All Forum Posts by: Joe Homs

@Anthony C.  I hear you.  This was NOT uncommon back in the 2008 crash.  My only suggestion is to work with the other homeowners to resolve these issues.  Yes, it will take some time and money, but what is your choice.  Once the community issues are settled and paid for then you should be able to sell your investment.  I see that you are not losing any money each month, until you have to pay for the repairs, so that is a good thing.  There are investors out there that will purchase your investment, but it will not look pretty.

Happy to help.

@Anthony C. list it?  Do you have a loan and what type of loan.  Subject to deal?  Do you mind losing some money to get out of it?  I would need more details.

Good Investing...

@Ivette Raygoza always happy to connect with someone local.  Check out this meetup as well.

https://www.biggerpockets.com/forums/521/topics/1233018-ocre...

Good Investing...

@Tona Sanchez the first thing you should do is educate yourself.  I would also suggest staying as local as possible, but I know it's difficult in California.  Venture out to meetup groups where you will find experienced investors with all your answers.  Good Luck to you.

Good Investing...

@John McGowan welcome to BP in the OC.  Meet with like-minded people here:

https://www.biggerpockets.com/forums/521/topics/1233018-ocre...

Good Investing...

@Peter Martin join us and meet with like minded people.

https://www.biggerpockets.com/forums/521/topics/1233018-ocre...

Good Investing...

@Heath D Wallace you are going to get a million different answers to your question.  I have my entities set up with Anderson Business Partners.  They have a ton of youtube videos that may answer your question from a legal standpoint.  Good luck.

@Heath D Wallace your State is the one who charges for LLC's. I'm in California and yes, they charge $800 and that is why I use a land contract that is owned by another LLC. If your second LLC is owned by your first LLC, then all the income and expenses flow there. Why would your CPA charge more? It would not be a separate return.

Good Investing...

@Heath D Wallace check with an attorney, but if you do that then you have two properties at risk under one LLC. Why not create a different LLC that is disregarded for tax purposes and is owned by your Texas LLC. If you are really paranoid and want privacy protection then to place the property in a land trust that is owned by your new LLC, that is owned by your Texas LLC.

Good Investing...

@John Slegg flipping is just a numbers game. The process is very straight forward if you have your team in place. I flip from $100K mobile homes to $2Mil SFR's. However, in the Bay area you may be flipping a $3M teardown in hopes of getting $15M at the end of the day. I just spoke with another investor in the area who is doing this.

Good Investing...