All Forum Posts by: Cammie Lewis

Hi Amber! Thanks for the response. I will PM you to get his info. 

Hi everyone, I'm a newbie from California but I'm buying in Cincinnati. I've been looking for contractors in the area but most of the ones I've contacted are booked until late this year.

We are going to close on a single family the Incline District in about 2 weeks and my agent is helping me line up contractors but I want more options. It's a cosmetic rehab and its looking like we need interior paint, carpet removal, laminate flooring (or refinishing hardwood), drywall repair, replacing or painting some doors, gutter work and pressure washing some brick. We also have a bowed wall in our garage that we would need fixed. 

Any recommendations/referrals? Also, would love to network and learn from people in the area. 

Thanks!

Cammie Lewis

Originally posted by @Chris Seveney:

@Don Konipol I looked into starting a foreign LLC but came across this thread that stated California would still require me to pay the $800 fee. Here's that thread: https://www.biggerpockets.com/...

I agree that there's probably no liability but just want to make sure I'm doing things right to start off. I like the idea of a trust even though it doesn't help with liability. Would we be able to use the cashflow freely as it comes or would there be restrictions? @Bob Malecki

Hi everyone,

My name is Cammie and I'm trying to start my note investing journey. My wife and I plan on investing at 20-25k to buy a note or two each year. 

I hear a lot about people using IRA accounts and businesses to buy notes but I dont necessarily want to use every note for retirement and starting a business would cost an extra $800 a year for us (California residents).

Does anyone have advice on whether I should (or can) buy notes in my own name? I know that would put all the liability on us personally but we dont have many assets to protect right now I think it's a low probably that we will be sued or anything like that . 

Or is there a better strategy we should research?

Thanks!

Thank you both for your feedback and advice. I see your points about spending a little money up front to save a good amount of money in the future. I think at some point, I will have to invest in a program to get some real education in the business.

My wife and I are probably not leaving our jobs anytime in the next 10 years (We both work in higher ed and enjoy it). The initial mindset was to buy one note a year in the 20K range and eventually start buying two around year five. That would theoretically put us between 10-15 notes. 

I don't know what program would be best for this kind of strategy. I've been looking at Dan Deppen's program at https://www.fusionnotes.com/. He has a due diligence program fro $500 that I thought would be good for getting our feet wet. I listen to his podcast and think he's pretty honest and upfront about everything. 

Any other suggestion or advice is appreciated!

Hi @Liz Brumer, I'm new to BiggerPockets and just recently came across the note investing business. I love the investment concept and have been doing a ton of research, listening to podcasts and reading books on it. 

The problem I have as a newbie is that it seems like there isn't a ton of information on the exact steps people take for due diligence. I feel like a lot of the information is withheld unless you pay $1500-2000 for an education program. I understand people wanting to be paid for their knowledge and expertise but it seems like a pretty steep price.

My wife and I are able to save about 30K per year and are thinking about investing 20K in notes. I've heard different opinions about how much you need to start with but based on what I've seen available on Paperstac it seems doable. 

Do you think this is a feasible plan for a long term, passive investment? Any suggestions?