All Forum Posts by: Marc S.

@Garrett Crosby I've been looking at Charlotte MFs. Are you finding that you are still getting good purchase prices? I've yet to get my 1st property. I have made contact with an agent there and haven't gotten many good deals. The asking prices don't even come close to the 1% rule.

@Stephen Schmitt has Micron gotten approval from the city to build?

@Taylor L. As per SEC regulations was the answer I got.

Hello,

I am in the process of investing in a Sponsorship deal.  As part of the process I had provided that my intention was to invest 100k, as a result I received a email from the company saying that because of the amount I must be an accredited investor.  Can I just loop hole around this and make my investment 99k, since I do not qualify to be an AI? 

Thank you! 

Thank you Randy! Let me correct myself, and thank you for pointing that out.  I have 30 days to close.  I am going to take all your comments into consideration and make sure to research further by calling the auction company. 

Afternoon BP Community.  

My wife and I are going to venture into our first RE property purchase. The house we found will be auctioned off on an online auction due to a foreclosure.  The history of the previous owner is very "clean" and was not a forced eviction and was an elderly owner who passed away.  The auction site is allowing a walk through of the property (very rare from what I understand).  We have our contractor meeting us to get a first look and get a good estimate to do a fix and flip.  My question is, should we also have an inspector meet us at the property as well?

Also, if we win the house, we have 30 days to do our DD and close on the property.  Am I mistaken in thinking that if we don't get an inspector to do a walk through with us then, we will do it if we win and if something is found we are allowed to back out? The auction site webpage says there is a deposit required to be allowed to bid, but does not say a "non refundable" deposit.  

Thanks BP. 

I recently located a property that will be going for Auction that I would like to get involved in as my first Foreclosure/ Auction purchase. The property has no Liens and is being sold by the County. I would love to hear some advise from seasoned investors that have purchased properties via an On line Auction in the past. Thank you BW Community.

I recently located a property that will be going for Auction that I would like to get involved in as my first Foreclosure/ Auction purchase.  The property has no Liens and is being sold by the County.  I would love to hear some advise from seasoned investors that have purchased properties via an On line Auction in the past.  Thank you BW Community.  

Thank you @Chris Davidson!

Afternoon BP Community,

I am beginning my RE Investment after months of paralysis analysis. I will be investing in a Syndication after doing a lot of research and homework, I'm confident it will produce great cash flow, IRR, and great preferred returns.

Now that I will be making my investment, I am unsure how to procedure when it comes to setting up my banking account. I have read various comments and it seems that a majority of investors have a separate account for any dealings that involve their RE ventures, keeping it separate from their personal accounts. So, I am really not sure exactly what that means as dumb as that may sound.

Do I walk into my bank and say I want to open a separate account or do I need to open a separate "business" account. If so, do I place the investment money into that account so that it's withdrawn from the Syndication that way? Also, I then assume that once I start receiving income, I want those deposits made into that newly created account which will help come tax season time as well. Also, this is just the start of my RE adventure! As I plan on buying my first multifamily this year as well, so should I open a separate account for every investment so that everything has its own paperwork?

Can anyone also comment on how beneficial this is for any personal liability by keeping it separate from my personal account. Hope this questions makes sense and that I am at least on the right path to becoming a better investor.

I would love some advice for my first time investment from seasoned investors as I will probably post this in a few different forums to get different feedback.

Thank you!

Marc S.