All Forum Posts by: Joey Gedgaud

Always use an LLC and keep your personal and LLC expenses/revenues separate. You can pay your LLC rent without issue. You want it in an LLC from the start.

@Theresa Harris

Great answer. Other investors do it for tax purposes or for a place to live themselves rent free. Lots of ways to measure what you want out of an investment property.

I am seeking an investor for smaller residential investment properties in the Fargo, ND area. These investments may range from $50k-$200k. This can be a passive investment as I would be packaging the deals and be primarily implementing a BRRRR strategy. I have 3 years of experience in property management and actively involved in real estate investing.

You can create numerous amounts of different deals to fit your investment style or risk. For example, a short-term one year loan from a Hard Money lender might not have any monthly payments, but you must pay the full amount back at the end of the year with a 10% interest (an example). You do need to read the details because the yearly and monthly interest rates can be very different and change how much you make. Other deals may be based on the expected profit of the deal or a part of the rent or ownership. If the deal looks good on paper the more likely you can get a deal from a Hard Money Lender and its up to you to package that deal so it works for both of you. I recommend finding a few different lenders so you can match good deals with the right lender.  

Start by reading books about real estate investing and see if it fits your investing style. It might not fit your involvement or risk when it comes to owning property. Bigger Pockets has some great books or you can search amazon for top-selling real estate books. I would recommend looking into various topics like money lending, rehab, property management, and so on. 

If your worried about your first deal I always recommend partnering with something with a little bit of experience or who can fill in the gaps like rehab experience. This limits your risks significantly and its easier to make a decision and feel confident about it. You might not make as much from the deal, but your risks are limited on the flip side. 

I would recommend staying away from specific holiday or religious items. Getting packets of hot cocoa and candy canes are always good with a custom card that has your logo and name on it. If you buy the supplies in bulk you can get a small bag put together for a few dollars per resident. 

@DuBois Othero Toy

You can't generalize a state to that extent. You can find deals anywhere. 100k properties up to a million. It's based on individual properties and not based on what state you invest in.

What are the legal ramifications when it comes to fair housing when doing a cash for keys situation. Is this fair to residents who do an early termination and have to pay?

I am looking into Cash for Keys on a couple of situations and I am wondering about how it relates to Fair Housing. What considerations do I need to consider and is this fair compared to someone who is trying to terminate their lease early?