All Forum Posts by: Chris Mills

I take a different position when investing with friends and family.  In those instances, it is all the more important to have EVERYTHING in writing.  Contracts, procedures, and all expectations should be written out and clearly understood by all parties.  That way if someone looses more money than they expected, or in any way feels slighted, being able to point back to what you previously agreed upon helps to prevent the bulk of the "he said, she said" and hard feelings that can ruin valuable relationships.  

Additionally, I would advise that you strongly consider the personality types that you are investing with.  Some partners are just not worth the money.  Some investors will harass you every other day just to check on their investment.  Some will feel slighted no matter what the outcome of the project is.  There are investors that I have chosen not to work with for these reasons.  Not because I didn't need the money, but because I valued the relationship more.

In my experience there's nothing even close to Rentometer pro that you can get for free.  I've done a lot of looking, because I use services like this pretty heavily in my business.  I would say Rentometer Pro, or something comparable, is well worth the money for the value it provides.

Hi @Karen K., 

Welcome to BP! You're in good company.  Any help I can be just let me know.

Welcome!

The short answer is that you would want to set up the entity you want to invest through in the state you want to invest in.  You'll want to talk to your CPA about the tax implications specific to that state(s) that may be different from what you're used to in AZ, and thoroughly discuss with your attorney the laws particular to filing in and operating in that state(s).

Whether you are getting paid or not it may be best to stop working anyway. In most states, if not all, it is illegal to operate as a licensee before you have your license unless it is for your own property. Make sure you're not doing anything you would normally need a license for.

As an update:

We changed some things about the deal and I supplied some additional paperwork, we closed again Wednesday, and the money hit my account this morning.  It was a brand new product for them, and there were understandably a few kinks to work out.

Love it!

@Mark Graffagnino We sat at the table, signed a stack of documents 5 inches thick for each property, and I went on my way.  A normal property settlement.  Instead of bringing checks they took down my bank info to do a direct deposit the next business day.  I still have an unsigned copy of everything.  I paid for the appraisals, which were higher than usual, but the fees to B2R were going to come out of the proceeds.

@Matt Motil Will do.

I closed two refinance loans with B2R September 17th of this year and they have yet to fund them.  Their attorney asked me for more documents about two weeks later, which I sent over, but at this point I can't even get a returned phone call or email from anyone.  I've given up on one loan, because I didn't need it as much, but one I would like to get done still.  If anyone knows of a lender who will do a cash out refi on a rental property I would love their contact info.