All Forum Posts by: Christopher Brescia

Hey Joshua Dorkin I uploaded a profile pict but the site flipped it sideways! Is there a recommended dimension I should be using? It definitely is not flipped on my PC or phone.

Thanks Raymond B. I will look into the CTREI meetings. It was mentioned several times at the summit to hit up local rei clubs and it's good to have another local BP member at least indicate they do have some value.

I was initially extremely turned off by their site because the FIRST thing I was presented with was a typical marketing ploy to get my name and email in return for "unlocking [their] free report today!" That stuff smells like "guru" and I'd rather not. As someone new to the idea of REI groups I am also turned off by the fact they immediately ask for information and money BEFORE showing they like to share knowledge. I think Joshua Dorkin can appreciate that (and it's what I appreciate about everything he has built here on BP).

The on-time credit is an interesting idea I'd never seen before.

Ann Bellamy Joel Owens How do you handle the on-time credit? Do you write a check back to them each month or do you accrue the credits and send checks out at certain points in the year?

Bienes Raices I have been renting for over two years (I know, I know, i have only recently seen the light of REI..) and I personally like that my rent went from month-to-month. Our agreement is only reviewed (for increase) once a year and as far as terminating I am required to either give two months notice or I can leave whenever but I am on the hook for 2-months rent unless they can find a replacement sooner. It takes away the threat of end-of-lease stress and I feel I can move at any time and not be screwed. Speaking from a renter's perspective, I prefer a month-to-month.

Hi everyone and greetings from Vernon, Connecticut!

My wife (Sarah) and I are both new to BP and to REI. We got started by reading J. Scott's blog 123flip.com (which lead us to BP) but have yet to pull the trigger on anything as we continue researching and expanding our understanding. We both currently work full-time jobs that do a good job of paying the bills now but are not what I want for the future. I see too many people around me that are too old to work but didn't plan ahead and will be working for someone else until they either die or get fired (and I've seen both happen). I have no intentions of ever being that person and I see REI as a great way to launch my plans for a future of passively managed income streams. I have also found (with my albiet limited exposure) Real Estate to be something we both can get passionate about; from finding a deal, negotiating, to staging, gaining deep exposure to the market, and even creating a home that someone else can love.

We recently attended the Summit in CO and are thankful to Josh, the Speakers, and even the attendees who were so willing to share their successes and failures and years of expertise with complete newbies.

In the area of REI we really are completely new. I have a number of family members who are either Real Estate agents, RE Appraisers, or both. What I lack, and would love to have, is a MENTOR. I'm used to having to do things the hard way so we are going to persevere either way, but if someone in CT is willing to be (or knows someone) a mentor to a willing student please let me know! Also please be ready - I have grand ideas :)

Anyways that's a little about us. Hope to see everyone around on the site, and I really hope to meet someone else from CT in person!

Joel, not sure of your circumstances or options relative to the college but around here I've seen people take rental properties close to colleges and hook up with local, well-organized (relatively), well-run fraternities. The fraternities are charged a monthly rental fee and for that the get the rights to rent the property out to whoever they want (likely the frat members). They are also responsible for completely repairing the units each year, but in return get priority (pseudo-contracted) rental rights to the property. What this gives to the owner is a guaranteed rent check as long as the fraternity survives, a constantly updated unit, and they don't have the hassle of finding college kids to rent it out - the frat house leaders are responsible for that.

I know one lady in our area that has a bunch of these and is making a killing.

Maybe not an answer to your question, but something worth considering?

Actually the Cash Option (which is already a net tax amount) is $462 M

You could buy a brand new Lamborghini every day for the next 5 years before you used it all up. HAH.

Found the article I was referring to - it's basic but it lays out some structuring ideas and also sparks some ideas http://www.alglaw.com/service/view/real_estate_investors

Joe,

I'm not sure the 1031 exchange section of the blog is the right spot for these questions (I could be wrong).

Also I don't have any direct answers to your questions as I am in the middle of figuring the same thing out myself.

However, Clint Coons had a great presentation at the Summit regarding Asset protection in which he covered numerous ways to set up your entities as well as the benefits/drawbacks of each.

I would recommend checking out his blog for some direction. Also this particular post might help
http://clintcoons.wordpress.com/2012/02/08/introduction-to-asset-protection-video/

He had another great post about how to set up your entities that I read just yesterday and now I can't find the link - I will keep looking tho.