All Forum Posts by: Buck Joffrey

I don't know much about Florida. The way I avoid weaker LLC states is by having a holding company in Wyoming or another strong asset protection state that then owns the interest in each LLC you have regardless of what state that LLC is in. This strategy makes sense if you own multiple assets as I do. If this is a single asset that you own or doesn't throw off much cash, I defer to others in the group.

Birmingham, Alabama.

One thing to consider...CA LLCs are not great for asset protection...charging order issues.

Gordon...Buck Joffrey here. I'm a surgeon by training. The physician loans are typically designed for single family homes and are unlikely to be approved for multifamily. That said, when I was buying my first property several years ago in Chicago, I was planning on using and FHA and buying a 4-unit. The plan was to live in one for a year then move. At the very last minute, my wife vetoed and we moved to a big house in the suburbs instead. If I was on my own...no doubt I would have done that deal and I would have made a KILLING in the last 8 years in the Chicago market with that deal alone. I like the way you're thinking!

Don't put more then 50-100k in any one project. PM me and I can tell you about some funds that will generate double digit cash flows. Also consider investing in multifamily syndications or buying an apartment building...my own favorite asset class. If you're trying to get out if the rat race, don't do something out of your wheelhouse like starting an internet business. Save that for when you have more cash flow than you need.

Akachi...Buck Joffrey here. I'ma also a physician/syndicator. What kind of funding are you talking about? How big are the deals? The answer is...it depends. Are you looking for non-recourse financing? Deal needs to be big enough for that--at least 2 million I would say to make it worth while. Smaller deals (under 1 million) that are being personally guaranteed by you might need to go through a local bank rather than Fannie Freddie. Are you putting the downpayment in yourself or are you raising money? Give us some more details and I'm sure many of us can steer you in the right direction.

I'm a physician (actually a surgeon) and a real estate syndicator. I can pretty much guarantee you that anything you send will end up in the garbage if you send it in the mail. You wouldn't believe how much of this stuff I get in the mail just because of my degree. @Joe Fairless is on point. Your best best bet is spending time trying to create relationships. If you've got an advertising budget and a track record, get yourself a booth at a national physician meeting and make your case for the long haul.

Hi Dave! I'm a head and Neck Surgeon by training. I finished my training at UCSF 8 years ago. I now consider myself a real estate investor and business guy more than a physician. My advice...start reading, listening to podcasts, and taking action sooner rather than later. Please ping me with any questions/advice anytime! Buck

I think it depends on what you are doing. If you are wholesaling, I don't see the value. In fact, it makes me think..."Why are you wholesaling?" On the other hand, as a physician who looks at only at large apartment building acquisitions for syndication, I think it generally helps me. From the perspective of brokers, it makes them see me as a more credible buyer. From the perspective of other physicians who are investing in my deals, it makes them more comfortable with me as a colleague who they can trust. Life and business are all about sales. Who is your avatar?

As a physician, I can tell you that we are probably the best tenants you are going to have. We have tremendous job security, earning potential, and we are very low credit risks. The banks know this and they practically throw money at us for free. We also tend to be pretty conservative with our money. If you find a resident who has 3-4 years of training left, get them on board and treat them well. They don't have the time to go apartment shopping and they won't unless you give them reason to!