All Forum Posts by: David Miller

What is the best recommended way of setting up an LLC in Florida, while still providing anonymity? Googling the subject I see different ways; double LLCs, New Mexico LLC then Florida LLC, etc.. Is there a way to do it, and if it's done a certain way what are the good and bad for each method?

I have a contractor who we have used for our past couple of flips.  I have considered giving him equity in a deal rather than paying in him for his labor.  I was just curious, would this be a wise thing to do?  The upside of doing it is that we wouldn't have to dish out so much money during the rehab, however I'm sure there are some downsides.  

Has anybody done this before?  If so, how did it work out?  Are there any tax ramifications I would need to be aware of?  

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Orange City.

Purchase price: $210,000
Cash invested: $17,000

Came across deal during real estate business, refurbed, rented, will be refinancing

What made you interested in investing in this type of deal?

inside sales person found it, we were originally going to list it

How did you find this deal and how did you negotiate it?

provided spread sheet showing what they would net with me buying it minus 6% real estate commission vs selling it for them,

How did you finance this deal?

conventional loan

How did you add value to the deal?

did knock down ceilings, repainted the interior of both units, cleared out the back yards, added new vanity and vinyl flooring in one unit

What was the outcome?

positive cash flow of $ 1400/month,

Lessons learned? Challenges?

Hard to organize the contractors to do the jobs. The painter, turned out to be terrible in what he had done so I had to do it myself.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent