All Forum Posts by: James Vermillion

I have recently started an LLC with a partner and we laid out many goals, from small scale organizational things, to monetary goals. I will start by saying that I hope to close a short sale I have just started working on early in 2010 (special thanks to James Ward). I have already learned a lot and am very exciting about this deal...if for no other reason than the expirence. In 2010 I hope to close on 10 properties.

Another goal area is real estate licencing. I started my license about 1 month ago and am about 1/2 through the coursework. I hope to take and pass the test by March 15, 2010.

And finally, I am going to continouslly improve my processes, and network throughout 2010. I have most members of my team assembled, but I plan on continuing adding resources.

Looks like 2010 is going to be a great, and busy year for me.

Hello from KY. I am looking to get into rehabs and eventually rentals...mainly in Central KY.

Welcome!

Relax...I did not see where anyone posted any deragatory names or anything about them. They just posted thier opinions. No big deal...If you like the guy then that is fine, if someone else doesnt, so be it.

Ivan,

Seems like you are already sold on the system...why dont you go ahead and get and report back to us after you have used it?

Hello Everyone,

My LLC is pretty much set up and we are working on our first deal. To build business credit I would like to have a small business credit card for both my partner and myself. I do not mind starting out with a personal guarantee, but I do not want my personal credit affected...is this possible? So far, the best offer I have seen is from National City Omaha. It asks for both the business tax code and each cardholders SSN...does this mean it is going to affect personal credit?

Does anyone know of any starting business credit cards, the equivalent of a student credit card? I do not need the card for money and will not carry a balance, I simply want to open another means to establish credit for my business.

Thanks,

James

Thanks to everyone for the responses. Zoning is good to go. I may pass on this one though as I do not feel like I am ready for a new build just yet. I appreciate the help.

Hey everyone,

I am looking at a deal that involves a house built in the 1950s. It has 4 bedrooms, 2 bathrooms. It has been vacant and on the market for over a year, priced at $125K which includes an empty corner lot next to it. I think I can get the propery for $80-90K. I plan to first rehab the existing house (needs $20-25K worth of work). I then want to build on the corner lot. Does anyone have any thoughts on how a new house will sell in an older neighborhood? I planned on building to somewhat match the looks of the existing homes.

Also, I know very little about new home construction. I planned on building for about $100K? Can this get me a 3br 2ba home w/ about 1500 sq ft? I know it depends on the area but any feedback would help. I hope to sell the new house for about $140K.

Thanks in advance,

James

Just to add a little more information:

I am going to get started in REI by rehabbing 8-12 properties next year and carefully choosing one property to hold and rent. I will primarily be looking at SFDs but a townhouse is not out of the question.

Eventually I hope to diversify into multi-family and eventually commercial real estate.

--James

I am 23 and started investing in stocks at age 16. I started w/ $3k dollars and turned that into $24k by 21. I earned a full college scholarship and have since graduated. I have organized and LLC with my friend and we have been working on our business plan for a while. We finally have our ducks in a row and are looking to purchase our first property by Jan.

I am also pursuing my real estate license, and hope to have that wrapped up by March.

I am also serving the military. I am trying to accomplish as many of my dreams as I can, and serving our great nation is a big one!

Good Day Everyone!

My name is James and I am typing this message from Guam U.S.A. I am deployed here with the Air Force until March 2010. I have been lurking around these parts for months now and figured I was overdue in introducing myself.

I am 23 years old, with a political science degree from the University of Kentucky. I am currently stationed at Barksdale AFB in Louisiana, but plan on investing in KY. I have a partner and we have established an LLC. Both of us have spend the last year working on our business plan, operating agreement, financing, and learning everything we can about real estate investing. We truly have come a long way. I have done everything I can to prepare myself to take the plunge into the world of real estate investing and the time is almost here. My credit is 770 and I am working on my KY real estate license...I should be done in a few months.

This board is great and I want to thank all of those contributors who take the time and effort to share the knowledge. Things such as the 50% rule have helped me to develop my plan and set my goals. My partner and I will ne purchasing our first property in Jan 10. This is a very exciting time for both of us.

Cheers,

James :mrgreen: