All Forum Posts by: Dan Bryskin

@Jinal Parekh 

Great start, congrats man. If you send me an approximate location of the house, size, number of bedroom & bathrooms together with the price, info on the garage and lot size I can see if I am interested, or if I know somebody who may be interested. Good luck.

@Chris Quickfall

So, he puts in all cash and you get a mortgage? Few thoughts: Say it is a 100k deal, he puts in 20k and you are liable for 80k? You do all the work? Deal is 50/50? I would not ... In some period of time you will pay 50% of the down payment back, but still be liable for 100% of the mortgage?

1. Position a deal with 60% to you and 40% to him

2. Cover your self with the good operational agreement. Address things like what happens then unit is empty and needs a major rehab. Who pays for it? 

3. I'd pay investor 50% of his down payment first,  take profit 60 / 40% with investor getting his other 50% back on the back end, because he is first to get reimbursed for first 50%. 

Here is how I think about it. If i found a deal  and walked investor through it - that's worth 10%

Management is worth at least 10% as well. Good long term credit is worth at least as much as 20% cash. Don't sell your self short. Good luck.

@Leah Bonner

Better to be called "young punk" then "old gizzard". Women? That's your advantage. You are not intimidating. People don't take you seriously? That's another one. You don't come across as a threat. Sexy? Even better, you have a diversion tactic. You have no one to fear but the fear itself ( inaccurately quoted somebody way smarter then me). Count your blessing, you have a number of them. Learn how to use your advantages. Complaining about being young? I can't believe it. I wish I had my 20 years old level of energy. I wish I was indestructible again. I wish I was able to stomach risks I did at 20. 20 year old mind should be way faster and flexible then 40 years old. Can you charm, disarm, distract, redirect, negotiate? Yes - great. No - has nothing to do with your cleavage, you got some work to do. You come across as ambitious and frustrated. Good for you!!! Advice on being confident? Do what you fear. Set your goals high. Work on what's needed work. Don't blame age or sex for anything. Both are an advantage. Advantage is what you master. If you think you need to be 70 year old male to be successful - you won't be a raw model for my daughter. If you need somebody to hit you in the head to set it straight, pm me. Good luck.

@John Woodrich

For us, it is actually a bit more complicated then stated. We have a flipping company and a construction company. Ideas I shared - it took me years. The reason I share - is to see if anybody has better ideas, or can poke holes in mine. Attorneys - they modified my documents, but did't come up with better ideas yet. 

@John Woodrich

Best defense strategy is a multilayered one. 

Layer one: Exposed guy is behind an LLC. If landlord is found negligible, it is a limited liability company. Landlord has no assets. Say they pierce that

Layer two: they go after the owner. Say owner has been found negligible. His defense- property was under the master lease. LLC was held by some else and was responsible for everything, as documents clearly state. They pierce that.

Layer three. Owner has the property, but property has no equity, say upside down. Equity belongs to two lenders. One is the bank, another one is our finance arm. They have to pierce another corporation. But lender had nothing to do with the property or tenants,  Thats first two guys. What would finance company be found negligible for? It only does lending.

Thats what I came up with to manage my risk. Better ideas?

@Marc Jolicoeur

Good questions: 

1. With my brother we split assets and possible unknown liabilities. One has all assets, the other all liabilities. So one holds all properties while another has a rental company.

2. Yes

3. Yes. Properties are rented to an LLC on multiyear agreement. LLC is a management company and has rights to rent properties. So, one with the assets not in the "risky" rental business.

4. Yes

5. Yes

6. Yes

7. Enter a friendly lien strategy. There is another company. It is a finance arm. It has liens on all of the property. This way property has no equity or even negative. All equity belongs to a finance arm. My rational - lenders dot't get sued if something happens on the property. If we need to finance something - lien gets released. No structure is perfect, but the good one will be a pain in the butt to pierce. 

@Andrew Merritt

Don't overthink it. There are plenty of people who spend years planning next 10 years in the spreadsheet and guess what? It will never work exactly as they planned. The only way you will have an opportunity to do the second deal is if you do the first one :) It is an uphill road, and you have to put one foot in front of the over. But higher your climb - more things you will see, more opportunities you will have. Here is an example: I got a house for $50k cash in 2011. In 2014 I have paid $5k for the similar house in similar area. But without deals I was doing in 2011, 2012 and so on, I would not end up with the steal in 2014. Good luck. 

@Brian Scherlen

Great way to learn is by doing it. Get a realtor license. In our heck of the woods, takes a 2 week course. Some bigger companies may even pay for your classes. You won't get rich right away and probably won't be selling million dollar houses any time soon, but you can be a member of the team, doing showing and grunt work for somebody. Play your cards right and heck, it may even put you through college. Set yourself some goals too while you are at it. I bought my first 4plex at 20. At 18 I was not even thinking about real estate. Do better :) Good luck.

@Justin Harford

Whatever happened, having guns go off next door is not a good thing. Get rid of the guy. Usually a sergeant or somebody senior in the  police department will be assigned to handle the case like that. Ask him / her. Schedule an appointment, see guy in person. See if this incident violated any local statues you can use for the eviction. See if the cop will have any ideas / suggestions. Them guys could be extremely helpful if the choose to do so. Also, talk to a few attorneys. As a potential client, they will give you a free consultation. Ask what they can do for you and what would be bases for the eviction. Don't worry about renting the unit, but make sure your next tenant is properly screened and your lease is bullet proof :) Good luck.

@James Andrews

You don't have to pay agent 3%. If it is your deal, bring it to the broker. $500 - $1000 is more then fair for a guy to spend a couple of hours to make sure professional fill out standard paperwork, and transaction will go under his insurance. Attorney will likely cost more and doesn't have real estate insurance broker will.