All Forum Posts by: Joshua Engemann

Thank you for all the responses…youve all answered my questions fully. Chris Heeren thank you for elaborating on those two questions. I really enjoyed listening to you on the podcast.

Hello, I listened to BP podcast 197 earlier on my drive home and learned quite a lot from listening to Chris Heeren. Towards the end of the podcast he spoke about protecting your investments and a few things really stuck out to me. 1. He spoke about reserves funds for your properties and recommended a minimum of 1000$, but probably $2000 per unit. I assume he means annually? I just wondering if this was a standard for reserves? Maybe a percentage of the rent? 2. He also talks about his lines of protection, first and foremost is insurance, and second he said he has his properties in different LLC's. This is something that I haven't heard of before. I knew operating as an LLC is a protection for you personally, but have never heard of operating as more than one. I assume it would fall under the "all your eggs in one basket" category. Is this a common practice? How many units would you say would be a max for one LLC?

Deonte Champ that's good advice, thank you! I appreciate it

Franco Li thank you for much. Your information has been very helpful!

Jeff Rabinowitz coming to the conclusion that I am not genuine and that I only care about myself based on one post on a forum seems unfair and harsh. I do not know why you felt the need to reply with such a negative view. None of these things are true and I am genuinely excited to learn more about REI.

Dan Krupa and Alexander Felice my post must have really came off wrong. I understand that the best way to learn is to do the research myself, I wasn't looking for all the answers in this one post, and what I actually expecting is for people to point me in directions to do research or suggesting articles. I am really new to BP and haven't got past the forums to find the other info. I'm sorry if I came off as just wanting fast answers without the work. I should have been more clear. Thanks for replying though, I appreciate it. Jeff Rabinowitz coming to the conclusion that I am not genuine and that I only care about myself based on one post on a forum seems unfair and harsh. I do not know why you felt the need to reply with such a negative view. None of these things are true and I am genuinely excited to learn more about REI.

Tell me everything I need to know about financing my first turnkey property. I mean everything, even any terminology that I might not know. To narrow it down I plan to spend 80-110k on a turkey property and hold it long term, and have a property manager. Is 20% always the requirement for down payment? I'm in the Kansas City area if there is anyone in that area that offers financing. If you think I need to know it about financing tell me here! Thank you

Mike D'Arrigo thank you, I will be sure to check out your website and podcast

What is your best advice for a first investor? Should I lean towards single family, multi family? I don't know much about what a turn key actually is other than it's already rehabbed and ready to go, is that something really beneficial to a REI newcomer? I do plan on hiring a property manager for what ever I do decide on.

Thanks you Bill S. , I know that sounded really vague, but I just didn't know anything about searching for a partner. Your information was helpful. It does make sense that a partner wouldn't likely give up money if both parties didn't have something to offer.