All Forum Posts by: Emilio Basa

@Devang Vora - sorry, but one more thing. You should be making money when you buy your property. Which means the moment you buy it you are making money because you can sell it to someone else for a profit (wholesale the property). You shouldn't buy a property and hope the property value rises in "X" number of years and make a little off of cash flow. Rising property value and cash flow is a cherry on top, but more important is a low purchase price. Good luck!

@Devang Vora - What is their asking price? The purchase price ($64,000) is awfully close to the market value of ($69,000). You should be making low offers and looking for motivated sellers. How many days on market? How many price drops has the property had? You need to look for motivated sellers because those are the sellers that would be willing to take a lower price. 

Let's say you're looking for your first property and you send out 5 offers and they all get accepted. Then you're offering way too high. The rest of the numbers will work themselves out if you can get a lower price. 

Hi @Robert Methven. I agree with Wayne. Setup a meeting with a CPA to let him know your situation. If you haven't taken off homestead off, you should do that soon. If you have insurance on the house (and I hope you do) the insurance will company will have to know. I moved out of my house and rented it out and my insurance dropped because it was no longer my home. 

You said you never followed through and created a sol proprietor. Do you mean you never created a business checking account? If you start a business checking account they will ask for your EIN number. So hopefully you have that setup. The LLC will protect you and your assets if someone sues you. If you want to add extra protection, create Nevada based LLC that is allowed to do business in Michigan.

Start finding a knowledgeable CPA to help you structure your business or a good business advisor. Good luck!

Hi @Brandon Cook. I'll PM you. 

Hi @Adam Bontrager,

Yes I would love to discuss this more with you. I already have my credit partner, 2 limited partners and I would be the general partner. I'll PM you.

Hi everyone,

If any one out there can give me some advice on setting up a deal with equity / credit partners  that would be extremely helpful. I have an off-market commercial multi-family (15 units) and I have 3 investors that said they would like to invest. I know I will need at least 1 credit partner to apply for the loan, but how is everyone's % handled? 

I would love advice from someone that's already structured one successfully instead of theories on how it should be done. 

@Charles Penn - Please PM and add me to your list. I'm looking to pick up some good deals in the next 3 months but I also can wholesale them. 

Hi @Adam Conole. I'm a wholesaler in the metro Detroit area. I would love to talk to you more about your goals. good luck!

Welcome @Kevin Flowers. Check out the Michigan REIA in Troy. They have an upcoming meeting on Thursday Nov 17. Here's the website: http://www.michiganrealestateinvestors.com/

Great place to network and learn. Hope to see you soon. 

if anyone out there replies to this, please message me as well. Good luck @Jesse Whitney-Blane finding some contractors. There are some good ones out there. Just gotta find them.