All Forum Posts by: John Leake

This sounds like a good wholesale property if you know someone in your area who is a rehab and flip investor. Might even be a good one to partner on the wholesale with for the experience. I'd say if your confident in your numbers why wouldn't you go for it to put some extra cash towards your business.

On commercial real estate do you still follow the 2 percent rule or do you figure it differently?

@Jim Chung I thought the LLC owned the property and then the people involved own the LLC It may also be wise to set up individual LLC for each property that could make it easier down the road if one of you wants out of one property but not the other. I'm not sure if these LLC's owning property count against the individuals for loans or not though.

Chris Jackson thanks for the reply sorry for the delayed response work has been crazy. I think sitting down and coming to specific expectations is a very intelligent way to start this process. Knowing what each person can bring to the table is certainly important and currently with my job I don't really believe I have the time to be a property manager. I think the best I can do for him currently is to try and help him look at deals and be his eyes on the ground maybe more of a wholesale role but I mean that in name only since I haven't got enough experience to be able to pick out truly solid deals. I also do have some skills as a handyman and if it's something beyond my skill set my brother is a carpenter for a living so I have that resource available to me. What is the best way to find property management in my area Google?

I currently have a friend who is trying to help me get started in real-estate-investing he currently owns two duplexes he lives in half of one and rents the other one out. He is ready for another deal and wants me to manage the property for him my first concern is the lack of experience I have with real estate in general and the second Is how to structure the deal to provide both of us protection he has money to front. So what would the bigger pockets community recommend for us as far as structure and for me specifically to do to make sure we are successful. We are looking for multifamily buildings and I have a couple I think have potential I'm also trying to determine the easiest way to pick between buildings I have not looked at either property yet but one is 174,900 list on the mls with 6 units I have not been inside of the building but I believe the rent in the area is around 700 per door. The other is 119900 with 5 units in a bit rougher area I don't know that I'm comfortable with this one but it may have better income if the area isn't as bad as I think. I was really planning on waiting another 8-12 months before getting into real estate this was because that was going to give me time to build a bit more of a nest egg to invest out of. Thoughts anyone?

When i'm unsure of the terminology I really like using

http://www.investopedia.com/

They often have little videos with great explanation of the terms meanings and how to use them.

I'm sure i'll get to the point of being excited for the next one to come out but thankfully I have a lot left and so much to learn! Thanks for the welcome @Michael S. I guess you have to start your networking somewhere!

I found bigger pockets on accident while I was on youtube listening to a review of an app I use for investing in the stock market (Robinhood). Starting in January I decided I was going to take some of my discretionary income to start investing and try to build some long term gains and some passive income. I came across episode 92 and I was hooked. I downloaded all of the podcast shows and have been listening to them in my free time. I don't feel I'm ready to invest yet based on a lack of knowledge but am a blank page and absorbing as much as I can as quick as I can and hope to follow the process and find my first multifamily property before a year has passed.