All Forum Posts by: Ryan Barr

Joel, can you elaborate on investing with an experienced operator? That's an ideal start for most beginners but based on my experience these opportunities don't expose themselves, I've seen that it comes from syndicators looking for passive investors/more followers. Where would one find the true professionals offering this opportunity? 

Brief background: I am setting up a CRE investment company. For a single member LLC, who's only manager/member is me, is it worth filing with an attorney (quoted around $500), or using documents found online now and have them amended later when necessary? There are a lot of free resources online, would making small edits to these get the job done? Or a combination of both. Has anyone found one method to be smarter than the other?

@Bob Langworthy is that real estate you own owned 100% by you? I will be doing syndications which will have to be separate entities anyways. I view this business as a ‘home base'. Advertising, software, travel, etc. while the only income I foresee is acquisition/AM/exit fees. As an accountant, would you recommend that a single member LLC works for this? Along with tax incentives?

@Ameet Mehta , with you being a syndicator perhaps you could give me further advice, as that is what I will be getting into. With syndications, obviously you will set up LLCs for each property. This first business I view as the step before that. I just want to make sure I am on the same page as you. The only revenue streams would be from acquisition, AM, and exit fees, which as you know wouldn’t come until a property has been purchased. But there will be constant expenses which I am intending to write off. Does the single member structure provide this? I will be meeting with an attorney to discuss this but I don’t want to sound clueless. What other aspects should I consider before meeting with one?

I am looking to register a business, owned wholly by me, with the goal of finding commercial real estate to later purchase. For those that have done this, what business structure did you chose and did you need the help of hiring an attorney? This will be used to operate my day to day operations out of, have a bank account/card, etc. It will pay for things like subscriptions, software, administrative, travel, etc. 

Have you found that talking to an attorney or accountant helped out at all?

@Brian Burke - Wow this was exactly what I was looking for, thank you! I probably should have been more clear in that there is one major reason for locality is to talk in person so determine if the career path is for me. Actually investing would be a side note, but one I am still genuinely interested in. I work in CRE now but desperately want to learn the business of acquiring and managing apartment complexes.

@Gino Barbaro - Small world, I actually talked on the phone with Reed after I graduated from college to affirm the steps I was taking would lead me to success. David Thompson connected me to him. He was awesome, he actually talked to me for almost an hour despite not knowing anything about me. I listened to every single one of his podcasts while at work, still do when a new one pops up. Even smaller, I believe I may service some loans Mr. Cohen owns - or maybe it's just a very common name in real estate. If you don't mind me messaging you I'd love to briefly talk!

@Jared K. Connected and will reply very soon.

@Lane Kawaoka Lucky for me cryptocurrency has treated me very well. Money isn't an issue, I want knowledge though. I do agree with you though, SFH-4plex will be MY first investment. But would love to work for a firm that acquires and manages MF complexes.

Thank you everyone for your replies, there is some great information in here!

I am trying to find local-ish apartment complex syndicator's and am having a tough time finding relevant info off of Google, my search terms may be poor. Can someone lead me down a path where I can find the people/companies who acquire and self manage their properties?

To anyone doing business in Kansas: how are you generating leads here? Companies like List Source will not offer services in Kansas due to a law created awhile ago, K.S.A. 45-230 which states, "No person shall knowingly sell, give or receive, for the purpose of selling or offering for sale, any property or service to persons listed therein, any list of names and addresses contained in or derived from public records". Anyone caught doing it faces a max fine of $500 PER violation.

I talked to the Appraisers Office just now and he confirmed they still take action on this law. However, he did say that there are corporations who legally find their way around the law by using alternative sources to the information. So does anyone know who these companies are? I fully realize that I can walk into the courthouse and pull some information, but as a whole, has anyone found software that has all the relevant up-to-date information?

With this law as well as Kansas being a non-disclosure state doing business here presents significant barriers to entry. But at the same time significant opportunity.

With limited connections, who are the people to get into contact with who can most likely point you to local wholesalers?

Local title companies, contractors, appraisers...? I'm building a list of local wholesalers. 

@Christian Salazar Everything except a 203k lender and a property! Ha.