All Forum Posts by: Adam Ulery

Hi All, I'm a new investor who is starting to build my team that I will need for my first rental property investment. The more I learn the more confused I get with regards to what type of attorney I need. At first I thought I just needed a real estate attorney to help me with contracts, purchase agreements, rental agreements, evictions, etc. Then I met a tax attorney who is very knowledgeable (and very expensive to me at $350/hr) who can help me structure my entity to best protect my assets and to provide tax strategies. He doesn't offer the real estate attorney services. Then I listened to BP Podcast #109 with Scott Smith who sounds like a very knowledgeable asset protection attorney. So do I need all 3? Will I likely still need a CPA if I use the tax and/or asset protection attorney? Will I have any money left to invest after meeting with these "team members", lol? It is a bit daunting for a newb who just wants to protect himself properly, avoid costly mistakes, and get started buying his first rental property. Any advice from the BP community? Thanks in advance!

I promised to follow up with the attorney and post up what he responded with. Below is what he said. Thanks for the feedback on this topic, all!

Thanks for the replies! Michele, thanks for such a comprehensive answer. Mark, I like your advice and will reach out to him for clarification. I'll post his answer here. Thanks again, all!

Thank you all so much for the insightful replies!

@Regina Abayev I believe he was talking about option 1. I am going to do research on this and the crowdfunding option. Thanks for the ideas! 

@Steve Vaughan I will check into sub2.

Hi BP Team! I was chatting with a Tax Attorney this week and explaining my plans for beginning in real estate investment. He asked me if I plan to buy low end rentals with lower income tenants or mid or high end rentals with middle/high income tenants. I said the latter, but didn't elaborate on why. He made a comment about me being more interested in long term investment vs. higher cash flow. The conversation moved on, but I was a bit confused by the comment. I didn't get a chance to ask him before we ended the conversation. Does anyone understand why he surmised this? Why would cheaper units tend to generate higher cash flow than moderately priced properties? Why would moderate to high properties be considered more of a long term investment?

Thanks in advance for answering what may be a stupid question from a newb.

-Adam

Hi BP Community, I'm just getting started and plan to form my company soon. I heard someone on a BP podcast mention an advantage of his wife owning 51% of their real estate business, but he didn't elaborate. I am thinking that there are some advantages to having a woman owned business and want to find out more. My wife is also a minority and I am curious if there's also an advantage to having a minority owned business. Do any of the wise folks at BP have additional information or sources where I can learn more about this? Thanks in advance!

-Adam

I'm a newb, just starting out and planning to acquire my first rental property in 2016. I was at a REIA in Tampa this week and the guest speaker mentioned that you can invest in real estate without debt, even if you aren't wealthy. He wants to sell courses to explain how to do this, but I was thinking I could get some free tips from the smart folks on BP. Does anyone have experience in this area? Would you be willing to share some techniques or sources to gain knowledge about how to do this?

I look forward to some great responses! 

-Adam

I have a couple of names and plan to interview them in the next week. I'll let you know if I find one and share their info with you. Please do the same!  I'm planning to start attending some REIAs so maybe I will find some good contacts there, too.

Hi Michael, thanks for the response! I found Matthew based on your post. I appreciate the help.

I'm looking for a good real estate attorney in the Safety Harbor / Clearwater, FL area. I need help forming my real estate investment business, including guidance on business structure (entity) and legal protection. My focus is buy and hold multi-family rentals so I prefer an attorney who is also an investor in rental properties. Thanks in advance for any help!