All Forum Posts by: Simon W.

Please visit the link to RSVP (must be member, free)

http://www.meetup.com/PrivateREI/

This will be our first Meet & Greet event.

Only 30 people can be in the event. 

My co-organizer, Matthew King, is the host.

Please join us for the first of many to come Private REI Club members meet and greet events to learn more about each other, our goals and forming partnerships with each other to work on deals that builds wealth for the partnerships.

We can only accommodate 30 persons at once in the conference room, however we will also arrange to have members join via video conference if the RSVPs exceed 30 to attend in person at the Center

Hi Pro Community!

I was just wondering I have a JV partner and haven't done any deals YET.

I was just curious if we want to put a property under contract to wholesale. The contract would have the seller's info, but whose name goes on the contract or do we have to give our JV a name and put that on the contract?

Hi BPers. I am thinking about getting my real estate license and can pretty much go for the broker license considering I have more than 2 years of general real estate field work. I want to know as a broker, would I be able to manage properties outside of NY?

Thanks!

Simon

@Brandon Turner - I actually have the same problem. The app also logs me out constantly.

Hopefully the new app won't have that problem and the crash problem. My iPhone is brand and BP app was one of the first apps i downloaded so definitely nothing with the cookies.

I have to go use safari for the time being. Hopefully the app gets fixed quick! 

Looking for investors to fund for commercial and/or residential properties.

I am still researching for a property to obtain, but want to have an equity partner to make the transaction smoothly as soon as the property is within reach.

This is for a long-term relationship as I will keep on purchasing more properties.

I hope this post doesn't go unnoticed. 

Feel free to txt me. My contact info is on my profile.

Hi guys,

Something just cross my head and I can't seem to find anything on this on the internet.

Does anyone buy and/or sell LLCs with properties already attached to it?

If there is, what might be the pros & cons with this approach?

Thanks!

@Page Huyette

I actually had to decline on this. Turns out the foundation was in terrible shape so I didn't bother with it. Thanks for asking!

@Brett G.

How much are you paying for the home-fire insurance?

I wouldn't calculate with zero vacancy and zero maintenance.

I don't know if any members will suggest you to do one or the other because it comes down to what you want to achieve in the long run.

Let's try to do some quick numbers here

Say you spent the $8K and now you can fully rent it out for $1500/month

I am just going to do the average of 3% closing cost of your $160K

$5600(down payment) + $4800 (c.c.) = $10,400 initial investment

you spend another $8K to do the repairs

$18,400 total investment

+1500 a month
-125 vacancy (1/12 = .08333%)
-45 maintenance reserve (3%)
-120 trash removal exp.
-1165 PITI
=50 Net Operating Income
50 x 12 months = 600 NOI annually
Of course there might be some other expense I didn't include.

your cash-on-cash return = $600/$18,400 = 3.26%
That means you will roughly take about 30.66 years to get your $18,400 back

I am just doing some quick calculations. Other BPers might be able to give you a more accurate number.

All I am trying to do is answer the question of the first 2 post of this thread.

It doesn't matter if anyone would like to take my answer seriously. Just do a quick google search and you will see. I work as an accountant for a Property Management & Development firm. 99% of my friends are also accountants (some are CPAs). Even my girlfriend is an accountant.

I'll have to take what my friends have to say and as well as what I know.

And when asked about how it would be done,

COGS isn't mentioned instead it was Subcontractors expense.

@Jerry W. , you don't have to feel bad about picking on me, but did you get a chance to look it up and see if an answer is provided on the internet instead of taking someone that impressed you?

I have no doubt that Steven is a great guy and I know his REI, but no one should just listen to anyone because they impressed you a few times. This isn't direct to Steven. Just in a general thing.

Sorry OP, this seems to be a little off topic, but you'll just have to decide or ask your accountant how it is done on the meal stuff.

And if I am wrong well then I am wrong lol