All Forum Posts by: Joseph DiNardi-Mack

@Chris Garrett No they don't have one.

@Account Closed I personally don't have any experience with storage properties but to me it sounds like there may be a market opportunity. Whether there aren't any in the market because of a lack of demand or not is worth looking into.   Take a listen to Podcast 138 though, https://www.biggerpockets.com/show138 it discusses the pros and cons of self storage units. 

@Jeanie Choi first let me say I am not a broker, but am a licensed real estate agent in NJ, nor am I too familiar with GA laws. However from this website https://www.allpropertymanagement.com/propertylaw/property-management-law-in-georgia.html I believe that law is the same as that in NJ. If you are an owner of the property you do not need to have a brokers license. 

@Jay Elvin, Unfortunately I am single and do not have much experience with this type of case directly. However I recommend that you speak with a CPA on this matter as they will be able to guide you through this situation with ease and set you up quickly and properly with the best solution for you. The small cost you have to pay them for their time to set it up is well worth the advice and protection they will give you for years to come. My CPA has worked wonders for my properties saving me thousands and a lot of headaches. It pays to do it right. 

I can tell you though that a LLC should only cost about $300 to setup and $50 a year to maintain, and is well worth it to put your properties under individual LLC's to protect your personal assets. In case, god forbid, anyone every tried to come after you for an incident that occurred at a property.

@April Conaway I recommend that you speak to an CPA. The little money you will spend on consulting them will easily be made up by the money they save you by having your LLC setup correctly. Possibly even try to find a CPA on BP whose from your area who may be able to assist you.

@Angie Taggart I don't have much experience with series LLC's, but I did stumble upon this thread post https://www.biggerpockets.com/forums/712/topics/38....

I don't know if you have come upon this before or not but figured I would throw it out there.

Hope it helps,

Joe

I say don't bother calling them back, if they didn't leave a voicemail than in my opinion their a tenant I wouldn't event want to deal with. If they don't have the curtesy or are just too lazy to leave a voicemail expressing interest in a home then ask yourself is that really the type of person you want to be dealing with, will they be responsive when you reach out to them, pay on time, or take care of the home with respect. Granted that is a jump from not leaving a voicemail but I truly believe that it speaks to the character of who they are. In response to @Dylan B. I am part of that younger generation, and absolutely agree that it is not the norm when it comes to a personal relationships, but most of the people I know would leave a voicemail when we really want to live in a place knowing that it is the right thing to do, and the ones that don't are ones I wouldn't rent to myself. 

Trevor I have to agree with @Jay Hinrichs if you want to diversify while also hedging your bets with a good margin of safety. I co-founded a startup and am currently in the process of building it up and getting VC funding. I have been doing a lot of research on funding as well as talking to VCs and other founders who have gone through the process. The odds of investing in a unicorn, which is a company that is valued at or over $1 billion, are under 2% and the probability of a startup failing is around 75%. While you can hit it big betting on a startup, such as Uber or Google, the odds of losing money is a lot higher. 

As a side note though if you would like to start investing in startups my company is open to accepting outside funding at this time, you can DM me if you'd like.

@Kusum Chanrai I have a one property within a mobile home park and also two duplexes (along with two other SFRs). You are right that the cash flow is much better for the mobile home park vs the duplexes or SFRs. As far as appreciation goes I cannot really gauge that as I have not looked into refi or selling my mobile home unit. But the SFRs do appreciate better than the MFs, however I am switching to more MFs rather than SFRs because I am looking to build cash flow over appreciation and the overall cost per unit for MFs is better than SFR.

Hope this helps,

Joe

@Account Closed unfortunately I'm up in NJ but I love the hustle, keep it up!