All Forum Posts by: Arlan Potter

@Kinjal Patel

Sounds like you fixed the wrong problem..

by the way Ceilings don't leak. Plumbing leaks. Drains leak, Roofs leak. Get a good plumber

@Andy Zirger

I actually told him to find a distressed seller of a junker and pay $2,000 down, then payments. It was just to get him thinking about creative deals. Not specific. 

Landlord Locks for sure.  10 seconds to change the locks on two doors.

The dream.  

Also no lock on the entry handle. Saves accidental lock out calls.

@Rob Daniels

Get a distressed owner to sell you a house on owner financing. Fix it up with your regular job money or credit cards.

@Rob Daniels

$2,000 down, $200/month,   Fix it up a little. Rent for $450/month    Be creative

@Sean Witherspoon

I use insurance for liability protection. My LLC is to group like properties together.

I would hate to think about having 50 some bank accounts for seperate properties Each LLC has to have its own.

I have never used hard money lenders. Too expensive. borderline loan sharks

Drive around the areas you want to own investment properties, look for tall grass, send the owner a letter about buying the cheap distressed property, pay cash and you will be an investor. 

My lawyer makes sure I buy properties that have a clear title. Nothing else.  I would never talk to him before I had a contract to buy. He, and the title company, make sure that the title is clear. Thats it.

You have an LLC for each property?

Why?

Actually it doenst matter what the llc name is. It can be different than the actual property address. Who cares. I have 40+ houses in one LLC The LLC name is irrelevent.

Why do you have an LLC anyway?

You should make your attorney who set up your LLC fix it. If it needs to be fixed

Just asking?

My debt to taxable income is about 55:1

But the banks do add back non cash expenses - depreciation for example so it is not so bad. But I have virtually no earned income any more. Only Rental income, farm losses, and some construction income. Not enough to pay FICA in years  You just have to be established. A proven investor. and have tons of equity and collateral.