All Forum Posts by: James Wilcox

California based investor looking to purchase single family properties all cash in Ohio and Kentucky. 

Looking to buy 2-3 properties.

I already own one property in California through a Revocable Trust and noticed it shows up on Google when I search my name. 

I know its difficult to stay fully anonymous but thats not my goal - Simply staying off of Google search results would be enough for me.

Now trying to strategize how to purchase future homes in Ohio and Kentucky and stay off of Google.

Heard there are a couple popular options:

Option # 1. Create 2 LLCs

- First create an LLC in an Anonymous LLC State like Wyoming 

- Then create an LLC in the state I'm buying in, like Ohio

- The Wyoming LLC would own the Ohio LLC 

- When purchasing properties, title deed would show the Ohio LLC name instead of me

Negatives:

California makes all tax residents register their LLCs with the State, even those formed in different states (and requires you submit the names of the owners) so this would defeat the purpose trying to stay off of public record.  

Option #2. Purchase properties using a Trust

I already have a Revocable Trust setup but it includes my full name in the title of the trust, so this would defeat the purpose of staying anonymous.

I could create a new trust with a random name, but I heard the "Trustees" section of the trust also get published to public records. 

So even if I create a trust with a random name, whoever is listed as a Trustee gets posted online. 

The only thing I can think of would be list to someone else in the Trustee section of the trust, but how would this work?

Negatives to the trust option (Option #2)?  

Any other alternatives?

I observed a similar scam but less money involved.  I posted my rental house on Zillow.  Over the next week I was visited on 3 separate occasions by families who paid someone on Craigslist $100 for an application and were here to see the house or actually two of them thought they could move in that day!  When I told them the rental price, they were greatly disappointed. I feel for these people who can ill-afford to lose money to scammers, but they need to think through the situation better prior to paying anyone.  

I could not find a way to stop this activity.

Hello! I am a current professional soccer player for Lexington SC and looking to dive into the real estate investing world. After reading Brandon Turner book "Investing in Real Estate With No (and low) Money Down", I am very intrigued into learning as much as I can from people who have hands on experience.  If there is anyone out there in this area that I could shadow and learn from I would greatly appreciate it!

Hey guys,

Wife and I are looking to get started in long term rentals to hold long term. This would be our first rental. We have about 400k HYSA. Ideally looking for something around 200k. 

We have previous experience with Live In Flip (didnt know there was a name for it until after we had done this). Currently with a high income for Ohio of combined 450k. Trying to put our extra dollars at work. 

We live in Southern Ohio which is fairly poor. I work in a small college town. I graduated from UK. We are about 2 hours from Columbus, Ohio. 

Our 3 options are: A- buy cheap housing in small college town. Benefits is that we know the area and know contractors in the area. Downside is that being in a poor town area, not much appreciation in the future. However, we could buy cash and it would technically be easiest to BRRR. B- invest in Columbus, OH. Would still be in state. Lots of new businesses moving in to Columbus. Downside is that being 2 hours away might as well be 12 hours away with the hours that I work. C- invest in Lexington, KY. More familiar with Lexington as I went to college there. Downside is that again it is about 2 hours away.

Ideally, we would find a coach of some sort that could help us find a deal that works, knows the ropes of the building an LLC.

Does this type of service exist? 

Thanks!

Hi everyone!

My lender is about to prequalify me for $200-300k, and I target Texas, being living and working in California, LA, so an out-of-state investment. I have a suitable lender that can qualify me in any city or state. It seems that rent/value is favorable and easily meets the 1% rule. He also said insurance and taxes can be too high eating DSCR loan with current rate and I will make less money than Ohio and Kentucky state (example). This statement made me question my focus market. What have been your experiences so far, and any hidden costs that you did not expect managing investment properties?

1. Does SFH or Duplex value add strategy still work, and how is the inventory? My agent said it's a buyers' market. Is that true?

2. Are there any B and C class safe neighborhoods to recommend?

3. Any interesting facts about San Antonio? What are the pros and Cons of this market?

I think you can find a good deal and win in every market. But does San Antonio have real long-term growth potential? 

looking for a new accountant for taxes in Lexington KY. we have a W2 and a few rental properties. Been going to the same accountant for years. she recently sold her practice and so were looking for some one new.  what do i need to do to transfer all the historical data like the deferred items and depreciation schedules etc?

I am 22 years old and me and my wife have been married for a little under a year now. We are interested in buying our first rental OR flip. We don't have a ton of funds so I would like to connect with someone that could possibly help us brainstorm ways to raise capital for this investment. Any help is appreciated, we are located in Kentucky.

What attorneys do you guys recommend in Kentucky for wholesalers?

Thanks!

1. Is this worth to invest to STR in Red River gorge. It is beautiful out there but are people able to cash flow their existing STR. or how much is subsidized by STR? any guidance will be helpful

2. I am planning to buy a land and build a cabin - any reputable builder someone can recommend. extra points, if you have used them and can share a bit more details

Not that exact scam, but something similar. Two months ago a guy showed up at my office with a truck full of family and a large trailer full of belongings. He moved from Kentucky to Wyoming, pulled up in front of the house he rented online, and learned it was already occupied by one of my renters. My renter pointed him to my office. I didn't have any other properties available to move his family into, and he didn't have any money because he spent $4,000 on this fake rental. He went back to Kentucky.

The interesting part was when he showed me the pictures from online. Every picture we use is watermarked with our company name and phone number. The "landlord" on the other end of the line told him we originally listed it, but he fired us and decided to look for his own renter. The applicant never bothered to call us and verify.

It is sad to see scammers take advantage of people and steal like this. Our government pours so much money into new laws aimed at landlords, but they don't do anything to go after the real thieves.