All Forum Posts by: Eric Black

Welcome David, and Thank You for your service! I am also from Santa Maria. A few local BP members have started getting together recently, one who is also starting with the BRRR method, in Alabama though. We'd love to have you join us when we get together next. It's not a formal Meetup or BP event, as there are currently only 4 of us, but PM me your contact info if you'd like me to let you know when the next one will be. Most likely mid-May.

Congratulations on your first house hack as well. Another great strategy! Sounds like you're off to a good start.

Cheers!

Eric

@Kenny Dahill - Thanks, got your DM and will definitely try out that site.

@Mike D'Arrigo - Thanks for the referral. We'll look into them.

@Ivan Barratt Sorry for the delayed response. We currently have 4 units that we are looking to move away from our current PM. The areas and rents vary. One in the Cedar Springs area that rents for $1150, would consider it a B+/A- property, one in Brownsburg that rents for $1150, probably B+, one just east of the speedway that rents for $725 probably a C+/B- and one in Lawrence Township that rents for $885 and probably a C+. So all over the board as far as locations. Hope that helps.

Cheers!

Hi Erica,

Welcome to the forums. From one Californian to another, living in CA is the worst thing you have going for you as a REI. :) Here are my responses, which are just my opinion, on your questions:

1.) Single and multi-family can both make good investments. It depends on the deal and your personal investment philosophy. You're sure to get people defending both sides but it's really up to you.

2.) Once again, this will depend on the deal and your personal situation. As our attorney told us, an entity is just asset protection, an insurance policy that kicks in after your primary insurance policy. If you don't have a lot of assets then there is not a lot to protect.  We had a number of properties before we formed our entity. Again, you will get many varying opinions on this.

3.) Yes, you can form an entity out of state without an office and team, but it won't get you away from paying the great state of CA. You will still have to pay taxes in CA. And if you're forming an LLC you'll still have to pay the $800 annual fee to CA for having an LLC in another state. There are firms who will help you get everything set up correctly. I wouldn't recommend using something like LegalZoom if you do decide to set up an entity but I'm sure others will disagree. There are just lots of layers to having a foreign (out of state) entity when living in CA. I can recommend the firm we used if you want to PM me.

Hope this helps and feel free to ask more questions if you have them.

Cheers!

Eric Black

Hi Rose,

Even if you find someone on BP who can give you a solid answer I would recommend talking to a real estate attorney in your area. This is a complicated situation with a lot of layers. You don't want to have a mess on your hands over a few hundred dollars. 

Cheers!

Eric 

Hi TJ,

Are you looking for private/hard money loans? If so I think you're going to be hard pressed to find anything in the 7-8% range. Private money is typically in the double-digits plus points. Can you give more details about what you're looking for? How much you're looking to borrow? Etc.

Cheers!

Eric

Hi Dan,

How do you consider their portion of the utilities a "loan"? Are you loaning them money? Paying you for their portion of the utilities, even after you've paid the entire bill, isn't a loan. I can see how you could claim their portion of the utilities as an expense though so that they're zeroing each other out so you don't show any income. I'll be anxious to see responses from others who may know something I don't.

Best of luck.

Eric

Hi John,

States, couties and cities do things differently so you'll have to do some research or find someone in your area who knows the process. Many areas you can look up the information on the owner via the county tax assessor website. Some will give you owner information, some won't. Some title companies will give you access to their system if you give them a good reason, where you can look up property info.

As for the phone line, welcome to the business! A huge part of being a wholesaler is spending a lot of time (you or someone else) calling dead end leads and/or sending a lot of mail that either gets returned or gets no response. It's a numbers game.

Cheers!

Eric

Good morning all,

We are looking to replace our current property manager for our SFR portfolio in the Indianapolis area and I am looking for recommendations for companies that any of you have had good service from. Fingers crossed!

Thank you.

Eric