All Forum Posts by: Dock Newell Jr

Hi, Sabrina I've seen you are pretty involved in seeking out the community. Did you try out any local meet-ups?

Hi Yash, have you tried looking at meetups in your area?

When you're closing on a seller financing deal, several aspects must be considered regarding the deed, payments, and insurance. The warranty deed should be recorded under the LLC name to establish legal ownership of the property. The loan terms and defaults should be clearly outlined in the purchase agreement and promissory note, including interest rates, repayment schedules, and balloon payment details. In case of a payment default, the grace period should be specified, which is often negotiable during the contract negotiation phase. The seller may require property insurance to protect their interests, and the buyer can choose their own insurance provider as long as it meets the coverage requirements. The agreement should be carefully reviewed, and consulting a real estate attorney is recommended to ensure compliance with local laws and protect interests. Negotiating terms with the seller before finalizing the agreement can address concerns about payment schedules, grace periods for defaults, and insurance requirements. Thorough due diligence on the property is also necessary to ensure it meets investment criteria. Seller financing deals can be highly customizable, and the terms should be mutually agreed upon between you and the seller. It's essential to have all agreements in writing and reviewed by a legal professional to protect your interests and ensure compliance with local laws and regulations.

 @Nicholas L. is right! I'd run for hills if I were you. It's wise to exercise caution when dealing with private lenders, especially if you have concerns about their legitimacy.  It's crucial to conduct thorough due diligence and verify the legitimacy of any private lender before providing personal or financial information or entering into a loan agreement. Protecting yourself from potential scams or fraudulent lenders is essential in real estate investing.

Im no attorney, but when investing in real estate in a state other than the one where your LLC is registered (in your case, California), you typically have to 1. Register your California LLC as a "foreign LLC" in Ohio. This allows your California LLC to operate and own property in Ohio legally. You would maintain your California LLC as the primary entity and file paperwork with the Ohio Secretary of State to become authorized to do business there. 2. Alternatively, create a new LLC specifically for your real estate investments in Ohio. This would involve forming a separate LLC in Ohio, subject to Ohio's regulations and requirements.

There's other stuff, but hopefully, this gets you in the right direction.

Cheers

*This is not legal advice;)*

When searching for markets with a good rent-to-purchase price ratio for long-term rental (LTR) multi-family properties, it's essential to consider several factors, including job growth, population trends, and affordability. I always suggest doing your search but here are some I've looked into that I feel have favorable rent-to-purchase price ratios:

Real estate market conditions can change, and new trends may emerge. It's crucial to conduct updated market research, analyze local economic factors, and assess the specific neighborhood and property before making an investment decision.

What market are you currently in?

@Eliott Elia is closer to Austin than I am so he has more insight

@Robert Dalton If you're talking about Short/Mid-term rental then it's likely 18-25%. But that's dependent on the management company and the property itself

Hi Derek!

Personally, I run Facebook ads, which get a few leads and help a lot. Also, try hiring a freelance social media marketer with experience in the vacation rental industry. Platforms like Upwork, Freelancer, or Fiverr are good places to find qualified freelancers for your specific needs.  Collaborating with local travel or lifestyle influencers can be a cost-effective way to promote your short-term rental on social media. Influencers can create and share content with their followers, potentially increasing your property's exposure. Just search #travel #hillsboro or your area of choice.

Good Luck!