All Forum Posts by: Jeremy Hunter

Hey Michael,

I think you have as a good set up to work with, personally especially with a partner. I have read in a different thread or two people using an entity to buy and sell the property and then using a series LLC under a larger LLC to cover them. I have also read that some people have two entities one as the operations entity and the other one as the acquisitions/holding entity. I know you probably know all this already, but it seems to me that if the person who is setting up your business entity has a decent amount of experience cannot poke a hole in your structure then it is a good structure. I know that one or two of the BP podcasts talk about business structures - podcast 165 the guest talked about how she and her husband have their entity(s) set up was a recent one that I was just replaying this week.

I am no expert but that is my two cents. At the end of the day always ask someone smarter, right!! Lol I hope that you get your answer I am curious as to what else has to be said. 

I am going to be meeting my 2nd investor friendly agent today and he is well practiced at helping investors meet their needs. I intially didn't know what to expect when we first talked on the phone, but then I found out that a wholesaler i am good friends with works with him. So now I know a bit more about the guy and what he does and what to expect from him. 

Bottom line what the investor friendly agent is looking for is the ability to know what they are looking for a flip or buy and hold place for the investor and what kind of financing you have in place.  I also recommend what @Terrence Redmond II said about adding value to their business as well, that way they will want to work more with you and possibly line you up with pocket listings and such.

I hope that helped!!

Hey @Frank Barbeite 

I thought of another quote that I think applies as well and that is something like: 

Knowledge isn’t power until it is applied - Dale Carnegie

Everyone has different ways to apply the knowledge we learn everyday but it takes that extra effort to find ways to apply something new everyday. 

I appluade the goals because I see myself owning several commercial properties myself. I had just inquired into a property over the weekend and come to find out someone had already gotten a good offer in and I was like "grrr!" It was a Triple Net Leased propertty and cash flowing decently. Sometimes you have to know what you want before looking at any one listing but that is all apart of life, righ!

Anyway welcome to BP and I hope that the people here can continue to answer your questions and Happy Investing!!!

Aloha and Mahalo!!

CIRPP (Central Illinois Rental Property Professionals) that hold a monthly general meeting. They usually have a good speaker each month geared around investing if you are interested in attending. http://www.cirpp-live.com/

That was recommended to me so I am passing it along to you. I would suggest going so that way you can network with people who have properties that you eventually have the goal of having.  I know that for myself I am still trying to iron out the process of patience for the bid to go through once a bid has been made. 

As for flips knowing how much money to put into a project to get the most returns is probably, I feel, an understatement.  There are some good resources here on BP that can help with that. The other side of the coin is how comfortable are you with the risk level that you would assume with the higher end places. Under standing the lingo that at least the contractors speak can help you as you talk with them about what your project needs and where you want it to go.

And knowing some of the other folks who flip homes often will help with knowing who the competition is and maybe open a door or two for you.

Anyway keep in touch and let us know what it is you end up doing at this point. 

@Troy Rucker 

After some back and forth with my partner we decided not to go with it. The reason we didn't go with it was it would have been alot hard to justify the price point we would have to sell at to keep our margins. There are already other offers in all whom are looking to just fix what is there and have smaller margins. So we would have to come up higher to be competitive which would mean that that we would have to find a way to keep our margins on the back end. A tear down and complete new build would have added alot more to the rehab budget. A bit on the risky side due to the foundation issues. 

My suggestion is know were your comfort level is with the amount of work that needs to be done, that you can accept with your rehab budget.

We have found a different deal that I am hoping to see this week that looks better to take on. So hopefully we can get in a bid this week. Gunna go see it later this week. So we will see!

Welcome to BP!!

There is plenty to learn about investing in real estate and plenty to do in real estate. My one suggestion is to find your  Investor Identity. Find what it is you want to really focus on and stick with it. This is a marathon and in the end everyone has a different take on how they first entered real estate and what they are good at now. Purpose driven reasons keeps your motivation going and you will always find a way. Road blocks can come from everywhere but in the end there are always ways to get around them if you seek out the way.

BP has a great community and folks are from everywhere find folks to meet up with and read everything and apply it. 

Good luck and let me know if you need some help.

Jeremy  

Hey Jason,

Welcome to BP!! And plexes are a great way to get started! I have looked at a few duplexes in the Salt Lake area but haven't  made any moves on anything just yet.  The cash flow from multi family is a nice way of supplementing your income over time.  I would suggest to possibly look at under appreciated buildings so that way you have a good amount of equity to leverage. Of course  under appreciated buildings can end up being fixer uppers, but that is really about your comfort level with rehab projects.  

Anyway happy investing and attend the local REIA for more ideas and inspiration!!

Hey Troy!!

Welcome to BP!! There is a great amount of info here on BP and many many experts here that have been doing it awhile. I myself just saw a house this week that my partner (who I met here on BP) that we are looking to flip. One thing the pictures didn't show was there was a huge foundation issue with the property. It is on a hill and the foundation had shifted, so the contractor who came out with us said that it might be better to tear down and start fresh. I just wanted to get you a good story starting off!! Some flips are easy and some are not!!

I am listening to podcast 145 and I found it to be inspiring because it is about leveraging OPM and rentals and equity I tell ya what there is alot of strategies and goals to strive for in real estate!! I am also going to meet up with a guy later this week who watches and tracks foreclosures here in Oahu. He has a good system and some sage advice which is to know the market and knowledge to bring to the table. 

Aloha and have a great weekend!!

Hey Kyle,

There are quite a few folks here on BP that are in UT, and many opportunities in the Markets there. Finding success is really what you make of it, and with your education and desire to continue to learn there is no reason why you shouldn't be able to be successful! 

Hey Stephen, 

Seller finance can be a very easy way to get into the property. That is something I ask when it comes to any buy and hold property most especially commercial I have inquired on. What does the cash on cash return look like? Why not pay principle only payments using a LOC every couple of months that will lower the principal faster and level of interest you end up paying on the back end?