All Forum Posts by: Chris Luksha

@Chris Seveney

Thank you for the response. I'm trying to do a little digging into what you posted there.  I want to understand a little more before asking the next question.

So far my basics are:

Crowdfunding has to be done through another organization, must be under $5 mil, has a limit of non accredited investors in a 12 month period and still requires filing with the SEC.

506(b) can have up to 35 non accredited people - Great, I can't publicize to the general public, a few other rules should an accredited investor want in that I am still trying to hash out) and in general does not need to be registered with the SEC.

506(c) must use accredited investors and that one item tells me to look no further into this one for now.

I am still digging into Reg A but it looks promising as does the 506b

Thank you.  I will be back with more questions and would love to get in contact with your attorney at some point.

Blessings,

Chris

Hi Everyone,

Recently I had an idea and wanted to see if anyone has done something like this and could offer some startup advice. Caveat - I am truly at the idea stage - This post is the first of my legwork.

I have a handful of friends and business acquaintances who are NOT accredited investors however would like to invest. I would like to gather them together to create an LLC to fund the purchase or building of small multifamily housing. (2-4 units)

What my hopes are, are to find:

1. Someone who has done it and can mentor (with or without buy in themselves,) or at least give some starting direction

2. An Attorney who has experience in helping with this kind of venture to be of assistance, also paid or with buy in

3. An Accountant who has experience in helping with this kind of venture to be of assistance, also paid or with buy in

I know that many things like this require an existing relationship before can get unaccredited people to buy in so the items above I cannot expect anyone to offer their assistance in exchange for a buy in until we have gotten to know one another.  Also, yes, I am ignorant in many areas of this and I will be reading other posts as I can find them, so please don't bother beating me up with comments that say do my work before I ask my questions. Asking questions is how I prefer to START my work. There are bound to be many more questions should this gather momentum so I wanted to started the thread now.

Thank you for those who can help and choose to. I appreciate it. 

Blessings,

Chris

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'm looking to get some input from those who are suited to give it.  This buyer wants $350k for the building and will finance $100k. I have no downpayment. I have been managing apts for a couple years now by way of repairs and carpentry, for other customers, but have no rentals myself.  

This property is in the town I live in (across the street from the house I just sold two months ago) so I know it well.  It has:

5 'rooms' with shared kitchen and bath, 

two apts, 

one basement storage area that he will continue to rent for at least 6 mos.

1 commercial office space that I am thinking of converting to 1/2 my office and 1/2 laundry room for tenants

All the units pay weekly which adds to the hassle of collection, but his past vacancy rate is approx 5%.

I am hoping someone can see something I am missing or ideas that might add to the income.  I put in management fee, but I will be doing the management to start at least.  It probably has about $15k in work to do over the next two years.

Any advice (run screaming/jump all over it) or ideas, are appreciated.  

Blessings,

Chris

Caveat: I haven't been digging into real estate for about a year now so I have a lot of refreshing to do.  I have been focused on my carpentry business.

Did you ever buy this property?

Thank you to everyone. All very educational - even if I haven't read all the years of posts saying the same thing. When you don't understand, you just don't understand and so you ask. Thank you all for your help.

Looks like that only gets me info I already have and honestly, less than I ha e from 20 min of digging. Thanks for the idea though.

I will look into it Alex. Thanks....

I am looking at a three unit property near me that I saw listed on auction.com and also in a foreclosure email I get regularly.  It would seem that the Deed to the property says it was Mortgaged through MERS, I call MERS and they say the deed was sold to Ditek. Ditek says "due to selling all our properties we are no longer in business"  All of this was through automated systems, no people ever answered my call.

At the same time my county records also show numerous tax lien notices on the owner.

Does anyone have a way for me to hunt down the current mortgage holder?  Auction.com says the property auction is being managed by Brock and Scott who says they do not have this property currently on their system even though I have case number for them from auction.com

I am pulling my hair out at this point.  

Any suggestions?

Thanks so much and stay healthy!

Chris

Here is a great article sent out today by Garret Sutton.  It's a quick read. I hope it helps some of you out there.

New Laws Upend Property Privacy Rights

• You can’t do a criminal background check on a tenant!
• You must rent out your property or pay a fine!
• You must report all of your company’s beneficial owners!

Do these exclamations ring of an authoritarian bureaucracy? That bell is ringing louder in the last year as local, state and federal agencies have approved new restrictions on property and privacy rights.

https://corporatedirect.us19.l...

Thanks @Theresa Harris. The place would be our primary home, and we rent out our existing home of 12 years. We have been wanting to get out of it for some time. So the $ money would be spent for us ;)

@Wayne Brooks I am asking what it was, not could I do it. Sorry for the confusion.