All Forum Posts by: Account Closed

I'm still rather new to investing but have a great mentor and have been stumped with similar problems before so I'll try and help with what I can here:

1. Put a budget together and get some emergency savings in case anything comes up. It might mean a few sacrifices but it's worth it. 

2. Depends what you want to do. I dropped out of university twice and ended up with a job I like. Others have had different results.

3. If you don't have any emergency savings another property might not be a good idea. It might work really well though it depends on a range of numbers such as what you are paying now vs what you would end up paying. If you don't know what to do with taxes hire a CPA but make sure they are also own real estate.

4. This sounds like a few points here. I've seen someone take on investor money and end up owing a lot of money because they got in over their head and lost everything.

5. This is similar to point 2 it depends what type of work you want to do.

6. You could make use of weekends or if your employer will let you you could ask to work 4 days a week. It's a great way to get extra time for real estate related stuff for example meeting with CPAs and attorneys. You could also use the extra time to work on a flip but I wouldn't do it without some emergency funds.

Hope that helps. I am sure others will have different opinions and suggestions.

Really @Katie L. ? Doesn't the charging order created as a result of a judgement not apply for the LLC only has one member in California? Wheras it does in Nevada. To clarify I didn't mean California had weak laws I meant specifically in regards to asset protection and single member LLCs. I really should leave these types of posts to attorneys haha

I'm not an accountant or an attorney so don't take this as legal or tax advice but I know off the top of my head that California has weak LLC laws and Nevada has strong ones on the asset protection side. Go with Nevada.

As for the tax stuff single member LLCs can be pass through for tax purposes however you can elect different tax options. It depends what kind of business, how many shareholders, what you want to achieve etc.

It would be a good idea to engage an attorney and a CPA and have a chat to both of them about what you want to do. There are some great books on the topic as well.

Hope that helps

Congratulations on putting in your first offer! Good luck :)

I think @Nicholas Aiola nailed it in the above post. It depends on a few different factors.

If you have questions about forming an entity add an attorney to your team as well as a CPA. They can explain the different pros and cons of different entity structures as well as the tax implications.

Welcome to BP! There are plenty of wholesalers on here so you picked a great place to come for advice. Best of luck getting started.

Don't let one lender saying no hold you back. Get in contact with a few different lenders. Different lenders have different policies and for some they will be happy with your self employment and rental income.

I've heard good things about local community banks so you could start with those.

If you contact a few different lenders someone will eventually say yes.

Welcome! I've got a similar background - local experience and looking to expand into the U.S.

Some lenders do loans to foreign nationals I've found a few but it depends what part of the U.S. you plan to invest in. I would decide on a market first then figure out a lender to use in that market.

Detroit isn't one of the markets I'm targeting so I can't provide any information. Depends on your risk tolerance, what you want to achieve, etc.

Welcome to BP! It's a great place to learn and you should find now that you've introduced yourself you will be able to learn even more and expand your network.

I've found the best way to get started with networking is to strike up conversations with a waiter or the person making you coffee at a coffee shop. This doesn't so much bring opportunities as it does get you used to approaching and having a conversation with a stranger. 

Once you get comfortable you can start doing this with people you work with and others you meet at networking events, when sitting on a train etc.

I've met people with similar real estate goals to me this way and found plenty of great tips as well as expanded my network from almost zero.