All Forum Posts by: Corey Reyment

thanks guys! Great advice to keep an eye on the property! Looking forward to the bext deal!

Thanks man! Appreciate that @Michael Maloney Jr.! I don't think it was fear it was looking at the numbers and looking at comps and saying after repair it wont be as great of a deal as it was supposed to be. Basically the seller couldnt clear title at the final accepted price so we would have had to raise our price to clear title. 

Hi all! I just wanted to updated the BP community on our first deal. We had an accepted offer on a duplex but after the inspection and some negotiating gone bad on the seller's part, we decided to part ways. It would have rented well but it wasnt in the greatest part of town and need some TLC. Although the cash flow was tempting, I am proud of my wife and I for walking away. I think it is easy to get emotionally attached and excited about getting our first deal. To be able to know we are walking away and looking for something that fits our mold better is empowering and tells me that we are on the right track. Who else can relate? 

Do we need to hire an attorney or could we do it ourselves? What are normal costs to set up an LLC? Here is what they sent us. Any recommendations?

"The $1,275 Two Member LLC flat fee we discussed includes the creation of the LLC from start to finish, including the following deliverables:

(1) Creation and filing of Articles of Organization with the WDFI (the flat fee is inclusive of the filing fee of $195),

(2) Creation of a custom Operating Agreement for the LLC,

(3) Obtaining a Federal Tax ID for the LLC from the IRS, and

(4) General legal business advice and consultation regarding the LLC, including a ‘best practices' advisory letter.

The $1,275 retainer must be paid in full before my firm can commence work on the LLC. Once the retainer amount is paid, the normal turn-around time for an LLC is one to two weeks."

I was agreeing with selling until I spoke to my boss who has land on a different lake nearby. He told me more about the golf course and resort they are building. It is expected to have PGA tour events at it. Here is the link to it as well as a video on the golf channel. Let me know if you guys think it would be worth holding and building. As for building @Svetlana Foley, we can build. Has to be a minimum of 1200 sq feet with brick on the front to meet our neighborhood code. We do have a pier right across the street on Petenwell that is ours so our vacationers would have their own dock and shared beach just across the street. http://www.sandvalleygolfresort.com/    Golf Channel - http://www.golfchannel.com/media/plans-sand-valley-wisconsin/

Very helpful @Chad Nagel! Consider it done! 

Thanks @Chad Nagel and @Art G.. Art - to answer your question I would be doing a construction loan and then refi upon completion to a 30 year. I have been checking around online and there are some companies that advertise rental properties for vacations on the lake. We are only a mile from a nice beach and boat landing as well as a local bar/restaurant that has live music, etc. The interesting thing about the area is there is a world class golf course being build only 2 miles from our land and it is set to be complete in 2017. The other thing that has me intrigued is it is close to Madison and Milwaukee as well as only 45 minutes from Wisconsin Dells. I think I would agree with you Chad but my wheels are turning. 

HELP! My wife and I are trying to break in to the real estate game and we have local investors, we have liquid cash we could use, and we also own a lot in a wooded area with deeded access to a large lake in Wisconsin on Lake Petenwell. We have been trying to sell the lot for awhile to use for down payments on local deals in the Green Bay area. Our goal is to buy and hold to create cash flow. We own the lot outright. Up until today our strategy has been to find a deal in our local market and then begin on multi-family units and begin to use direct mail campaigns to find deals locally. 

After discussing my land situation with a co-worker today, he suggested using the land as the down payment on a new construction and then rent it out as a vacation rental. I also work commission and have enough work history to prove my income but may be switching from full to part time as I begin another career in a few months.  Would that affect my ability to refi and satisfy the construction loan?

Does anyone have any insight? 

 Thank you so much!