All Forum Posts by: Mary B.

If the suggestion of a significantly higher rent doesn't work for the area then the numbers are wrong. There can't be both because if the numbers really work the deal will work. Now often times the wholesaler or realtors numbers aren't working because its incomplete and one sided(in the seller's favor). Full due diligence is very necessary. Remember good investment deals must be a winning situation for all parties involved and the numbers will certainly show if it is or isn't.

Kudos,
Mary

Your company can be a LLC as a single member with no business tax forms requirements(not including employment tax forms)and still have protection; your company can be an LLC taxed as a corporation (c-corp or s-corp) or your company can be an LLC taxed as a partnership(must have 2 members minimum).

Its every business owners tug of war to choose which entity type. Whatever you choose don't go it on your name alone as a sole proprietorship. As a sole prop years ago I wound up paying additional net privilege taxes, business privilege taxes and this was just to the city. Also if you decide to register in a state that you don't live in that state will likely want taxes in addition to your residing state. Many people are swayed towards NV & DE for certain business privileges so make sure its worth it to you. You'll have to research your state laws as well as some local business laws also. Find a good corporate / business attorney for best assistance towards a good result. Utilize your area bar to refer you and they often will provide you a voucher for the first 1/2hr of consultation.

Kudos,
Mary

WOW... I had entertained the thought of utilizing their program last year when they came to my area but decided ney after the initial conference....just a feeling idk.

Many of these huge so-called mentoring REI houses have that tactic to bully you into signing on with them for tens of thousands with false propaganda of how easy it is to cancel should you choose to within an allotted timeframe but once you do want to cancel its suddenly a few thousands cheaper (even though it was offered at that price you originally agreed to pay for only the first 25 or 100 people that signed up that day) and you need an exit contract attorney to get a dime back even if it was just one day after you signed up.

I've learned to steer clear of those type of programs and prefer to have someone hands on that I can meet in person if and when needed. Understanding defamation of character or corporation being an issue, even confidentiality to a degree yet if you haven't done anything immoral indecent or illegal it shouldn't be an issue. You have to wonder about a company that hinders truth of their clientele no matter if its good or bad.

Kudos,
Mary

Hey Ben,

Welcome to the wonderful site of Bigger Pockets. Happy networking.

Kudos,
Mary

If you find a genuine coach that will teach you the ropes they often times provide an earn while you learn coarse of action. In the beginning for me it helped to have someone experienced to call for input and both good and bad feedback while I was in the trenches because most investors want to hit the ground running soon after they've read their first REI book and/or attended just one REI conference. Nothing is wrong with that as long as you have some well educated guidance.

Kudos,
Mary

Right of Redemption Period along with equity are big factors when it comes to sheriff sales. Here in PA they have as much as nine months after the sheriff sale purchase to recover their property which is why I don't bother with them. Mailing letters of interest is the safest way. Its not quite the same as a short-sale. For some reason the homeowners aren't as welcoming to strangers popping up when it come to sheriff sales.

Kudos,
Mary

Ask... yet do it in a bartering way because no seller wants to feel like they're giving more than they are getting. So make them feel as if they are getting the most of the deal. Use your skilled marketing technique in a subtle way. Perhaps you can work in a lease/option deal with seller's assistance. Run the numbers and providing the property in rent-ready so long as the NOI is positively in your favor make it happen.

Kudos,
Mary

Excuse not the seller but the investor that got hold of the Note/property list and began daisy chaining.

Hmm in my experience many investors claiming direct bank connections and so forth are 99% of the time daisy chaining. Occasionally I work as an independent commercial consultant on behalf of potential buyers and have been embarrassed a time or two when the seller told me the listing was off-market or that they were directly linked to the seller as if we'd perform no due diligence prior to purchasing.

Investors need to know that posting the property/listing details on several websites is the same as having it on MLS. Only difference is it wasn't done by a licensed realtor but its been placed on multiple listing services... this is an unfortunate event in both residential as well as commercial investments.

There's no quick fix to daisy chaining no more than there's a solution to those investors not following SEC rules and regulations etc. I've learned to perform more due diligence before notifying the potential buyer(s). That way my rep isn't tarnished because of third party misrepresentation.

Kudos,
Mary

Hey Timothy,

Welcome and happy networking toward bigger pockets on bigger pockets.

Kudos,
Mary