All Forum Posts by: Mike Snyder

Thanks for the recommendation @Todd Krzeminski. Do you mind if I ask how you got connected with @Brandon Hall and what your experience before him was? I'm in FL and would like to have someone who's nearby but results are more important than proximity!

Thanks.

There is a great discussion on BP about LLC usage and caveats for REI properties here which highlighted the need for competent CPA who understands these waters. This may seem self-evident but can I get some feedback from experienced investors about both what they look for in a good CPA, as well as what warning signs to watch out for? The couple of CPAs that I've used before were recommended by a friend (not for anything specific, just I've used them) and I was disappointed both times. Since I'm new to the game here, I'd really like to fast-track good decisions as much as possible. Thoughts?

Wow @Andrew Holmes, what a great breakdown! That makes a lot more sense and really helps to put things into context. And I'm a real visual learner so the image was fantastic! I've been looking for a good CPA that is familiar with real estate investing and this really helps drive home the point that I need to find a competent one. Very much appreciated.

Andrew Holmes

Thanks for the info @Marcus Johnson. So do you think this transfer requirement is due more to Fannie Mae or is standard with all lenders?

@Rick H., does usleadlist.com and findmotivatedsellersnow.com offer a separation of the three list types?

@Marcus Hendren have you used usleadlist.com before? And if so do you feel that their quality of leads was worth it?

My bad! I meant that to type @Marcus Johnson but clicked @Marcus Maloney too quickly! Sorry guys!

@Darsh Patel I'd like to expand your question just it a bit if I can: I've also heard of investors creating a separate LLC for each property. That just seems like a ridiculous amount of paperwork unless you're a bureaucrat at heart... Is there a legitimate reason to do that?

@Marcus Maloney is that really standard to have you transfer property out of an LLC just for a refi...?

@Meghan McCallum Very inspiring! I'll definitely check out your interviews Meghan! Us new kids on the block need to hear those success stories to keep motivated. Thank you!

@Devlin Quarles, I've got to give you one more perspective. Not about REI, which I know almost squat about, but being passionate for your kids. Forgive me if I'm wrong but at 22 single with two kids and a part-time job washing dishes you do not have the luxury of much down time. You are going to have to become out of your mind passionate about doing well for your kids:

If you're playing X Box and do not have Bill Gates number on speed-dial, it is stealing from your kids. Watching Game of Thrones but not meeting with Daniel Weiss for lunch? Stealing from your kids. Got to make sure you updated your Facebook status before dinner with Zuch? No? Stealing from your kids. Minutes, turn into hours, turn into days turn into months, turn into years that don't benefit your kids. If you can't just play 20 minutes of X Box because it turns into 4 hours, SELL IT!!! Look at what you are doing and not doing: is it helping your kids or stealing from them. And others won't get it. They won't get it when you don't go grab a beer later because you are reading a real estate book (you don't have any money to invest dude so why waste your time with that book?!). They won't get it when you won't spend $10 dollars on a Pirates of the Caribbean movie ticket because you're saving that for a property down payment ($10 bucks man?! You can't get anything for $10 so why bother?!!). Burn with passion for your kids and let that fuel you. You're in a tough spot but you also have one of the best motivators in the world. And without motivation no one does squat.

One practical thing you can do immediately, right now, is to work on employment. Whatever type of employee you have been, go to the owner (or as close as you can get) and let them know right now that you are going to step it up for your kids and be the absolute best employee they have on their payroll. Bar none. Your sole focus in that establishment is now how you can make them money. If you can get to a better position with them, great. If you leave them, make sure this sentiment comes across loud, clear, and repeatedly with your new employer. And never get your undies in a bunch because they are looking out for their business more than you. But work to get yourself to the point where you can have your business and then you'll get to make those decisions.

Sorry for getting on the soapbox (only a little sorry) but I've been in that spot before and I feel for you. Now go be amazing for your kids.

@Juan Pernas   When I first heard of wholesaling, that is exactly what I thought: you are not providing value so how could it work? The more threads here that I read though, the more it seemed to make sense and provide value. Those decapitated houses were not snatched up by flippers a day before the wholesaler got it under contract. Or a week before. Or a month, or a year... Weren't a lot of those houses in a bad state way before they were under a wholesaler's contract, but then the wholesaler got a buyer interested (marketing)?

Reading more on BP is what has actually helped me decide that this can be legal, moral, and honorable. And a big part of that has been the wholesalers who are transparent in their dealings, contracts, website, and promotional materials. Hearing that some wholesalers actually have their sellers give testimonies afterwards was a big plus. Don't get me wrong, I'm not trying to say your position is wrong, I'm just trying to make sense of what I am learning here. I am working to start wholesaling, but I will be ready and able to purchase anything that I get under contract, even if I would rather have another buyer take it. Are these legitimate wholesalers the very slim minority or is it more like nearly all other professions (doctor, mechanic, CEO) where the ones who stink give the rest a bad name?