All Forum Posts by: Alexander Burkard

Are the 7PM EST Live Sessions recorded?

Would love to join, but they unfortunately conflict with the current work schedule, and I wouldn't be able to attend Live, but have time to go back and watch if that is an option? 

@Chris Tarpey That makes sense, and we are currently planning to do this for the long haul, so perhaps straight to an LLC would be better.

Especially for marketing and brand building, which I absolutely love doing. 

Thanks again Chris! 

Thanks for your input Chris, I appreciate you. 

Well, we plan on using PML at the moment, but we do have a few HML contacts, and frankly are open to anything that can help get us started, however that my look.

It was from my understanding that purchasing through an LLC when you are just starting off is more difficult than just purchasing under your own name. Or is that only when you are financing through a bank?

Hello BP!

My brother and I have decided to form a partnership to jumpstart our Real Estate Careers. And we are well on our way of having a solid foundation. 

We've discussed goals, processes, consequences, and strategies to get where we want to be.

But, something did come up that I didn't' have the answer for, so I'll drop them below. Any help would be greatly appreciated. 

• Him and I intend on purchasing properties in our name, and eventually transfer to an LLC. Is that a good approach, and/or legal?
• What are some things you wish someone told YOU, before you got into a partnership?
• If my brother and I purchase a property in our names, how can I include my wife on the deal if something were to happen to me? 
• What are your deals based on with a partnership? For example, every deal is 50/50, or it varies on the amount of work/effort put in from each person? 

Appreciate any advice or criticism! Thanks for taking the time to read. 

-Alex B. 

@Lorenzo Wright 

Love the input! Thank you.

Where do you go to find your HML's?

In your experience, which would you choose and which has had better success?

A) Finding a great deal first, locking it down, and then find the funding on the great deal.

Or...

B) Secure funding first, with general terms, then find a great deal to apply it to?

From what I've researched it sounds like find a deal and then show the deal to the lenders.

However I see alot of comments on how that's foolish and is a quick way to fall on your face.

Thoughts?

@Taylor Hudgins

Well, I have always wanted to Fix and Flip homes, even when I was a kid. Only in the last couple of years I truly understood the passive income potential. 

My true why is financial freedom. For my wife and I to be able to stop working if we wanted to. For us to travel, or start a family and not have to worry about how much maternity leave we have.

Sounds to me like you were in the same boat as me not to long ago. The small rental property that needs just the cosmetic sounds appealing. I appreciate the input, thank you so much Taylor!

I'm currently renting and do not own the duplex, but they have it listed for sale. 145 days on the market with only on showing. It's priced too high for the market area.

So house hacking could be a good way to open this door, since we plan on being here for another year or two.

So, next year starts my side hustle.

I'm having a hard time deciding which one to start with first. The ROI on a Fix n' Flip seems much more promising, but of course is more work. And then I could use that profit and put money down on a rental to increase cash flow.

I've worked on houses before, so it's not a daunting task and I would have a contractor with me as well.

My wife wants to start with a rental first, maybe even house hack our current duplex that is for sale, which I'm on board with but I feel like the monthly cash flow versus the ROI on a 6-8 month reno job, the fix n' flip seems to be the clear choice to me.

However the steady (almost) guaranteed cash flow would be nice to help push us out of debt.

Suggestions?

Thank you everyone for all the advice! I greatly appreciate it and it was exactly what I was needing.