All Forum Posts by: Brian Boyd

Welcome to Nashville. You are in the right place to meet real estate investors and like minded individuals. 

Reach out with any questions at any time. 

Best Regards, 

Brian 

How can we help you with this? What part of town are they in? Do you want me to call a few investor friends? DM me and I will do what I can do for you.

Welcome to the community. Please browse around and ask anyone anything. Upstate NY is gorgeous around I-90, but Saratoga Springs is great town too. The Finger Lakes are truly a beauty. 

I think you are starting on a path that will be very rewarding. 

If you need some direction about the Sunbelt for investing, I am happy to point you in the right direction. Good Luck and Welcome!

We recently just put $300,000 into a portfolio we have in Chattanooga, TN. We replaced the roofs, put high quality LP Smartside siding on each house, new gutters, new appliances, some new windows in a few units, and made small touch up repairs. This investment was across 12 units. We just had an appraisal of the package and it has raised the value of the portfolio about $500,000. 

I hope this gives you some insight. Good luck out there.

As a lawyer in Tennessee, I see no reason why you shouldn't/couldn't use Tennessee. I have a Wyoming LLC for an asset I have in Montana, however, my rationale for that is probably different than you might think. Why are you looking at Wyoming? Maybe I can help you with the pros and cons of choosing a state?

DM me. I am happy to walk you through the legal issues and how to handle them. Careful about filing a lien lis pendens as you would slander title after you have already said you were out of the deal.

@Andrew Freed- S corps are good for lowering your self employment tax if you are able to take a salary. If you are not able to take a salary, then you are simply creating more corporate formalities. Alternatively, you can form an LLC and elect to be taxed as an S Corp by filing form 2553.

Both are pass through entities. However,the LLC has bit more flexibility than an S Corp. Either are fine, however, please know that you must be an American Citizen to be part of an S Corp. This means that future shareholders must also be American Citizens. Just know that. Other than that distinction without delving in to the tax structure of the entities and their respective corporate formalities, you can own property out of state in both entities, just make sure to register that entity in that state as a foreign entity, which will also subject you to that particular state's taxation regime.

Good luck!! 

DM me, I am in Brentwood. We can help.

This is a great question. I understand the philosophy of paying off debt, but not all debt is bad debt. I always want to use the Bank's money instead of my own. For example: If you have $100 to buy something with and you use all that money to pay for it, you have no more money but hopefully a cash flowing property. But you are limited to that one property until you have another $100. But, if you put $20 down and the bank provides you the remaining $80, and the property cash flows, not only do you have your own $80 to continue to buy properties, but you have someone paying that note in the form of a tenant, and you now have more than 1 appreciating asset that pays you every month. 

This concept is the same when you use a credit card for business purposes. You are using the bank's money instead of your own. I know this has been a long winded post, but I hope it is helpful. Plus, you need a credit score to get a loan and credit cards help establish that. Good Luck out there!!!