All Forum Posts by: Kevin Estey

Hey all. Wondering if anyone out there has had any experiences with Thrive FP and MC Companies Syndications? We have received some recommendations from our tax preparers regarding these companies being good options for Syndications. I have done a bit of research, but can’t find much in line of reviews and other experiences with investing with them. We have become much more skeptical about moving into new companies and investment strategies without hearing about other experiences, as we were some of the very lucky recipients of the generosity and honest business dealing of Clayton Morris, Morris Invest, and Oceanpointe. If there is anything I have to thank those Fraudsters for, it’s instilling in me a healthy dose of skepticism. Thanks Clayton! (Also thanks for the massive financial losses, hope you sleep well at night). That said, hoping to hear from you all regarding the above Syndicates, and or any recommended Syndicates you all have had positive experiences with Thanksnin advance!

I know I will get flamed and trolled for this, but @Chad C. and @Colten Peak, you hit the nail on the head.  For better or for worse, every experience in real estate is individual, unique, and an opportunity to learn and grow. The doing, and the making of mistakes, is the best instruction you will ever have. What is the quote? "Experience is the best teacher, and the worst experiences teach the best lessons" Something like that.  But I've never heard the quote "Naysayers and negative thinkers are the best teachers".  But then again I could be wrong.

All I know is, the motivation of anybody who has the time to make 16,000+ posts on a forum over 3 years (For Context: that's 5300+ posts a year, or 14+ posts a day. Every. Single. Day) should certainly be brought into question.

Thanks @Kyle Elmer, it's actually an advisor at GRA that we are working with on sussing out the details.  In speaking to my US accountant, he has clients in NZ who own property in NZ, and he is certain they claim a certain level of depreciation on the rents.  I'm getting conflicting information so wondering what the experience of those here in NZ who receive rent, and those here in NZ who have rentals in the US and elsewhere like @Dean Letfus, and what the taxation looks like for them?

Hey all! Glad to see this thread has taken on a life of its own. From the advice of an estate planner here in NZ I have been made aware some potentially problematic tax laws for NZ Tax Residents who have foreign income. 

According to the worldwide income reporting, I have been told that for any rental income made abroad we cannot claim depreciation of the property against the rents.  Is this true?  If so, it blows a huge hole in the strategy we are using in the US building a rental portfolio.  That said, we are creating a business structure where the rentals are each owned by individual LLCs, all of which themselves are owned by a holding company.  That holding company is the only entity owned by me, and therefore I am not collecting any rents from the properties.  Anyone who has knowledge of this in regards to rents, both here in NZ, and earned abroad, would be very helpful!

Additionally, on a side note, but equally frustrating, I was advised that any foreign taxable investments that are held (US stocks, index funds, etc) are all taxed yearly as income to the tune of 5% of the holdings, regardless of gains, realization, etc, and recognized as income, and taxed as such. So they assume in NZ you make a 5% gain EACH year, tax you on it, and keep doing so as long as you hold it.  Then, presumably when you do realize it for retirement down the line, having been taxed every year on 5% of it in NZ, the US will then tax you on what is left.  Seems like quite the deterrent for holding foreign investments to me.

@Dean Letfus, I feel you may have some good insight on the foreign rental income.

Hey @Billy Mclachlan, I'm a US native living in NZ, and I own a few rentals in Jacksonville as well as around a few other markets in the US.  Happy to let you know my experience thus far on JAX and the rest.

I've been reading the progress on this thread for sometime, and thought it worth adding my 2 cents. I have purchased multiple SFR properties from Morris Invest over the last 18 months, and so far have had consistent cash flow, and minimal (no) maintenance costs thus far. I'm venturing into multi-family purchases through them now, and we will see how that goes.

I appreciate @Tyler Jahnke documenting the realities of his experience with them, instead of speculating on what "could be" based on horror stories heard from someone who has never actually invested with the company.

I can attest to the communication leaving something to be desired, and I can tell the company is working on that aspect, but the true end goal of consistent cashflow seems to live up to it's promise so far, 18 months on. And the type of returns Tyler is just starting to see, I have seen consistently, even with rent increases on resigns (not always a guarantee, but a possibility, and icing on the cake!)

I am willing to find down the road that maybe the short view is bright, but the long view is a bit more grey.  And if that is the case, I will address what needs addressing at that time (future maintenance, tenant turnovers, etc).  But all of these potential future pitfalls are things you will find in ALL real estate, and you can never predict, so you just go with instinct, experience, research, and a readiness to roll with the thrilling ups and downs of it all.

We're looking for an assistant and lead qualifier to return calls, talk to potential clients, and and handle various administrative tasks for our Wholesale Business. Currently, the position does not require the assistant to come into an office and it can be done remotely. Although a local to the Austin area is much preferred. 

Applicants must possess excellent phone skills and be able to build rapport with callers

Tasks:

- Return calls from homeowners within 15 minutes
- Do regular follow-up calls, as well as cold calls
- Enter calls and homeowners information into Podio and InvestorFuse database
- Make sure weekly mailings go out
- Monitor and update campaign reports
- Deliver weekly reports
- Fill out contracts
- Send offers
- Post CL ads
- Communicate and organize tasks to our team 
- Manage the company inbox and feel comfortable 
- Various other administrative tasks

We're looking for 20-25 hrs/week right now but the job description and hours should expand quickly towards a full time roll, with more responsibility. The role would have a somewhat scattered schedule, as occasionally calls may come in on weekends, or in the evenings, and should be responded to regardless of the day or time.

The role initially would function as a trial period for what would eventually expand to a full Operations Manager position, so someone with the ability to manage themselves well, think on their toes, and have the ability to take charge when the need arises is a big plus.

Previous phone experience is preferred. Basic real estate knowledge is also a plus.

Applicants need to email their resumes, along with a brief description of why they think they're the ideal candidate for the job. Those who do not follow these instructions will not be considered

Hey @David Ferrette, I am looking for an attorney to help with contracts for our wholesaling business (both to clean up our purchase agreements, etc) as well as hiring contracts, and general ongoing advice for business structure, and business practices moving forward.

Thanks @David Shapiro! I have reached out to another attorney as per another members recommendation, but will certainly keep Ed in mind moving forward!

Hey All!

I'm in need of a reliable investor friendly real estate attorney.  They don't necessarily have to be in the Austin, TX area, but they need to be able to advise on investing and business practices in the market area.

Any advice, experience, and recommendations would be greatly appreciated!

Hey @Azam Khan, I agree with @Kyle Elmer as to speaking with GRA, as I have recently begun working with them on our NZ Estate Plan and Trust setup in anticipation of property trading we will begin in the next few months.  They are very investor savvy, and could very likely hep advise you.