All Forum Posts by: Chayson Descisciolo

There are quite a few people advising to get a license and make your own offers. Quick question in regards to this (although it may vary by state). Does one need a license in the state they are offering in? Or can you offer out of state? Are you able to access the MLS of a state using an out of state license?

@Katie L.

Oh my God Katie your response was so helpful! There's a lot in there to give thought to. Thank you very much!

1 more question, and this is probably a super dumb one but I've never actually hired/used an attorney before. Is there a certain type of attorney you'd recommend I use (contract law? business law?) or maybe I should be aiming for someone a bit more general that could also help with real estate law related questions down the line? 

@Account Closed

Thanks for the input Jeff. I don't know much about out of state LLCs but in CA there's an annual $800 fee just for having an active LLC so I'm definitely trying to avoid that since this would be a pretty small project and that would be a decent chunk of cashflow. I'll have to dig into a limited partnership a bit more. Thanks again.

@Lance Lvovsky

I'm not opposed to going to an attorney to draft one (that's along the lines of what I meant when I mentioned pointing me to a resource to draw one up), but like I mentioned I'm not actually sure what I'm looking for at this point. So before I start the attorney fee clock I wanted to get a better expectation of what I need. Do you have any experience in this area? Maybe an attorney you'd recommend? Do you know if the document I'm alluding to simply a standard partnership agreement or something more in depth?

Hi everyone!

Working on getting into my first investment property and the plan is to partner with 2 friends. We're really just looking to get the first one out of the way and get a better understanding of the process of buying and rehabbing out of state. 

I'm trying to put together a basic contract/agreement. Nothing fancy, we're going to be splitting costs & profits evenly. I want to get a sample contract/agreement created so we can have it lined up and ready to go when we find a property. 

Anyone have any recommendations or samples on what a basic contract like this would look like or a resource they can point me to in order to draw one up? I'm not even sure what the proper terminology for this is (partnership? joint venture? something else?!) so I'm really not sure where to get started.

Thanks in advance!

@Bryan Zuetel

Hey Bryan it looks like we're neighbors! I live down the street from your office. One of my buddies has a small brokerage in the same building as you (well the one next door) as well. 

And yup, I really liked the David Greene book. I wanted to develop a little more of a knowledge base on choosing a potential location before I really started trying to make connections so I'm in the process of finishing emerging real estate markets by Dave Lindahl then the plan is to pick a few markets and start connecting like you said.

How long ago did you start investing? What were some of the major factors that led you to invest in the areas you're in?

@Rhonda Blue

Wow I really like how you've pivoted investing locations and strategies. When I first started throwing around the idea of REI it was actually STR that caught my attention. The AirBnB market in Palm Springs caught my eye but felt a bit too saturated and high cost for me just starting out. TN and AL are two states I do a ton of business in and are on my radar for possible initial investment areas. I'd love to hear a bit more of your story and get your take on some of the markets in your area. Maybe jump on a phone call in the near future? Let me know if that would be alright and I'll start a PM.

@Jo-Ann Lapin

Thanks Jo-Ann. Looks like you're in my neck of the woods and also in the same-ish business. Do you do Fannie/Freddie/Ginnie loans or strictly hard money? 

@Christina J.  

I feel you on the podcast. I just finished my 100th episode and each one gets me more and more pumped! Since you brought up the podcast I've got a question for you. How far back did you go with the podcasts and do you feel there is a certain point going back that it starts to lose value? If the first episode is from Jan 2013 do you think the market has changed enough that the information is stale?

Funny you mention Tennessee. A few months ago I helped one of my best friends buy his first home (primary not investment) in Fairview outside of Nashville. Nashville has been blowing up and I know that's forced appreciation into some of the suburbs and surrounding cities. There are a couple areas closer to Nashville that are on my list but haven't really looked into other parts of the state. Are you buying in Chattanooga proper or finding your deals in the smaller towns outside the city?

Hi everyone!

I'm Chayson and have recently been bitten by the REI bug. I've been in the mortgage business since 2003 but never turned the corner into investing (aside from a failed primary residence attempt in 06 - perfect timing, I know). I'm still trying to determine the market (or markets) I want to get into, but am definitely looking at something long distance as southern CA property is a bit too expensive for my initial jump.

Here’s a little background on me:

I'm born and raised in Orange County, CA. My mom was an office manager for a small mortgage broker my entire life and as such, I basically grew up in that office. My first job as a junior in high school was telemarketing for that company and I've had at least one foot in lending ever since. I got my real estate license in 2007 and my broker's license in 2017. I'm currently licensed in 22 states and working for a small lender, although the goal is to open my own broker shop in the nearish future. The past few years have been heavily focused on VA loans so I'm really knowledgeable in that category (100% VA financed 4plex anyone?) although I'm pretty familiar with everything outside of USDA.

What I want to invest in:

Right now I'm still in the research phase of my (fledgling) investing career but once I narrow down a few locations the plan is to start with a small SFR value add buy and hold. One piece of advice I continue to hear to to get your first deal out of the way which seems to start the snowball. Ideally that snowball will turn into a couple smaller residential value add buy and hold deals to build a system and team, familiarize myself with the rehab side of things, bring to light the things I don't yet know that I don't know, and gain some credibility. I *think* I'd like my end game to shift up to multi family, but really who knows at this point. The real end goal is FI and whatever it takes to get there is what it's gonna be.

My next steps:

I went super hard on the podcasts initially to get a little bit of knowledge on a lot of different things and have now started narrowing it down a little more. Went to my first meetup a few weeks ago which was really cool, definitely looking to network a bit more irl through more local meetups (hope to meet some of you there!). Audible has been my best friend and I've gone through a few of the newbie reads like Richest Man in Babylon, Rich Dad Poor Dad, and Cashflow Quadrant. Followed those up with some motivational/self help reads that aren't focused on REI and now I'm onto more real estate specific like Long Distance REI and The Book on Rental Property Investing. I'm in the middle of Emerging Markets right now and after finishing the plan is to make decision on a few markets to put the feelers into, form a team, and start making offers. Any other book recommendations you felt really helped out when you were starting?

Anywho, looking forward to becoming part of the community and learning from everyone out there. Hopefully I’ll be able to push some value back your way so feel free to reach out with any of your mortgage questions. If I don’t know the answer off the top of my head I can definitely find it.

See ya out there!

-Chayson