All Forum Posts by: Josh Raikin

@Kerry Noble Jr-- still not sure if we're going the LLC route. What's an operating agreement? Do you have examples of them?

Also, what's a JV agreement? And do you have an example of this?

I'm actually looking in the Dallas market, but really appreciate your offer!

I'm looking to go into a partnership with 1-2 other people to go into OOS investing together for small residential SFH.

Are there resources available for drafting of a partnership agreement? What are the factors and specifics to keep in mind when drafting one?

I'm looking to forming a partnership with a friend (or two). I've read through a few BP blog posts on it and have a few questions I'm still unsure about. If anyone could help (or provide additional resources/ videos) I'd really appreciate it! Disclaimer, this would be for my first investment property and I'm new to RE. 

1. What is the actual process when forming a partnership and acquiring an investment property through a conventional mortgage? (For this one, I'm going to guess and hopefully someone can correct me: Form an LLC together--> Go to conventional mortgage lender as an LLC --> get preapproved for a loan --> make an offer on a property --> (ideally) offer accepted --> (with an s corp) we are taxed on our income-- did I miss anything? anything I should know about each of those steps? Can one person in the partnership (instead) give all the money needed for the down payment directly to one person to carry the mortgage?

2. How important is getting paid, professional advice/guidance on this first investment/ as a first investment as a partnership?

3. I read that it's best to form a partnership by representing myself via an LLC rather than as an individual-- anyone have thoughts or experience on this?

4. Is S-Corp the best way to structure a partnership? What are the tax advantages of it?

@Nicholas Misch totally understand! I left the numbers and such out as I assumed BP rules did not allow the marketing of a deal on the forums. I'll reach out to you privately!

Have never whoelsaled before, but found a property that would be an awesome investment property. Unfortunately, I can't afford it on my own and don't have a partner yet. Tuesday is the latest day I can make an offer for it. So, wholesaling came to mind as a possible option-- as the highest offer for the property could be beat by an all cash offer for less than highest bid, or even a higher offer could be made to acquire the property.

However, I'm not sure where to go for prospective buyers interested in OOS or in Cleveland, OH. 

What process do I undertake to wholesale this? Any resource recommendations for a step-by-step?

Interest rates are quite high now (>5.5% 30 year fixed) I'm finding. Even without a guarantee on if/ when they'll go back to how they were a month or two ago (~4.3% 30 year fixed), if I were to invest now using a current interest rate on a 30 year fixed loan for an investment property (SFH), what information do I need to know about possibly refinancing for better rates in the near or long term future?

- what fees are associated with refinancing?

- can I refinance to lower my interest rate?

- any other tips/ info?

Thinking of going into a property in Northern Kentucky. 

What contingencies are wise to put in the offer?

Also, as getting an inspection is a must, what are people's thoughts on a lead paint inspection? I hear it's around $700.

I just moved to South Bay Area, CA (Sunnyvale/ Santa Clara)-- are there any local real estate meetups/ resources to find? 

I'm new to investing and still looking for my first property (not RE licensed), but really want to get started in the networking world.

With current (and future) global issues with Russia/ oil/gas, is it smarter to invest in an electric car and pay more monthly (for a better future return) or get a cheaper gas car (lease or buy)? 

I have yet to invest in my first property, but this is a question I will have to answer soon. Curious what an investor community would answer to this question. 

Background: I am making a salary from my job too.

So for the past two months I've been learning as much as I can about real estate.

I've been listening to the Bigger Pockets podcast, I've read (Multifamily Millionaire Vol. 1, Investing in Real Estate with No and Low Money Down, Rich Dad Poor Dad, Cashflow Quadrant), currently reading (the Book on Estimating Rehab Costs, the Miracle Morning), and have a few real estate books I bought to read after. I am also talking to a friend a couple years ahead of me in the investing game.

After I read my first book (Investing with No and Low Money Down) I began my search for a first property and decided to focus all my attention towards a single market. I decided on Toledo, OH (I am living in CA) as I found a really helpful real estate agent who also invests (in Toledo for both) through BP, and he presented the market as great for cash flow (not appreciation as of now). He gave me every contact he had for a team in the area (PM, insurance, lender, etc.). Also, C and B class properties aligned with my beginners budget of $20k-30k including closing costs and rehab. 

However, the leads I am getting through the MLS are not presenting great cash flow after inputting all the factors into the BP rental calculator. It always comes to around $50-150/ month pure cash flow for SFM and duplexes that I can afford, with 3-8% CoC Return unless I drive the asking price $10k-20k lower than asking.

Questions:

- Should I look towards a new area to invest in (or look in more than one at the same time) (keep in mind as someone who has yet to invest in property)

- Find alternate ways to find leads in Toledo (ideas are welcome-- currently using MLS only)

- Continuing looking and saving money from my job to increase quality of property I can purchase

I am trying to avoid analysis paralysis, but don't want to lose every penny I have on a bad deal (my budget is what I have). Willing to hear all advice and be patient, but just want to hear it from someone else. I really do want to get started and be an actual investor. Thanks everyone!