All Forum Posts by: Jack B

@Tyson Bumgarner  If you plan on having a long term partnership with your family members, consider making an LCC. If a family member just wants to give you money for an investment then structure the loan just like a bank would. If any collateral is used, be sure the document is sufficient to secure the lender’s interest (work with an attorney to make sure documents will work in your state).

Just my 2 cents: Investing with family members can turn out very very bad. If you don't know what you're doing and loose half your family member's money, your family relations may deteriorate.

I found this article listing 7 pitfalls family investments may have.

@Frank Hernandez  Any fix up you made to the property adds value. Everything you listed adds value to the property. If you bought a property near or around Phoenix, it is definitely worth more now. If you need help calculating the resale value of your property, considering getting an appraisal.

@Gabriela Gomez It's recommended you get your license sometime early on. Finding a investor friendly agent is a pain and communicating through an agent isn't exactly fun. Your license gives you unlimited access to the MLS as well as knowledge you wouldn't know otherwise. Plus the 3% commission doesn't hurt...

In short: Yes, you will need it.

That sounds like a safe way to go Sean. If you ever need an office for client meetings LiquidSpace provides offices by the hour. I haven't used LiquidSpace nor any 1 hour office rentals but I've heard nothing but good things about them.

Some options off the top of my head:

• Regus provides pricey full and part time offices in almost every major city throughout the U.S. and Canada. This video explains it in a minute and a half. Their A+ service is definitely worth it if you have the money.
• Skype or GoToMeeting are good for long range client meetings.
  
• UPS P.O. boxes have business addresses if you only need a P.O. box.

I'm sure other members could think of more. To be honest, Regus dominates the part time office marketplace. You can get everything from meeting rooms to mail answering with them...