All Forum Posts by: GC Vaghasia

Welcome to BP! You have come to the right place! Tons of free information and resources here and members are always willing to shed light on issues and concerns that we may have.  I would advise you NOT to spend money with the FB system. Just my two cents.  Good luck! ~GC

@Eric G. - Such a small world! Ronnie's was awesome! Truly unfortunate what happened. I look forward to meeting you at a future meet-up. Do you invest in NJ or only in MD?

 @Bryan Cork -  Thank you for the warm welcome!

@Mateusz Prawdzik -  what do you mean that it's a little late?  Ideally, I would have liked to start 5 years ago, but you know how it is. I have finally managed to free up my time to do this full-time. As you stated, better late than never. Please send me your contact details through a private message, would definitely like to pick your brain :-)

@Yashar E. - do you flip in Gloucester County, NJ? This is where I'm looking for my REO flips due to the price point. Thoughts?

@Dan Barli- Trying to stick to NJ for the time being but would also consider opportunities in Newburgh and Monticello. 

Thank you very much for all the valuable feedback. There is definitely much more to consider than I had previously thought. 

I will address all the aforementioned concerns with my attorney and decide what to do by Wednesday. Once again, I truly appreciate all the feedback!

Appreciate the feedback Tom and Chris. I will bring up your suggestions to my lawyer on Monday. Hoping to purchase 100% of the membership interest in the LLC, IF it makes sense from a liability and cost perspective.

Thanks for your feedback Joe. How would I verify the history of the LLC and if there are any outstanding liabilities that I would be responsible for if I take over the entity?

@Chris Seveney - Thank you very much for your valuable feedback. I will surely end up spending a few extra bucks with closing costs, but probably worth it! Appreciate your assistance.

Hello BPers,

I am a newbie and just venturing into the REO flipping business. Needless to say, I'm a bit nervous and can use some advice.

I am purchasing my first REO property from a wholesaler. However, the wholesaler is suggesting that I purchase the LLC that owns the REO property so we can speed things up and avoid double closings. If I purchase the LLC and remove the current single member on the LLC, is that sufficient? Although I trust the wholesaler, there is no way for me to know if the LLC has any liabilities, is there? Not sure what the pros and cons are of purchasing the LLC directly. Any thoughts or advice would be greatly appreciated!

Thanks so much,

~GC~

@Patricia McPherron - Addicting is an understatement. So much information, I'm not even sure where to start!! Thanks for your message!

@Ryan Cox - Thank you for your warm greeting! Is FGC a HML?

Hello BP Community!

I recently stumbled upon BiggerPockets and am totally hooked!! The community is filled with people from all walks of life who are involved or want to be involved with real estate in some fashion. Truly a great resource especially for newbies like myself. So, here's my intro:

For the last 20 years or so, I have started multiple businesses - mainly in the information technology space. I also have some investments in the hospitality industry and some multi-family houses in Northern Jersey. I would like to fully concentrate on expanding my real estate portfolio by utilizing the BRRR strategies with both single and multi-family properties. I have my own construction crew and am in the process of getting the Home Repair Contractor License for my LLC. I am looking to purchase REO properties through wholesalers so my team and I can quickly rehab the properties. I will be hopefully closing on my first property next week. Although I am using my own funds, I want to establish relationships with Hard Money Lenders, Banks and Private Lenders to facilitate worthy deals.

I attended a North Jersey REI group meetup in Paramus this past week and look forward to networking with other like-minded individuals in the days, weeks and months ahead. This is an amazing platform where we can share our stories and learn from one another! I'm very excited about this business and look forward to hearing from you guys!

Best of luck to all in this new year!

Thanks,

GC Vaghasia