All Forum Posts by: Frederick Kirk Wendel

Ok @Bryan Hudspeth This is BP strong suit, right? just refine the question a bit more now.

Can I play the interviewer?

Q - Have you had the first 30 min free consultation with any lawyers and/or CPAs ?

( I would love to hear about what the 'local to your market' advice is in your area. Texas comes up in many discussions.)

Q - What kind of deal? wholesale? flip? income producing with rent? 

It all makes a difference in the advice your seeking.

@Nicole Bernshaw, your quite right. I did not even mention the asset protections. I was thinking of best practice for tax purpose. C, S, Partnership or Single. Also member managed Vs manager managed.

So Bryan, please continue. A welcome thread  to follow if we can peek over your shoulder once in a while.

Kirk

New to the ideas here. What I hear is, 

First make sure it is even legal to take that much upfront, 

Second, If it is legal hold the payment "in escrow" and make monthly payments from that. (would that avoid the Tax issue @Basit Siddiqi spoke of?)

Third, Have a strong Lease! (always a good idea)

Last thought, you still want to watch the property/tenant. As noted in this thread, many people may have good reasons for offering to pay upfront rent. However if the reason is to keep you (owner/landlord) out of there hair? My gut feeling would be to pass on them.

Fantastic work, and inspiring! I am only just starting to network locally, but you help build a fire in me to move/act faster. 

Thanks for sharing!

Welcome @Kyle Bond

On the topic of being overwhelmed with choice and or direction:

I am running many props numbers. Single-family, 2 from the utility spec builds, 8 unit apt, a storage yard.....

Just looking at props and day-dreaming a bit on how to structure deals. (Note: many of the props I have used are not even on the market. learning how to "Dig" for the data online or city hall is a skill too.)

If a deal, a prop or the financing don't all make since to you now,

at the beginning,

run a new scenario.

The deals you understand best are probably going to coax some more action out of you and spark conversations. You might find a real "deal" in this training cycle if your lucky.

This is where I am at in my journey anyway. Skills and focus refinement.

Again welcome to BP, and best of luck.

@Kristen R. Hello.

first, your thread here has been helpful to me so thanks for that.

Second, have you decided what your looking for specifically? like the price, size, SFR or multi? I caught that you may not be targeting students at all.

Hello fellow Wyoming new infester. all I can say is good luck!

Hello Bryan, and all,

No expert here just getting into the learning part of all this.

The way I am starting to see it, the whole LLC structure question should be about is it needed in my strategy.

Like 1) LLC to run a 30 unit multi-family. keeps the books and hires/contracts for all services. Then how to tax it also depends on exit strategy options.

Or 2) registering across state lines can cost you the anonymity earned with a Wyoming or Nevada LLC. So even if this is what your getting one of these for, it would be part of a Corporate Like structure to get any benefit of anonymity. ( Like Wy LLC owns the Texas LLC)

Get the point? Many people do not have an LLC to start...or ever (thats another discussion) So don't let that stop you.

To start with one local property? Insurance of course. . .

Just my unrefined-newbie thoughts.