All Forum Posts by: Kyle Cabral

Hi BP,

I guess this is a few weeks in but figured I'd open up and introduce myself in the BP forums as I just jumped in, got active in the threads, but never formally introduce myself. My name is Kyle Cabral and I am from Dartmouth, Massachusetts with a huge interest in Real Estate Investing. These past few weeks I have been just consuming as much information as possible and learning as much as I can, going through all the trials and tribulations of a "newbie" but have expedited my knowledge through bigger pockets, and for that I'm thankful. I have a long way to go and recognize that... my biggest challenge at this point is to figure out how to best manage my time effectively, as it's extremely difficult right now. I'm getting married in September of this year, purchased a new house that is being built in a development that is slated for completion in October, work 9:00 - 5:30 at a Health Inforamtion Technology vendor as an systems integration specialist. Time is definitely limited.

At this time, I'm the owner of a condominium in Malden, MA and 1/2 owner of a two family property in New Bedford, MA - combined, yielding me about $500.00 in positive cash flow per month. I have a close friend, @Tony Santos whom is also just as interesting in REI as me and we compliment each other based on our specific strengths.

Next up on the list of to do's is being more active and attending local REI meetings and Meet Up's. I plan on attending some of the black diamond events held by @Ann Bellamy in the coming weeks/months, @Mike LaCava 's meetup this Thursday and very interested in @Justin Silverio 's approach to REI while working a full time job and taking time out for your family.

Once I have a little more time on my hand, I have a goal of documenting my first deals and forward through the use of video blogs, to post on BP.  I find it very helpful and very generous with the likes of people like @J Scott document their every move to share with the community.  

Next up on the list, rei meetings, networking, and figuring out the in's and out's of creating multi-member LLC's and the pro's/con's that surround them. Lastly, I am currently reading 4 hour work week by Tim Ferris and plan on writing a review here on the forum once complete. Maybe that will push @Joshua Dorkin over the edge to finally finish it up... lol jk

Thanks everyone!

Kyle

Hi @Shaun Reilly is your LLC run by yourself, or are there multiple persons involved? From highest level, from what I've read, and watched, an LLC is used to protect against personal assets and really in the future for potential tax benefits as your business grows with write off's, etc. Do you know if a multi person LLC is the same in complexity or is it very basic? Once done, should all purchases and contract be utilizing the name of the LLC moving forward? I took a look at @Ann Bellamy black diamond events and believe next month there will be a lot of LLC discussion on 8/26 so I want to make a habit of going as often as my current job allows.

Once a multi person LLC is formed, I'm assuming you can define such that any "members" have a 50/50 split in any assets that show up under the accounts of the business. If I put 2 dollars in the account that is owned by the LLC 1 dollar belongs to 1 member the other to the other.

Sorry for the simplistic examples but really want to understand LLC creation, in's and out's with regards to multi person as best I can without jumping into anything. Another newbie question : )

Thanks again for all your help!

Kyle

@Jim Sestito I'm still trying to define my focus but my goal is to increase my investments in the southeast section of mass brancying between plymouth/bristol county. Although, not shying away from traveling a bit more north if the investment makes sense.

@Mike Hurney I'd say im 7 minutes away max from Lake Noquochoke - Just a quick drive down route 6... I currently live right near Bishop Stang High School

Awesome @Shaun Reilly great advice.  This really helps understand how to approach these deals with caution.  I plan on getting my license early next year to help mitigate the risk but in the meantime, if any deals are made i'll be sure to not act as an agent in anyway shape or form using the suggested tips.

Thanks everyone!

Based on this and the comment left by @J Scott - fair to say best practice is to get your real estate license in the state you will be wholesaling and put a clause and statement in your P&S that states the quoted text above by Shaun. If you do not have your license, it would be best practice to specifically say in your P&S/agreement that you are NOT an agent and are NOT representing one. More of a safety net?

Thanks everyone for picking your brain with this one, just trying to cover all liability as best I can.

Kyle

So @Shaun Reilly do you think a good practice in this scenario would to ensure there is language in your purchase and sales that specifically says, "I am not a real estate agent and am not acting as a real estate agent for the seller in anyway shape or form".

@Shaun Reilly @Account Closed + everyone on this thread... thanks for the insight, it's really helpful.  Structuring a conversation when a potential seller by strictly saying that you are looking to put an offer on the property and that I MAY or MAY NOT be the person that closes on the actual property, and just by respect saying "Are you OK with that?".  If they say Yes, then proceed by contract assignment?  Basically, we want to steer away from doing anything that a real estate agent/broker does on their day to day job that acts a representing agent or helping the seller in either buying or selling.

Great stuff guys.

Thanks

@Richard C. I'm assuming the best way to get this type of detail for Massachusetts law would be to speak to a real estate attorney? Is there any literature I could find on mass.gov... I feel like this is a very specific scenario.

Thanks @Jason C. .  So, how would that work with closing costs and effecting potential profits? Would you eat the closing costs on the first close and the 2nd close, your investor would also pay for closing costs.  

Hey @Jim Sestito I am from the Dartmouth, MA area... BP is a great source of information and resources. My partner and I have just jumped into REI and have been meeting with local investors and will be attending our first REI meetup next week that @Mike LaCava hosts.  (You can see it on his website on his signature)

What are the numbers surrounding the 4-family and what location in particular? I also have the same long term (personal) strategy with buy and hold but plan on acquiring another condo up north in the Malden area in the next few months since the spread up there seems to be better and I've had good success with my first condo.  (Low maintenance, small space, high rent, small possibilities of issues)  I continue to scour around the area but nothing really has been jumping out at me... probably because I haven't dove into the marketing piece yet to find these deals.

Best of luck to you.