All Forum Posts by: Sam Masiello

Congratulations!  What a feeling of excitement that must have been.  All the best on both transactions going smoothly!

If you don't already listen to the Biggerpockets podcast, you should.  They ask every guest on the show about their favorite real estate and business books.  Some of the more common ones were outlined by @Frank Woodin above, but it is interesting to hear WHY these investors like these books as well as many of them have different reasons for why these books had an impact on them personally.

As a side thought, be careful with this as well because many loans carry with them a provision that if ownership of the property is transferred, even to a single member LLC where you are the sole member, the bank could call the note due. This isn't a likely scenario, but if you stick to the letter of the agreement, they may reserve the right to do this. You should consult with a lawyer and be sure you are familiar with your loan contract.

I agree with @Jeffrey Vandagriff.  The biggest thing that holds potential real estate investors back from success is not trying due to fear of failure.  Do your homework, but don't analyze yourself into paralysis.  Find a deal that works well for you and go for it.  That's when the actual real estate investor education kicks in.  Books, podcasts, and forums are great, but are not and will never be a proper substitute for practical experience.

I know that this is an old topic, and unfortunately nobody responded.  I just happened to come across it and figured I would add my 2 cents in case anyone else has the same question.

I use the folks over at Pristine Carpet Cleaners.  Their owner Ed is a great guy.  Family owned and run business and they will treat you the same.  I use them for all of my rentals as well as my home.  Give them my name when you call.  

http://www.pristinecarpetcleaning-co.com/

I think that many of us consider ourselves "new investors" to a degree even after we have a few deals under our belts.  There is always so much more to learn, which I believe is evidently true as you listen to the podcasts.  There are so many niche areas of real estate investing that the most important is to pick yours and be good at it.  

Good for you for overcoming what causes so many to fail....they never try.  They read, they listen, but ultimately they analyze until they are paralyzed, afraid to finally dip their toe in the water and do a deal.  We were all in the same position where we were just doing our first deal at one point in time.  Every experience is a new opportunity to learn, whether it is a failure or a success.  Embrace all of those opportunities because they shape who and what you become.

I am about to get a HELOC on one of my investment properties in order to purchase another. It's a great way to let your appreciation work for you provided the numbers work out. Definitely do your math first.

What an interesting question.  My top of mind answer is that I think I would purchase additional investment properties and then use some of the cash flow to pay down the house faster.

+1 for cash flow.  Appreciation is gravy.

Several people have recommended various forms of LLCs, which in my opinion are a good idea regardless of how many properties you have (or setup multiple LLCs with one per property. It's all relative to your risk tolerance). One thing to also consider is that the legal protection that you seek goes well beyond just having an LLC. If you really want someone who is potentially not going to sue you to "pierce the veil" into your personal assets, you have to treat the business as a business. What I mean is that you need to separate finances (even though tax liability will pass through the LLC) and follow all of the rules to convince a court that you are conducting all of your business through the LLC. Otherwise, all of your personal assets may also be at risk if sued.