachothernever ending supply of tenants (at least in my area)Cons:CAN BE management intensiveWILL BE management intensive until you gain experience and know how to manageIf you employ this strategy, the BIGGEST risk/liability mitigator is being VERY clear from the start about your expectations and that you will evict if new tenant doesn't follow your rules.With my setup - I furnish the rooms and have all utilities covered.

8 December 2024 | 14 replies
I consider that a liability, don't want it on my balance sheet and if I were out of funds I would sit on the sidelines before entertaining that deal.

13 December 2024 | 20 replies
If you are in this business long enough you will undoubtedly arrive at situations where taking the small loss even if not fair or warranted based on the circumstances is best if it keeps everything moving and avoids more costly delays, liability and inconveniences.In this case, if you withhold the $2K, you still have to find someone to complete the work to your satisfaction.

7 December 2024 | 1 reply
Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

5 December 2024 | 1 reply
(I have a special needs trust for my son so have dealt with the complexities.)My bigger concern would not be your liability exposure but doing something that could potentially endanger the support benefits your brother is entitled to.