All Forum Posts by: Justin Montgomery

Hi @Colby Dorris

Our first complex is in Tennessee. But want to grow across state lines. 

Know of a good real estate friendly law firm that can help with advising how to set up an investing company?

@Evan Polaski Thank you!  This helps.   Hope all is well.

Thanks guys

I think at the moment we will be gathering investors of those we know around us (family, friends, our own funding).  Then as we grow we plan to get more into syndications.  Just a little confused on how to start this process of involving others into our plans.

THANK YOU!  That's the info I needed.  I knew there was a difference in bankruptcy and foreclosure, just unsure what it was.  That clears things up.  

It is actually a quad that is in bankruptcy.  So I will keep an eye on it for now.   Thanks again!

Hi

I have a property I am interested in that is currently labeled bankrupt.  How do you go about buying a bankrupt property?

We are struggling with trying to figure out the best way to fund a new STR we are planning on. Our funds to use for the deal is currently in an Rollover IRA. How do we utilize these funds to purchase an investment property without paying withdrawal fees or taxes? We see ROBS and Self Directed are options, but we are still confused if this is the only or if there are more. Anyone that has guidance, it will be much appreciated. Thank you!

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $850,000

We purchased a 14-unit multi-family property (duplexes) in October 2021 for $850,000. This started us on our real estate journey. After a tenant moved out of a unit we turned it into an short term rental that brings in 2-3x more income monthly for the unit than that of a long term renter.

What made you interested in investing in this type of deal?

It was too good to pass up and had a lot of potential.

How did you find this deal and how did you negotiate it?

A friend told us about it. I didn't have a real estate agent, but instead approached the real estate agent that was working for the seller. This made working with me more attractive to him as well.

How did you finance this deal?

Conventional loan. No money down. Used land and property and collateral.

How did you add value to the deal?

Through cleaning the siding of the duplexes, painting and landscaping. Also, we upgrade flooring when we move new tenants in.