All Forum Posts by: Jim Sirokman

Hi Michael,

Before determining how you would like to vest your business and the assets contained therein, it may be a good idea to meet with an asset planning attorney. You should interview a couple before making a decision, and sometimes they will even have a CPA designation to discuss tax strategies too. You can kill two birds with one stone if they have those credentials. Depending on your state, you may choose to put each property in a land trust and hold them in an LLC partnership, but each strategy needs to be tailored to the type of investing that you are going to focus on. They will be able to discuss a wide range of strategies that should cover your risk position and how to use insurance as well. At the end of the day, I would want to know my full scope of risk exposure and associated risk mitigation strategy costs so I can decide which choice I'm most comfortable with. Spending a little money now on professional advice can go a long way into the future. I hope this helped and wish you luck!

Best Regards,

Jim

Hi @Emily Ross Welcome to the BP community.  My wife and I have been looking around Waco, Austin, Round Rock, and Georgetown for Rental properties.  I'm always open to adding more realtors to our contact list so we can get a better grasp on those areas.  As for creative contracts, I am probably not your best bet for that advice.  Again, welcome and enjoy!

I would send a second written letter on official stock that requests a phone conversation.  I would give her the "Alternate of Choice" approach and propose two days and times that you are available and ask her which one works for her.  On the note you can give her two ways to reply.  The first option could be to write another note and stick it outside her door, or second is to text you the time that works and if she would prefer communication by phone or face to face.  If you are able to get in touch with her, I would request a walk through in the next 30 days so you can perform your due diligence.  No need to evict if the rent is paid, but you do want to confirm if there is a security issue or any living conditions existing in her room that could be in violation of the lease.  

Thank you @Jack Butala.  I am looking forward to engaging in some great discussions, learning a ton, and making some new friends in the business.

Thank you @Michael Sato.  I will check it out!

Hello All,

I am a 37 year old husband to my awesome wife (Bre) and father of one crazy 3 year old boy (James) and a soon to arrive baby girl (Kate).  I love being a dad and want to put a plan to action that lets me spend more time with my kids.

My wife and I are just getting into real estate investing and look forward to putting a solid plan in place to get $10,000/mo. in passive income over the next 5 years.  Our initial plan was to get there buying 12 properties over 10 years with a combination of all cash transactions and leveraged positions, but I wonder if we are being too conservative.  I have done well financially in my career and recently resigned from my company to focus on investing full time.  I am looking forward to meeting other investors I can learn from and possibly partner with while focusing on real estate rentals.

Best Regards,

Jim