All Forum Posts by: Kate Lastrapes

@Steven Hamilton II, Phew! Thank you. It seemed pretty fishy when they told me that. Especially when I couldn't find any evidence to corroborate it. Thanks for the help.

@James Miller, @Steven Hamilton II

I was originally told that as an investor in Texas, I should form a TX Series LLC and having that entity owned/under by a Delaware/Nevada S-Corp which is then owned/escrow by a Trust.

This was the option that created the "most secure" corporation structure for housing a rental-based business. Does this look right to you?

Trying to find the right guidance on this seems difficult and convoluted.

I'm starting a business that Buys and Holds Rental income real estate.

Thank you!

Wonderful! Thank you, @Brandon Battle. I'll add this to my list of interrogations. 

I'm about to meet with the seller for negotiations. No real estate agents are involved. What questions should I ask him to make this deal run smoothly? 

I know:

His asking price

How long he's owned the home 

Why he wants to sell

How much the rental makes him per month

What else do I need to know?

Hey William, my husband and I just started driving around one day and saw an opportunity. My husband used to do door-to-door sales so he started knocking on doors that he thought might sell. We're still early in the game but one of those doors looks like it's going to become our  first deal. 

Craigslist.com is an excellent resource for distressed sellers.

Marketing yourself as a cash buyer with signs, targeted letters, etc.

Be patient with sellers and always present them the option to owner finance, Real Estate is scary to the non-entrepreneur.

Good Luck grabbing deals!

-Kate 

Hey David! I'm investing from San Marcos and New Braunfels seems like such a great place to live. Welcome to the team! 

Make sure you add the locals you talk to on here as colleagues, they can be great mentors and can even help you make deals.

Don't forget to fill out your profile!

Hi Matt,

 First, try to only find sellers that have 100% equity in their home, secondary liens are...messy...trust me.

2. Put together a seller financing packet, let them know WHY financing to you is beneficial to them. Show them the numbers and benefits, be honest. 

3. Read the BP Blog! It's full of awesome info and answers to these questions. Start here: http://www.biggerpockets.com/renewsblog/2015/07/29...

4. The best way to find people willing to sell their homes is good old fashion marketing. There are guides to that on this site as well. But try http://www.craiglist.com or http://www.owners.com/ both are good for finding options.

I hope this helps, Good luck!

@Account Closed, Look here in the marketplace! The Plus account on here gives full access to that and you get to talk to other BP members. Are you only looking in your region? There are tons of options for finding the right people. Joining a local REIA is also a great option, that will connect you with locals, many of which might be wholesalers.

Check meetups.com

This seems like the one nearest you: http://www.meetup.com/topics/reia/us/fl/new_port_r...

Let me know if this helps!

@Mitch Messer, How could I assure the private lender that I won't leave them high and dry? I've never done private lending before so I'm trying to learn all I can. Thanks for your help!

Thank you @Rick Pozos! I put up an ad in the marketplace, fingers crossed!