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All Forum Posts by: Cory Lader

Cory Lader has started 4 posts and replied 18 times.

wow @Tom Shallcross I really appreciate that feedback and advice. This starting point plus some trial and error seem like a great starting point. Thanks again and happy hunting!

Hi @Tom Shallcross. Would you care to elaborate on which metrics you find to be the most effective to target value-add properties with sellers who would be motivated to sell their homes for 65-80% under market value? I was looking through ListSource and there are hundreds of ways to whittle it down. Thank you in advance!

Post: ROI for Education & Mentorship

Cory LaderPosted
  • Posts 20
  • Votes 5

@Craig Simak I joined the Renatus community and it wasn't overly expensive. It got me around like-minded people and our community has a private facebook group and events to bounce ideas off of each other. We discuss numbers, recommend various contractors, and generally push each other to do better. The classes are also very informative and provide good starting points for different aspects of the industry. I've found it to be money well spent so far. I've also found that the quality of the Renatus communities vary by location, so do your research and see if it's the right fit for you. 

You can also do some googling and find local real estate groups. The fees typically vary by the group but there are usually non-member fees to attend meetings or a free first meeting. When evaluating the various groups, I tend to see how many people are involved and the quality of the information they provide. One local group I joined has biweekly meeting on tons of topics I find interesting and want to learn more about. 

Ask good questions, network, and do some digging to see what works best for you! Good luck!

Post: Out of state investing in Philadelphia

Cory LaderPosted
  • Posts 20
  • Votes 5

@Jason Morris what means did you use to establish your LLC in PA being that you reside in NY?

Post: Out of state investing in Philadelphia

Cory LaderPosted
  • Posts 20
  • Votes 5

wow @Scott Smith that article you linked and the one linked within it are very insightful and helpful. I 100% agree with the idea of letting the pros do what they do best and believe that retaining a good lawyer and CPA are huge benefits and worth every penny. If utilizing a registered agent or firm that provides the service, you form the LLC through them, right?

Do you have any insight/advice regarding ways to effectively identify and screen professionals to make sure they are the right fit? The internet is a great place but when it comes to professional services I personally find it daunting. 

Post: Out of state investing in Philadelphia

Cory LaderPosted
  • Posts 20
  • Votes 5

@Scott Smith there certainly is a lot of great feedback and I hope others fine this as useful as I did. Thank you @Chris K. for this feedback; I greatly appreciate it. I've heard over and over to just avoid being registered foreign but I never understood what options were available to get around it. Truly can't thank you enough for this gem of information. 

Post: Out of state investing in Philadelphia

Cory LaderPosted
  • Posts 20
  • Votes 5

wow, thank you for the feedback @Thomas C Veatch and @Chris K., I really appreciate it. Has either of you utilized those exemptions or known of anyone who has? @Chris K. can you link me to some literature regarding these commercial agents or provide some additional details about them? Can commercial agents be utilized for residential rental properties? This is the first time I'm hearing of this. @Thomas C Veatch where did you register your in-state LLC?

Post: Out of state investing in Philadelphia

Cory LaderPosted
  • Posts 20
  • Votes 5

Good Evening BP. I am looking to invest in Philadelphia but I currently reside in NJ. I am struggling to wrap my head around the disadvantages of registering as a foreign LLC as I have been unable to find some decent information/advice regarding foreign LLCs. I did some of my own digging and found some exemptions on the state's website (link below, see exemptions 7,8, and 10). Does anyone have experience utilizing these exemptions? Am I overthinking this? What experience do you have forming LLC in a different state without a street address? I want to put this issue to bed and get on with my investing career! Thank you in advance for any and all feedback!

*I have no intention of utilizing any feedback as legal advice. I am just looking for general feedback on out of state investing and to hear your experiences with establishing companies out of state.

https://www.dos.pa.gov/BusinessCharities/Business/Resources/Pages/General-Rule-Exclusions.aspx?fbclid=IwAR2a_wwotS3ehG6rr0UIG7yyaXeJBMSV9XArX9Xy319EjK7lV42ZaEzKOLo