All Forum Posts by: Baylus D. Nicholson

If I were to become a real agent. I would drive around to physically see the properties and associate the areas with the types of real estate in each area. I'm sorry I am not able to offer more advice.

My Best Regards.

simply put it means to buy a multifamily building like a duple or triplex and live in one unit while renting out the other units. its a good way to start out because of the low down payment. it helps new investors get started.

Welcome to BP! As long as you stick with it you can become a great investor. Take some time to expand your knowledge bass with books, podcast, networking, and any other way possible. I would recommend listening to all the Rich Dad Poor Dad audiobooks on YouTube, they have helped me the most.

My Best Regards.

Welcome to BP! You are in a great location in the upstate of SC. I hope your investing career gets stronger here.

Congratulations on the deal! I hope everything works out great with it.

Congrats on the business. I hope BP is still around for the future generations, I will have my children study this like they do school one day.

THANKS FOR EVERYTHING! 

Hey Bryan,

I have listened to some of the BP podcast where the guest had flat out quit their job and jumped into real estate full time. As it turned out, sooner or later they had a find another job again. The best time to quit your job is really up to you, just be smart about it. Don't quit if ; you have zero experience with real estate investing, no other source of stable income from rental properties or a wife/husband to support you.

The plan that I am using is,

1. Pick a dollar amount that you want to make a month. example ($5,000)

2. Find a strategy to get to that passive income amount. (while still working a full time job). house hacking, buy and holds, or flips. example (house hacking, and buy and holds)

3. Find the capital. Cash, Home equity, partnership, or a lender. example (lender, and partnerships)

4. Find the deals and put them together. start telling people you are a real estate investor and they will tell you about there wife's sister's ex husband in-law has a place for sell. look on Zillow, Realtor.com, Craig's list, and other web sites where properties are sold. example (I tell everyone that I am a real estate investor and I use every possible website that I can)

5. Manage the project. self manage, or hire a property manager. example (I self manage)

This is just a short outline of the process that I use. If there is any other way I can help I would be glad to. hope everything works out for you.

- Baylus D. Nicholson

@Steve Vaughan Thank you for the honest feed back. I thought something didn't feel right about the whole situation. I just wanted to make sure it wasn't nerves about getting started.

Dear fellow members of BP,

     I have been studying real estate investing for 3 years now, not doing deals but reading, learning, and visiting properties. I recently got married this summer and now that things have calmed down I'm ready get my feet wet with real estate investing. So I have been listing to the BP podcast, visiting the BP forms, and networking as much as I can.

      I was at work at a marina and was just chatting with a man who had come up in his boat. I found out he was a real estate broker who also did real estate investing. I told him that I was just staring out and wanted to start with buy and hold properties. He gave me his contact info and we started working on our first deal. after speaking with him a few times he started giving me info about what kind of property the thought we should be looking for. he wanted to find some raw land and sub-divide the lots into a community and sell the lots out one by one. He wanted water front, with as many acres as he was able to get. I asked him what his top dollar amount was and turned out he wanted to bring in a car dealership owner for Ashville NC who would be able to bring our total top dollar to $5,000,000.

     I can not tell if I'm anxious or if I really shouldn't get involved. I would like to think about the money I would be able to make, however I am 20 years old, with not that much money, only knowledge and zero experience. I wanted to learn about buy and holds so I can become free of my job, but he is on a whole different level where he is already done buy and holds and wants to make fast cash with flips. should I try and find a mentor who is on the same page with me on buy and holds, with smaller amounts of cash, or should I just stick with it despite my nerves and see if I can make some money this multi million dollar deal?

     Thank you for the feed back.

      Baylus D. Nicholson

Hello, Brian

There are a few ways to effectively use a LLC when investing for real estate.

FOR BUY AND HOLDING REAL ESTATE

***GOOD***-If you plan to hold real estate, the safest and most risk avoidance way to use an LLC, is to set up a LLC for each and every single property that you will own. the reason being is that if you are sued and are at fault then they can only take as much from you that is in the LLC. lets put it this way. you have 4 properties, Total value $200,000. each of them have a LLC and are valued at $50,000 each. if a person is hurt for some reason and they find you at fault for it, the person can seek $200,000 in medical payments from that LLC totaling the value of the LLC. in other words they can only take $50,000 and not the total of $200,000 in value, and your 3 other properties are safe.

***BAD***-If you used 1 LLC to cover all 4 properties something like this could happen, you have 4 properties, Total value $200,000. and one LLC covers all 4. If a person was hurt at one of the properties, all of the properties are a risk. If a person is hurt for some reason and they find you at fault for it, the person can seek $200,000 in medical payments from that LLC totaling the value of the LLC, in this case its $200,000. since there was only one LLC used for all the properties all of the properties can be sold to settle the debts owed.

I AM NOT A LEAGAL EXPERT!!!

FOR ANY MORE LEAGAL ADVICE ASK A LAWYER!

hope this help you out!