All Forum Posts by: David Kimball

I have heard of someone using a 501c3 for the purpose of helping people with short sales. This sounds like a good idea because calling an owner saying you're with a non-profit organization help convey that you're there to help find a solution if there is one, which is actually true. Obviously you can't have dividends in a 501c3 but you could always get the money out by writing a check to your other business for "services provided" right? My question is does this fall into legal gray area?

Hmmm... i'm confused about what is meant by "submetering". There currently are only 4 meters for a 4 unit building. So I don't think there is any "main" per se. Do you mean I find out which unit is currently paying for the hallway lights and submeter that one for just those lights?

I have been looking at a couple of small multis that lack a common area electric meter. What should I expect to pay for the installation of a meter - would it be over 10k? Will I have to do a lot of cutting open walls?
One I'm looking at is actually completely unfinished inside, so I wonder how much I will save installing a common meter there.

Thank you. The other question I have is should I use my name or ... my name with next to it: "as an agent of an LLC to be formed"? Or should I just use my main business LLC which is already created, no personal name?

Hi I know that there has been some discussion about the finer points of submitting REO offers. But which is actually the proper format to use - sales contract, offer form, or formal letter?
And if offer form is the way to go, where do I get a good one, or can I just replicate the one an REO agent once emailed me?

Thanks!

You make a good point - the smaller multis are probably easier to sell later on than larger ones because there is more demand.

What other mistakes could I run into that I would have wished I learned on a smaller scale?

Hi, I'm a younger investor (27) with quite a bit of education under my belt. I've attended my local REIA for over a half year now, took the license course, read many great books, and did a 3-4 month intensive mentorship with a pro flipper.

I definitely see the value in learning flipping, rehabbing, and wholesaling. However, I'm not completely without cash - I happen to have inherited close to 80k PLUS I could easily partner with my father for credit and more capital and buy a pretty chunky apartment building in Newark or Jersey City with a nice 9-10% CAP.

I have also been reading a lot about landlord law and feel I could be ready in 2-3 months to be a landlord or at least identify a good prop. management company to handle a 6 unit.

Is this unrealistic? I know it would probably be "easier" to start with a 3 unit, especially if I am going to be landlord. But I really feel that 6+ makes for a better, more stable, more efficient rental machine, as expenses are proportionally less at that scale.

On the other hand, I don't want to rush just because I have no job and need the cashflow. So perhaps I should start small if I really feel I need to upgrade to commercial res. just do a 1031 exchange within a few months.