24. The legal take on buy and hold real estate from the owner of 100+ SELF MANAGED units | Bonnie Galam Esq.
We’re kicking off season 3 with Bonnie Galam of Landlord Law School™! Bonnie became interested in real estate investing during law school, and now self-manages 100+ units with her husband, along with her own firm, podcast, and website, offering templates and trainings for new investors. WHEW...its not clear when she sleeps. We talk about her journey into investing and using the BRRR (buy, rehab, rent, refinance, repeat) strategy. Though we both agree it feels like everyone and their mother is getting into real estate, we know there are still deals to be found! I ask Bonnie what its really like working primarily with student housing: Do the tenants pay their rent? Is everything just always covered in beer? But it sounds like student housing isn’t as intimating as I thought (although wood floors are a MUST). I have a list of legal questions for Bonnie including: - “I just went online and formed my own LLC…is that terrifying?” -Do you need an LLC per property? -When’s the best time to form your LLC? -How should I tighten up my lease terms? We take a deep dive into LLCs and I ask her about the Series LLC. Bonnie teaches offensive asset protection methods, like getting everything in writing, good contracts, estate planning, etc. I learn that you can often get lease templates from attorneys and its more cost effective than having your attorney look at your existing lease. Every year Bonnie does an “asset protection self-audit” and asks herself “What didn’t work this year? How can I tighten up my lease to prevent this going forward?”. Bonnie is a wealth of information and offers so much information through her podcast, website and her Landlord Law School™ included in the links below. I have a feeling you’ll want to listen to this one and take notes! I feel smarter now after recording this podcast with such as fellow boss lady, love her and some killer #lawyershit Find Bonnie: https://www.bonniegalam.com/ podcast: Good Bones Real Estate Investing Tools Mentioned: https://kajabi.com/ www.avail.co www.appfolio.com www.anchor.com --- Support this podcast: https://podcasters.spotify.com/pod/show/nerdsguidetofi/support