All Forum Posts by: Jacob James

@Chris Levarek

Thank you for the response! If I do decide to invest out of state should I start by speaking with an attorney here or Michigan first?

@Drew Sygit

I’ve heard about doing this but also heard that some banks may not allow it. How would we go about it?

@Jonathan Greene

I wouldn't be using cash, we are actually only in the planning stages right now just trying to find the best market to get into, San Antonio isn't looking like a great starting point for us, and I'm originally from Michigan and have wanted to invest there anyways, just trying to figure out if I should start there or not. But I didn't realize that about LLC's, do you have any recommendations for how we should go about it?

@Michael Dumler

Love the response. It is a much cheaper market in the metropolitan area from what I've looked at so far, I'm in San Antonio right now where it's been booming and getting harder to find good deals, looking at both markets, it seems Detroit would be a lower entry point for us and we can expand from there. I am also originally from Michigan so I know people up there who are familiar with the markets and I think I could be successful there. With the LLC, how should I go about starting that process? Should I talk to a local attorney about out of state LLC's and real estate investing? Also I'm military, not sure if that affects anything but it could. Thank you for you response!

Hello everyone,

My friend and I want to invest in deals together out of state. We will be living in Texas but want to invest in Michigan, the Metropolitan are specifically. I was wondering what the best way would be to go about this as far as funding, management etc. Also curious as to whether we should form an LLC or some type of partnership. Anything helps!

@Dan Hertler I’m concerned, how are you inspections going before buying the house? I feel like those kind of fixes can be estimated when getting a house inspected and appraised. knowing when a new water heater was put in or when a roof was replaced, these all have life expectancies and yes accidents happen but if this is happening on a regular basis for you, like I said, I have concerns.

So the fix and flips seem to be very profitable, do you have any insight on how rental property investing is going up there? I appreciate any info!

That sounds like an easy and straight forward method. Thank you!

Hey everyone,

Still new to learning about real estate investing, specifically rental properties. I was wondering, what are some good methods for bookkeeping when it comes to rental properties? I struggle with accounting, it is very difficult for me and was wondering what the easiest way would be for me to start off. Thank you!

A question I have is, if your property is under an LLC and you are collecting rent as a check or money order, does the tenant make the check or money order out to the LLC?