All Forum Posts by: Derrick R.

@Jon Holdman I do not own property in NV. I had read that you could save taxes by setting up your LLC in NV, so I figured it was the best option.

Kyle, I don't know the procedure...I'll have to do a bit of searching to figure that one out!

Thanks for all of the replies. Looks like I'll dissolve the LLC and create a new one. My business card expenses and website are small potatoes compared to the $1500 to get the LLC back in good standing!

I set up a Nevada LLC back in November of 2013 through LegalZoom but neglected it, so now it is in revoked status being that I did not file my Annual List and State Business License forms. I know, bad form.

LegalZoom, acting as my registered agent, informed me that  they could file the necessary docs for a $239 fee plus $300 Nevada reinstatement fees plus another $1,000 for the Annual List and State Business License. 

Bottom line, should I pay the $1539 to reinstate the LLC (I actually intend to use it this year) or just dissolve the LLC and start a new one?

Welcome, Chris! I'm down the road from you in Clovis!

Very true! Maybe I'll just develop all of that land just to give people something to look at! :)

Bump, any other thoughts on this? Is there a point at which an offer is not worth putting in? How much below max offer price should an initial offer be?

Thank you for the detailed response Hattie Dizmond !! It looks like you have identified a great market to invest in. I'm about an hour and a half from Lubbock and I'm thinking it could be a great place to find some good opportunities similar to College Station. The hour and a half drive is rough though!

I like the sound of this strategy but how would you setup the rental terms being that students are typically in college from August to April? The same point makes me think that vacancy rates would be high for these properties. 

So your advise is to....? Offer higher? Move on to the next one?

I've seen several investors on BP state that they disregard list price and offer what their numbers tell them to offer. Do you disagree with this? Thanks for the response! 

My realtor brought me a property that was previously an REO property but was passed from the bank owner to an heir. The property is now listed for sale on the MLS. The ARV comps for $170k and the house is listed for right under $150k and my realtor tells me that the owner is very motivated to sell. The house has been sitting on the market for over 6 months.

A quick analysis lands me at my max offer price of $80,000...that is if i want to make 15% on the ARV. Quite a bit less than list price! My max offer could probably come up some depending on actual estimated rehab costs that i would get from my GC.

So, my question is what should I initially offer. My thought was to offer $55k cash along with paying closing costs. This is to see if the owner is actually motivated and counters with a reasonable offer, upon which I will investigate the rehab numbers closer and proceed with my counteroffer. Thoughts?

Ok, awesome, thanks for the info @Kirk R. ! Just curious, have you started marketing and did you get any leads from your list?