All Forum Posts by: Jacob Horan

Hello Erick , I was wondering if your land deal was still on the table? What were the details?

Thank you all for all of your great insight! I think first thing I will definitely check on all the fine details with my insurance . I had already got the new property quoted now I just need to go back and read over there proposal and make sure I have adequate insurance . I do not have employees at the moment but do anticipate future growth. I am getting the feeling that I definitely want to pursue an LLC , but after I finish my diligence on proper insurance thanks BP members!!

Hello bigger pockets members, I have a quick question. I am wrapping a deal up on my first multiplex , it is a five plex that I will be converting to a four . My question is I am a little behind on creating my llc , my wife got into a fender bender with a motorcyclist and does not feel that she is guilty. This has created a timely lawsuit, meanwhile I have been on my Realestate journey buying property in my our names . The more property's I buy the more I know I need a correctly structured business entity. We had auto insurance and the asking amount from the plaintive is less then our coverage is ,therefore there should be nothing out-of-pocket even if he did win. So I could use some educated advice should I just wait out the lawsuit or can I start creating my LLC now? Thanks BP!!

Hello I though I could add some insite to the discussion I live in the Santa Cruz mountain. I own a sfr that I have been wanting to rent out .i also have tossed the idea of buying land I have spent many many hours searching for the rite spot. Technically speaking U can't legally live on raw land in rv or trailer , I know the county main concern is sewage . I can tell u this though there are a lot of people doing it. People tend to slide by the county when they own bigger lots, since Santa Cruz county want let u build on less than an acre . That is why u see non buildable lots and lots more than an acre for cheap. I plan to rent out my house and live in my guess house until I can find an acre or more . If u follow the mls u will occasionally see lots for the $20-$40,000 range but they won't have any perk test done or geographical testing but it might work for u.

I would first start with the bigger pockets podcast . They are amazing if start at number one u won't miss anything , Bigger pockets will inspire you to approach new creative pathways in your real estate . The approach I took I bought a primary home with a lot of potential My wife and I spent a lot of time with forced equity ,after our rehab was done we did a refi on this home . This allowed us to lose the pmi,and to borrow a significant amount of cash at a great interest rate. With the equity we pulled we were able the buy more investment property's to cash flow a lot more than the amount the refi our primary residence. One thought to keep in mind though don't pull so much out of your primary home that it won't be able to positively cash flow if u decided to rent it ,, best of luck!!

Thanks , very true I will not do that again I definitely got too excited and gave to much away , but I did learn a valuable lesson .

So I learned a valuable lesson today . I checked out a local mls listing that was owned by investors. The home is in the Santa Cruz mountains and has a current redtag . To make a long story short the home has erosion issues, I came up with a rehab game plan and got my team on board . I contacted the listing real estate agent who works had and hand with his personal investors . He declared that it was a mistake (they purchased through a tax sale) but and he and his investors were not going to fix the home because the whole house would have to be moved .This is were I make my mistake I tell him my whole plan , it was to cut the house in half and elude the erosion and rebuild the home on the other side of the property, I gave him way to many details on how I would accomplish the mission. He was very interested and said if I could do that he would hire me , I told him I still work for a contractor and don't actually hold my license yet. So I told him to forward me all his info so I can put an offer ,he concurred . I called him back in a hour to verify he had my correct email AND then he told me all the sudden his investors had a change of heart and we're going to keep it in house with another investor. I feel like if I would have concealed the way I was going to accomplishthe rehab I would be the owner of this project just a thought