All Forum Posts by: Jake S.

 I appreciate this! Thanks Ray!

 Right, which is why if I do that, I understand i'd have to pay for their time. Is that feasible? Im definitely no expert on estimating rehab costs.

When Im finding properties that I like, that need a bit of work, I know i should send a contractor in to give a rough estimate prior to me making an offer on the home. Question is, should i send a few contractors through to do so, especially when getting started in a new market? or what's the ideal process there?

There are several books available on the topic of multifamily wholesaling, and the best one for you will depend on your specific needs and preferences. Here are a few books that are popular among real estate investors and may be worth considering:

1. "The Multifamily Millionaire" by Brandon Turner - This book provides a comprehensive guide to multifamily investing, including tips on finding and wholesaling properties, raising capital, and managing properties.
2. "The Ultimate Guide to Wholesaling Commercial Real Estate" by David Dodge - This book focuses specifically on commercial real estate wholesaling, including multifamily properties. It covers the entire process from finding deals to closing transactions.
3. "Multi-Family Millions" by David Lindahl - This book is geared towards investors who want to build a large multifamily portfolio. It covers topics such as finding deals, analyzing properties, and managing assets.
4. "The Complete Guide to Real Estate Wholesaling" by Steve Cook - While this book is not specific to multifamily wholesaling, it provides a thorough introduction to the practice of wholesaling in general, including strategies for finding and negotiating deals.

• - Nevada and Wyoming are both popular choices for forming an LLC because of their business-friendly laws and regulations. However, the annual fees and requirements may vary depending on the state you choose, so it's important to do your research and compare the options before making a decision.
• - Changing the mailing address of an LLC is usually a straightforward process that can be done by filing a change of address form with the state where the LLC is registered. However, keep in mind that if you do decide to move the LLC to a different state, you may need to dissolve the LLC in the original state and form a new one in the new state.
• - An LLC can pay for business-related expenses using a business bank account or personal account, but it's generally recommended to keep personal and business expenses separate. You can "expense" business-related expenses with a personal credit card and draw a reimbursement, but it's important to keep accurate records and receipts for tax purposes.
• - Refinancing or taking a loan against a property owned by an LLC is possible, but it may be more complicated than doing so with personal credit. Lenders may require the LLC to provide additional documentation and may charge higher interest rates. However, forming an LLC does not necessarily prevent you from using personal credit to finance the property.
• - In addition to annual state filing fees, there may be other expenses associated with running an LLC, such as legal fees for setting up the LLC, fees for obtaining business licenses or permits, and fees for hiring a registered agent to receive legal documents on behalf of the LLC.

Definitely can just check with your lender but there's no set time limit for refinancing a second mortgage, but there are a few things to keep in mind. First, you should check your loan agreement to see if there are any restrictions on refinancing or early repayment. Some lenders may require you to wait a certain amount of time before you can refinance. Second, it's important to review your credit score and financial situation to make sure you're in a good position to qualify for a new loan. Once you're ready to refinance, you can shop around for lenders to find the best rates and terms. Just keep in mind that refinancing typically involves closing costs and other fees, so it's important to weigh the costs against the potential benefits before making a decision.

Okay so you can go a couple of routes. Id definitely recommend the LLC be in the state that the property is in. Ive heard some wont let any single LLC have more than 200k of equity (if it holds more than one property), at that point theyll utilize another LLC, refi, etc.

A route ive chosen to go down is, I have a parent LLC in Wyoming which owns the LLCs in each state and Ive decided to do a new LLC per property as Im going after a bit larger properties at this point otherwise Id stick to the rule above.

Next ill be starting a trust up that controls all of this. But still waiting on it.

I also use Stessa.com to bookkeep and they even have a banking feature now, making it easier to start up an account per property!

Hi guys! Im currently looking for a Great Asset Protection/Estate Planning Attorney and would greatly appreciate some referrals. Im approaching the stage in my asset growth where I need to start addressing proper protection

Thanks!!

Call up your local credit unions! Highly recommend

Thank you for the detailed information about getting pre-approved for a mortgage. The steps you've outlined are very helpful and provide a great starting point for anyone looking to purchase a home. It's important to understand the pre-approval process and what it entails, as well as the fact that pre-approval does not guarantee final loan approval. The tips you've provided, such as checking your credit report and gathering financial documents, are also essential in preparing for the mortgage application process. Thanks again for sharing this valuable information.