All Forum Posts by: James Heacock

@Axel Meierhoefer hi Axel, you read my post correctly but I think you were responding to John Morgan above instead of me.

Hi everyone. I am doing research on owning rental properties through one or more LLCs and buying a property through a company such as Memphis Invest. I am getting caught up on the details, causing me to delay. I was hoping that there would be someone who owns their properties out of state through their LLCs that would be willing to chat with me occasionally as I get started. I am just trying to avoid mistakes before I purchase a property, but also want to get past my paralysis due to certain parts of the process being unknown to me. Thanks!

Hello everyone. I am nearly ready to purchase my first property potentially through Memphis Invest. I plan to switch the title to my LLC after closing. Lenders have to option to call the entire mortgage balance due if there is a title transfer. I hear that this rarely happens or that they may force the title to be switched back to my personal name. I would like to have my LLC own the property for asset protection reasons as well as tax reasons. Does anyone have any thoughts or experience seeing banks take some type of action if title is transferred?

I know this has probably been posted many times but can you guys list the questions I should be asking a turnkey provider such as Memphis Invest when deciding whether to work with them or purchase a property from them? Thanks!

Hi, I also live in Essex County. Can someone let me know the details of any North Jersey meet ups? Thanks 

I guess what I am looking for is someone on BP who keeps their books for their LLC real estate investment business so that I could connect with them and ask questions as they come up. Thanks again!

@Basit Siddiqi my apologies as I should have mentioned that I am an accountant. I just never kept a set of books for a business, particularly a real estate investing business.

Thanks everyone. I’ll let you know if I have further questions.

Hi everyone. I am researching starting a real estate investing business where my LLC will own the properties and I will get business deductions etc. I will need to keep a set of books and was thinking to use Quickbooks. I just wanted to see if others were doing this and get some pointers on how they learned proper bookkeeping for this type of business. Was there a book they used that was helpful? Thanks for any help.

Hi everyone. I am doing some research on turnkey providers and had a question or two in Memphis Invest. For those that have purchased single family homes from them how much do the houses typically cost all in? What are the property taxes? What is the monthly rent? I am basically trying to determine what my net return will be, how much cash will be left over at the end of each month, etc. I have not really heard any bad stories about, in fact it has been the opposite, apparently their property management company is great and their customer service is really good. Just wondering about the net ROI. Also, if this info is readily available somewhere and I missed please point me to it. Thanks for any help!