All Forum Posts by: Joe Ellis

That is an amazing story and we need more people to tell others about their success stories! Congratulations on your properties and here's to luck on your next ones! 

@Austin Moyer what kind of business are you starting as an entrepreneur? Other than real estate related? Soon there will be another meetup and I'm sure we'll see you there! Make sure to keep updated on your keywords for when someone mentions them (it's normally @Phillip Dwyer  so keep an eye out!) and keep reading blogs and listening to the podcast! There is TONS of information here! 

As @Tim Farrell said, welcome! 

@Raul Izquierdo, What do you mean by license? Real Estate license? Then correct you do not need one to buy or rent out your units. As far as I know even if you were to buy a 300 unit property you wouldn't need a license, but I have been wrong before. Maybe a property manager near Reno or Sparks would be able to guide us? Although I'm sure most of Nevada is the same.

@Darwin Verdugo I've always been under the impression that an LLC in a specific state (in this case NV or WY) it won't protect you if you're holding the property in another state. Maybe a lawyer or someone who has better knowledge will clear this up?

@Taylor Rider, I'm just going to echo what most others in this thread are suggesting and tell you your best bet is contacting local professionals. 

@Brian Salame I'm glad it all worked out man! That's an impressive spread you've got there and not only were you out there looking for a place to park your money you made it work for you and it sounds like you're going to continue to do so! That's fantastic man! You're an inspiration to a lot of people and a lot of people all around can learn from you. 

@Brian Salame WOW! What a deal man that's awesome! Congratulations and keep at it! I'm sure we'll meet up someday. If you mind me asking how you landed it? Were you mailing owners? Did you know someone who knew someone kinda thing? Like I said man, congrats! 

You are ahead of the game! Congrats on your fourplex and hopefully uou can continue on your path! 

A few questions if you don't mind. Are you managing the property yourself? Is it near enough to the college that most (or all) of your tenants are students? Are you living in the property? 

Would you mind sharing the operating expenses and actual income? How much you paid for the property? Did it need work or was it turnkey? 

Thanks! 

@Lonniel Ingram

I third the Subject To idea. However, your concern about being responsible for the 1st loan shouldn't be an issue if you're looking to improve the property and put tenants in it and you know that you (aka your tenants) are able to pay the note. Unless you're worried about them not allowing you on the loan? 

I agree with @Tami Russell, @Robert Adams would also be able to help you. 

@Kenyatta Fletcher could probably expand a bit for you @Francisco Gomez