All Forum Posts by: Jonathon Weber

@Tyson Cross that is a listing for a local park in a rural area.

You can probably make a hundred or two hundred or some low number like that, but just note that this is just trying to make some money through a liability and not a long-term asset. In essence, it's just a business venture with the usual costs - repairs, insurance, etc.  

Thank you. 

@Ben Naught you don't own their mobile homes, they do. They are paying to rent a spot on the soil.

When creating your LLC, it is important to keep in mind that people are still capable of obtaining all your assets within that LLC. So why put all eggs in one basket? Instead, IMO, separate your assets into different LLCs to act as a safety net, and ensure they aren't able to obtain all of your real estate investments or company assets.

Not all properties need to be under the same LLC. The LLC is about asset protection. Look at the Katy Perry lawsuit. Do people think she doesn't have her own assets protected so she doesn't have to pay a dime from that lawsuit? Of course she does. Smart people protect their assets.

One issue about using multipe banking accounts is screwing things up where you use a bank account for the wrong LLC.

Let's imagine you are purchasing 4-plex for an investment and will be renting it out for profit. When setting up your entity, make sure it is structured properly to hold the title of the real estate. When you set up your LLC be sure that is it holding the title of your 4-plex. This structure also helps protect all your personal assets. For example, if a tenant of that 4-plex sues for falling on the property and wins the court case, they are not able to acquire all your personal assets like your bank account, the equity in your home, and all your other assets because the 4-plex is owned by the LLC. They are only able to access the assets in the LLC.

Personally I know some fellow rich people like me that purchased their homes under an LLC and rent it out to themselves.

1: What percentage of the revenue do you put into the company coffers for future purchases vs what you pay yourself for income? 

2: In general, what do you see as the bare minimum dollars to be used in a bulk purchase to get a bank or hedge fund to sell you the notes? I can't see them wanting to spend much time talking to you if all you can do is buy $20k worth of notes vs a bulk purchase of a value of $400k. 

I know you can sell one offs after a bulk purchase. 

3: How often do you try and get the person that had to go through a foreclosure to get the "house back" through renting it back to them? 

@Eric Shadowens if you are looking to raise funds, I don't know the rules around that.

@Eric Shadowens there are funds out there for non accredited investors. I believe Grant Cardone, for example, has one open for lower income earners.

@Linda D. It's a very big market. But it takes capital to get started and the risks are pretty big so it scares a lot if people away and lots of people are not able to scale up easily.

There is a lot sales and negotiation.

IMO, the biggest challenge as I learn things is how different some laws in some states are for foreclosures. In some states it could take more than a year.