All Forum Posts by: Janelle K. Eagle

Sure thing!

Quote from @Charles Sanchis:

Quote from @Janelle K. Eagle:

Hi @Jaudon Smith - I have had a huge increase in seller leads using a startup company that posts ads for folks looking for custom home valuations. They have their own CRM, smart number, and an entire accountability and training program. It's been worth every penny! PM me if you want more info. This is not my company, so it's honestly just coming from personal experience. 

 Hi Janelle, what is the name of the startup company you were using if you don't mind my asking?

 I will PM you! Full disclosure I am a paying client (and a VERY happy one) and get a bonus when new agents sign on after I recruit them. I have had 14 listing appointments generated through their service in three months and have a funnel of many many more. I have been incredibly impressed with their service. 

Quote from @Sara Klaus:

I talked to a business consultant that suggested owning the companies through a Wyoming Land Trust, with us as the trustees. According to them, this avoids the CA LLC registrations. Any thoughts on this?

Hey there, I have actually recently posted this very same question in bigger pockets forums as well and you’re welcome to look at that forum chain.
Anderson has previously promised this as part of their main value proposition, but every person that I know that is an investor in California is paying taxes for an LLC in California. If you live in California and manage a business, even if it is out of state, the state of California considers you doing business in California.
 The only person who could truly tell you differently is a CPA who truly understands real estate. Anderson as you know offers to both set it up for you and I believe also offers financial advisement and maybe even CPA services.
If you end up discovering that it truly is possible, please update this chain or my other asking a similar question. 
Good luck! 

Hey there @Peter Gerhardt - curious what you ended up doing here? We recently had some success here in SLO for a client who purchased an occupied, under-market duplex for a house hack. The main thing that worked was cash for keys. And with a tenant that is experiencing financial hardship, this might be extra effective. 

Quote from @Alan DeRossett:

Thanks! ok yes, Dad's primary residence is also in the trust im getting 2020 Prop 58 mixed up with Prop 19. Also, Dad's 97 and I currently take care of him at Home. Still, time to make structural changes I'm also an adult child over  55 and have lived here for over two years. The Multi-Family 4 plex is a separate investment property. I figured I needed to close the 4 plex first to afford the Home I would own 50% of each and needed to do a budget forecast.

Hey there! Not sure if you still need help on this, but I would suggest have conversations with a lender as well as a CPA to determine the best course of action. If you need recommendations for either, please let me know - I'm happy to help out! 

Hey, @Scott McManus! I actually just helped another local investor do something similar with a duplex that was tenant occupied. We wrote a bit about it on this forum post. If you'd find it useful, I can share more details and am happy to talk through how we ultimately secured the property and removed the tenants. Feel free to reach out! 

Hi @Stacy Lighten - I'm a REALTOR® based in SLO County and would be happy to have a conversation with you any time. The most important first steps, if you haven't already taken them - will be to confirm the zoning and development opportunities permitted within the county or city for each of these plots. You'll need to confirm:

1. What sort of properties am I allowed to build?

2. What sort of permitting and/or environmental surveys do I need?

3. What are the rules/regs of owning and licensing a STR?

Each county is different! 

Definitely a question for your CPA - but when I explored this exact same setup (I'm also in CA), I was told that I could not avoid being considered "doing business in California" because that is where my primary residence is. 

If you haven't already explored it, there is a great company called "Collective" that specializes in S-Corp setup and management. I have no association with them, but have attended their webinars as I was setting up my company. 

Hi @Austin Stamegna - congrats on getting involved with real estate. As a wholesaler, you are selling a CONTRACT for a property sale. The agent is licensed to actually run that transaction. If they are also bringing you the buyer - then they certainly deserve to be compensated for that and their ability to secure with title/escrow is a huge benefit to you and your sellers. 

Your contract is with the seller and the agent's contract would be with the buyer. Your contract price should be "low enough" to ensure that it can be sold at a price high enough to compensate both you and the agent for your services. 

I would go back to the agent and get clarification on the following:

1. If you bring them the contract for sale, are they willing to handle all paperwork with title/escrow?

2. What fee would they want for bringing the buyer? 

Make sure you have the property under contract before sharing it with the agent. Once you know what their fee would be, you would sell the contract to their buyer for the contract price you have in hand + your assignment fee + agent's fee + closing costs. You and the agent would get paid by the buyer through escrow. 

Hope that helps! 

Doug and Theresa at the key handoff for their new home in San Luis Obispo

I love the Bigger Pockets network. I've had the honor of representing many members of this community on investment and primary home purchases in the San Luis Obispo area and each one is interesting, challenging and for me - personally fulfilling because I am helping a fellow investor get a GREAT deal.

That couldn't be more true for my buddy, Doug and his wife Theresa. Together, they made a big move up the California central coast to relocate closer to a new job in San Luis Obispo, CA. To make the math work as they found a soft place to land, they smartly decided to house hack their primary residence by renting out individual rooms to traveling professionals on a month to month basis (MTR). They installed smart locks on individual doors, worked with me to set up leases, and took the leap.

When their own furnished finder up the coast fell through, they reached out to me and I was absolutely thrilled to offer them to be the first tenants in my own investment property in SLO - The Victorian Singer. They were a dream as I finished construction in the second unit and worked with them steadily to identify an investment property of their own in the area. We previewed properties and took our time as they had the luxury of NO URGENCY to make the right decision at the right time. 

Thankfully - Doug's keen eye was able to analyze every property that came onto the market using many of the tools he learned through the BP community as well as other gurus such as Pace Morby. He identified a great opportunity in a downtown property that had TWO HOMES and TWO GARAGES on it. Situated in a great area of town and with ideal set up for a lot subdivision and friendly ADU zoning - this had huge potential. One house was recently renovated and in turn key condition, and the other was... not. We were honestly worried that because they were using financing (a conventional loan), that it would not pass appraisal due to its condition.

In fact - the heating on the home was not functioning, a condition that would not pass muster, and fixing it was a condition to close escrow. Thankfully, both the lender and I had strong contacts and were able to get this resolved in a super timely manner. Our escrow was extended by a few days, but the sellers and my clients were THRILLED to close this deal. 

Some important key factors that went into securing this property:

1. Having an open mind when evaluating properties

2. Working with an investor-friendly agent with solid lender contacts

3. Working with an investor-friendly lender

4. Having patience throughout escrow, especially with inspections