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All Forum Posts by: Bob Stevens

Bob Stevens has started 87 posts and replied 6294 times.

Post: What is Wholetailing?

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @David Taylor:

Hey Fellow Investors, I am starting my investing journey with vigor but lacking knowledge. I've heard of wholesaling but what exactly is wholetailing and is it better than wholesaling? Thank you


 Flipping a contract, GET to a local RE meeting, 

Post: Wholesale Listing for Buyer

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Theodore Sutton:

Hey Max, pm me your phone number and email. I'd love to connect and add you to my list of buyers.


 You have props aval in Cleveland? Are you direct to the owner? PLEASE do not say your " partner " is. What you have, ask and address ?

Post: Wholesale Listing for Buyer

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Max Traveler:

Hello Miami folks,

Are there wholesale listings that I could possibly be added? 

Thanks!

Are you a cash buyer, ? If so I have as many as you want, all 100% hands off, 

Post: Section 8 friendly property management in Cleveland

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Maxim Abukhovsky:

Hi,

I've started building my portfolio of Section 8 single family home rentals and looking for experienced property management. Please let me know if you have any recommendations.


 I have 10 years' experience there, you 100% do not need a PM co. I fired them all. You get paid direct each month, so no chasing the PM co. Repairs are handled by your Maintenance Coordinator. As an owner you are still hands off, for 50% less of a fee then a PM co. It's all about your team and knowledge 

Post: Still investing in Cleveland/sub-markets?

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Jhamari Hogan:

Anyone still seeing 1% or above cash-flow and appreciation in Cleveland and/or submarkets around it? I.e. Euclid, Maple Heights, as far east as Lorain or even as far south as Akron? (Looking to spend 130 or less)

Just looking for advice, this would be my first property and I'd like to get cash flow while being in a non crime filled area, and being able to count on at least some future appreciation.


 I just picked up two more, One in S Collinwood, (Nathanial ) all in 75k, rented 1700, All in 70k E 109 rented for 1500. So 2% + 

Post: Real estate friendly bank

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Erol Shashaty:

Just to clarify. 

We will be investing through a US corporation and all partners (and there are many) are foreign nationals so we cannot give any personal guarantee or collateral. Remember its an Investment Fund. A DSCR loan requires personal guarantees, so it will not work.

Can we find landers that can extent financing based on the value of the asset only. Nothing else.

Thanks


 No you are not getting a loan. You must have US bank and address 

Post: Real estate friendly bank

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Erol Shashaty:

We have enough cash to purchase the properties on a cash basis


 Thats what you should do. I know many investors from around the world that do this for many years. 10- 15% NET income is typically what they are getting. 

Post: Real estate friendly bank

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Erol Shashaty:

Hi,

We are an overseas fund that will start investing in Cleveland area residential properties. 

Any suggesting on which bank to work with. Which bank in Cleveland is easier to work with and our of country investor friendly.

Thanks


 Not certain what you are asking. You are not getting a loan in America unless you have a US bank account and address . I have many clients from around the world, I wish they could get loans. For the last 10 years they have all purchased cash 

Post: Want to buy first property and I watch a lot of videos, but lack action: How to start

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Venecia Baez:

I’m learning about rental properties and was looking for some advice on how to start. I feel like I keep watching videos but don’t take action


 How to start? BUY a property. Run the numbers make sure the return is what you want. Now you're in CT, do not expect much more then 5% net , 

Good luck 

Post: First time forming an LLC

Bob StevensPosted
  • Real Estate Consultant
  • Cleveland
  • Posts 6,413
  • Votes 3,676
Quote from @Taylor Kendrick:
Quote from @Evan Polaski:

@Gavin Wynn, why are you wanting to form an LLC?

Asset protection is an obvious reason for many, but if you are sued, in reality, the opposing attorney will do everything to get to you personally, anyways.  i.e. did you sign leases personally?  Do you have an outstanding mortgage in your personal name?  Are you using a personal Zillow account to list your properties for rent, or a personal email/cell phone to take tenant inquiries?  Not to say an attorney will be able to pierce the corporate veil, but they will certainly try, anyways.

I am an Ohio resident, and I did my own and my wife's directly though the secretary of state. I (we) have only been sued once on a property that was in my wife's LLC, and we settled before we found out if they other person was going to be able to pierce the veil of her LLC.

I don't mean to discourage you from forming an LLC, but there are real costs, beyond formation. Lending terms on properties owned in LLC tend to require more equity and higher interest. Some title companies will require an operating agreement, even if sole member, to buy or finance a property. Separate bank account, credit cards, signature blocks for every contract and document you are signing for LLC.

I have an LLC for my rentals, so I am 100% for them, as long as you understand what you are getting into. And in reality, while I have never had to test the strength of my LLC, if you are being sued, any half decent attorney will try to pierce your corporate veil anyways and try to get to you personally anyways. Again, very limited experience with this, but the one time I was sued, the attorney tried to connect social media posts on a personal account to bring personal exposure for a property that was held in an LLC. (We settled anyways because the settlement was cheaper than what my attorney bills would have been to defend against this absurd suit, so I didn't test the true strength of the LLC)


Interesting you went with an LLC for your very first property. If someone were to buy their first property without an LLC, how difficult would it be to roll that property into an LLC later?


 100%