All Forum Posts by: Corey Woodruff

One if the partner you are considering has experience in real estate i would definately advise getting into the partnership. But on the other side of that me personally am only using partners when i absolutely need them and it definately wont be a partner that i go in on every deal with. I will only use a partner on deals that i need more money to close on. And when you do partner up on deals with people i have heard on podcast and from CPA'S that you will want to create a different business entity LLC with every new partner that you team up with. For tax reasons as well as making sure your assets are protected.

If you can get into real estate on your own and you trust your judgment then by all means go it alone but if the partner you are considering has much more experience than you i would definately say go with the partner just to help spread the risk from yourself and plus having more money to play with is never a bad thing!!!!

hope this helps

No. people transfer home residences into llc all the time. that is a recommended way to protect your personal assets in case of a sue happy tenant. Also when you do background checks on tenants make sure you check the court systems this is a good way to tell if the person you are thinking of renting to has sued before. I heard on a podcast that a woman did a background check on a lady that was currently in two lawsuits with previous landlords!!!!!!!!!!!!!!! DODGED THAT BULLET!!! DO YOUR HOMEWORK! there is a very good book about limited liability stuff i cant think of the book but its in the forums. its the best book for this type of question

That is an awesome way to get and build relationships in this business. WELL DONE. I wish i lived in new york so i could utilize your services. Keep up the work and it will for sure pay off for you. I can tell by only this post you are willing to bend over backwards to succeed and are willing to put in the hard work. When I get a rental all gutted ill send you some pics and maybe you could give me some advice through skype cause i am interior design challenged for sure. NOT MY SKILL. LOL

good luck 

corey

I know my uncle buys all of his properties under his own name and transfers them into an LLC before people get moved into the properties. This is the best way to bypass the financing issues and the issue of getting sued for everything you have when a sue leach decides they took a hard "fall" on your property. Make sure you are protected no matter how you go about doing this whether that is by insurance and an umbrella policy or protected by a LLC.

state fan all day!!!

both rules are guiding points to educate on whether or not you should invest any more time looking at the property I'm not as concerned about the 2%rule over the other rules in real estate. Like the 70 and 50 %rules. 

God luck 

cash on cash is just a guiding point that tells you what percent of your money you are getting back each year that you originally put in. I don't plan on investing in anything that is lower than 12 percent. Now when you put no money down that doesn't really work, so I then base my decision off of cap rate and cash flow per door. 8 percent minimum cap and 200 per door minimum. Some areas that may be harder to get than others in different markets. But here in michigan that is considered very easy to get those numbers 

Hope this helps 

the webinar gave some really good insight on how to find properties in a competitive market that other investors aren't already doing. Definitely should check that out. And thanks for the website referral for sure 

I met my current mentor and i offered to go help him fix a place up with for free. He tried to give me money and I wouldn't accept it. Being able to spend a couple days talking with an educated investor was payment enough. But after I did that for him he realized that I wasn't just trying to use him without giving anything in return. So ask the mentor what you can do for him so you could have some of his time to take with him..... 

is there any other offers that your competing against. Because having their property sit on the market will make any seller more motivated. How long has this property been on the market. Maybe the situation is that it just hasn't sat on the market long enough for him to accept a low offer, maybe they truly believe it is worth what there offering. I guess only time will tell though. Good luck